Is 640 good enough for auto loan approval?

Anonymous · ‎08-14-2015

My car dellership told me that they look at my equifax score which is 640. Do u think that is high enough for getting a car?

Creditaddict · ‎08-14-2015

@Anonymous wrote:
My car dellership told me that they look at my equifax score which is 640. Do u think that is high enough for getting a car?

for sure, the rate will depend on past auto experience, what brand car you are looking at, etc.

gdale6 · ‎08-14-2015

OP, I have created your own thread for your question, I changed the title and left everything else intact. Welcome to myFico

Anonymous · ‎08-15-2015

Simple answer is yes 640 is good enough but of course you have to have income to support the payment and the APR is not going to be steller. I suggest getting prequalified with a credit union before you go shopping. Having secured financing gives you the peace of mind to negotiate a better deal, you can let the dealer try and beat that rate but if you go in without a prequalification you are at their mercy and they don't show much mercy, they tend to mark up the interest on folks with challanged credit.