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

Established Member

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!
Message 1 of 7
6 REPLIES
New Member

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.
Message 2 of 7
Established Member

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

Thanks Road2GoodCredit
Message 3 of 7
Frequent Contributor

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!
Message 4 of 7
Established Contributor

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
05/14/16 - 762 EX
Message 5 of 7
Valued Member

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
Message 6 of 7
Frequent Contributor

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!
Message 7 of 7