Reply
Established Member
Posts: 10
Registered: ‎05-17-2008
0

First Post: 643 FICO, can I buy a new car?

I have a 643 FICO score.  Can I buy a new car with this?   I would like everyone's opinion.
This is my first post.   I have too much debt but slowly paying it off.  I have no collections on my report etc.   I'm looking at caping my car purchase at $16,000.
 
The last time I brought a car, it was a used car 10 years ago.  No late payments on the car.
Paid off for over 5 years.
 
 
Thanks everyone in advance!
New Member
Posts: 5
Registered: ‎08-26-2008
0

Re: First Post: 643 FICO, can I buy a new car?

Im also looking to buy a new car with no collections, too much debt and a FICO score of 607. So far, Ive been approved recently to purchase a $30K car from Capital One and a local Credit Union. The real issue is the interest rate.
Established Member
Posts: 10
Registered: ‎05-17-2008
0

Re: First Post: 643 FICO, can I buy a new car?

Thanks Road2GoodCredit
Frequent Contributor
Posts: 490
Registered: ‎01-24-2008
0

Re: First Post: 643 FICO, can I buy a new car?

You should be fine to get a car loan, depending upon what is listed on your credit reports. I was approved myself with a lower FICO score than that, though not at a very good interest rate. Be sure to shop around at credit unions, etc. and find the best rate and terms for you. Good luck!
Established Contributor
Posts: 610
Registered: ‎08-01-2008
0

Re: First Post: 643 FICO, can I buy a new car?

I would definitely look into a CU.  My local CU will give 4.99% for a 60 month loan with only a 670 FICO...
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
Valued Member
Posts: 47
Registered: ‎08-25-2008
0

Re: First Post: 643 FICO, can I buy a new car?

The biggest factor I see is going to be DTI.  I think you'll definately get approved, but most likely with a bit higher rate.  I'm thinkin bout 9%.  If you do go to a dealership, and they say they get you approved, ask them the rate, and automatically subract 2 points and tell them if they can't get you that rate, you will find your financing (or a car) elsewhere.  The majority of the time a dealer will hold 2 points on what you are actually approved for.  I.E if you get approved and they say your rate is 8.9 tell them you want 6.9.  They may only be holding 1 point but you never know. 
 
Starting score: EQ08 - 590 (08/14)
Current Scores(11/14):
EQ08 - 662 : DCU - 656
TU08 - 656 : CK - 655
EX08 - 636 : CS - 674

$500 Cap1 : $500 Cap1 QS

Goal: 720 by 4/15
Frequent Contributor
Posts: 312
Registered: ‎08-23-2008
0

Re: First Post: 643 FICO, can I buy a new car?

Which CR do they check?

Tons_of_Debt wrote:
I would definitely look into a CU.  My local CU will give 4.99% for a 60 month loan with only a 670 FICO...



Where I was 8/22/08 TU 581 EQ 554 EX 615
Where I am 7/30/09 EX 737 (FAKO) EQ 689 TU 745
Can't wait to see what my scores will be when all my accounts hit the 1 year mark!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.