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Valued Member
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


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New Contributor
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
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


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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
Posts: 999
Registered: ‎11-08-2011
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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
Posts: 32,869
Registered: ‎08-04-2007
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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
Posts: 47
Registered: ‎04-02-2012
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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


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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 Emeritus
Posts: 11,188
Registered: ‎12-30-2011
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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 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Member
Posts: 47
Registered: ‎04-02-2012
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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
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
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.

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