It would probably depend on the interest rate you're aiming for. I would think that with your score you might be in the sub prime area. I would try to get my score up at least within the 620ish before I apply. I'm not an expert in the car market maybe someone with more knowledge will reply.
If you have 10 or 20% to put down (PLUS tax, title, registration) then you've got a chance. On the other hand, there are plenty of decent cars around that are $500-$2000, go find one of those and skip the financing.
Don't rush in to financing. Take your time and think about all your options, ESPECIALLY in an emergency/no-way-out situation. Humans are stupid when they're problem solving too fast and we all make mistakes when we do.
I'd aim to get your scores up first. Just speculating based on what I've read in the Auto Loans board, your down payment for a new or used vehicle would probably exceed the cost of a used beater to get by. Any loan you'd sign would have a very high interest and high down payment. If you can get by on a paid-for used car for the next 2-3 months, focus intensely on repair, then by the time you need another your scores will be high and you'd save thousands.
ETA...I'm a slow typer.
Crap was hoping those werent the answers I would get lol. I have 2000 to put down and could swing the registration and such
Figure with your score you're going to need 20% down with whoever you go with. That's 10K OTD, you're looking used out the gate.
I don't know, personally I'm of the opinion that having an auto loan is a good thing and can assist you in your credit score raising; however, a lot of times a throw-away beater makes the most financial sense if you're in a tight situation. You can get some decent well-maintained private-party cars for around that too.
I have $2000 that I can put down. But I have a repossed car on my credit from 2008 so would it be unlikely that I would be able to get a new or used car? And I was also under the assumption that a car loan would help to boast your score, provided you make on time payments for it which I will. Learned my lesson there!!!
repo with low down and low fico
BHPH (buy here pay here)
Just get one that reports
Expect 24%+ rates
You won't know till you apply. I am an underwriter with a Large auto finance company and I can tell you I approve people with that score and prior repo everyday. I dont think you will be anywhere close to as bad off as the others on this board have made seem.