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trying to get a car loan

New Contributor

trying to get a car loan

I just got my score boosted and some items removed. I'm at 589 on eq. would I qualify for a a car loan or not likely?
Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
19 REPLIES
New Contributor

Re: trying to get a car loan

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.

New Contributor

Re: trying to get a car loan

I was using my moms car and paying her every month. And she is being spiteful and wants it back today. I have two year old twins and I'm handicap so we can't be without a vehicle. And we don't live in an area that has public transportation. I have credit cards through capital one and I saw they have car loans. Worth a shot? Was just hoping not to ding my credit with an inquiry. But have to now
Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Established Contributor

Re: trying to get a car loan

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.

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Moderator Emeritus

Re: trying to get a car loan

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. Smiley Sad

New Contributor

Re: trying to get a car loan

Crap was hoping those werent the answers I would get lol. I have 2000 to put down and could swing the registration and such
Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Moderator

Re: trying to get a car loan


djnikki1 wrote:
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.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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New Contributor

Re: trying to get a car loan

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!!!

Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
New Member

Re: trying to get a car loan

repo with low down and low fico

BHPH (buy here pay here)

Just get one that reports

Expect 24%+ rates

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Frequent Contributor

Re: trying to get a car loan

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.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700