Reply
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

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?

Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
New Contributor
PRC
Posts: 68
Registered: ‎04-16-2012
0

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.

Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

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

Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
0

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 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: trying to get a car loan

[ Edited ]

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. :smileysad:

Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

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

Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
Moderator
Revelate
Posts: 9,176
Registered: ‎12-30-2011
0

Re: trying to get a car loan

[ Edited ]

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 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

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!!!


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

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
Hammer23
Posts: 428
Registered: ‎01-21-2012
0

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+