FICO Score of 631

[Anonymous]

I'm in need of a new car. It's not a luxury but a necessity. I've never bought a car from a dealer so this is all new to me. I applied for financing and was asked if I knew what my credit score is. She asked if it was at least 590. I told her I didn't know. So I decided to find out and I have a Equifax score of 631 

and TU 592. Would I get approved for financing or should I just keep looking for rides to work?

Thanks! 

[MarineVietVet]

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@Anonymous wrote:

I'm in need of a new car. It's not a luxury but a necessity. I've never bought a car from a dealer so this is all new to me. I applied for financing and was asked if I knew what my credit score is. She asked if it was at least 590. I told her I didn't know. So I decided to find out and I have a Equifax score of 631 

and TU 592. Would I get approved for financing or should I just keep looking for rides to work?

Thanks! 

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Hello and welcome.

What kind of credit history do you have? Is it clean? How long is your history? Creditors look at that. They'll  want to know how long you've been at your present job. More is looked at than just a score. 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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[Anonymous]

HI

Thanks for responding. My credit report is not that great. I have been honest with the dealership I've dealt with. I had some issue when I was younger and now I'm paying the price. I had a judgement against me, but I've paid it off.

[MarineVietVet]

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@Anonymous wrote:

HI

Thanks for responding. My credit report is not that great. I have been honest with the dealership I've dealt with. I had some issue when I was younger and now I'm paying the price. I had a judgement against me, but I've paid it off.

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You can get financed no matter what your credit is like but you will have a rate through the roof. I wouldn't go through a dealer but that's just me. For many years I've financed my cars through a local credit union. That might be something to consider. Work on repairing that credit profile. If you stick around these forums you can get a lot of advice and suggestions.

[Anonymous]

The car that I need is $5995 and I'm putting down 20%. I make decent money and I have no debt. So my debt to income ration is good. I went thru a finance company and was told that I needed a co-signer which is something I really dont want to do. Its so uncomfortable to ask someone such a big favor. I'm not looking for big loan so hopefully I can get something. If I keep going to different lenders, is this going to hurt me in the long run? Any suggestions on who I should look for for a loan? Thanks

[Anonymous]

You should have been able to get the loan considering the price of the car and the downpayment you are willing to put down.I remeber i

went through the same thing last yr nobody wouldnt finance  me because I didn't have an auto credit history I just took other advice and 

went to a credit union , much better less hassle..You should be able to get a loan since your judgement is paid in full.. good luck

[Anonymous]

I'm going to a different place to look for a car. I told them my situation and they told me that they feel they can get me a loan with my credit score. He said that they have several places that they look at for loans. My BIG concern is that all these places are checking my score. Is that going to affect me? Would adding a little more to the down payment help me? I knew the economy was bad, but I didn't think it was this bad. Its so weird how I'm trying to fix my mistakes, but yet you don't get a chance to.

[Anonymous]

Your credit score shouldnt plunge that bad as long as you do it in a 14 day window, it might be more now i dont know.and trust me when i tell you, I feel your PAIN!!!

I almost gave up and brought a huffy..lol

[Anonymous]

I would recommend getting your financing in place before going in to buy the car.  Find out which credit union in your area does the most auto financing (you may be able to tell just from the local ads) and try working with them first.  All auto loan app's within (I think it's 14 days) count as a single inquiry.  If you're not happy with the first CU, try another.  Then go get that car!

Remember that cars are secured loans - which is a plus in your case.  And you have 20% down.  I think you'll be pleasantly surprised.  You may get higher rates because of your scores, but this loan will help you rebuild and the next auto loan will be better.

Have fun car shopping (and credit union shopping)!!!

[Anonymous]

I have a cousin who has horrible credit and somehow they managed to get a loan for a brand new car. I don't understand how that works? Is it because it was a new car unlike the car I want that has 98000 miles on it? I just don't get it. I think I'll go credit union shopping tomorrow and hope for the best. I will be happy once this is all over. I'm also ok with a high APR because its such a slow amount that I can afford to double up on payments. I just need a chance to prove myself.