06-14-2012 01:52 PM
06-14-2012 01:55 PM
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.
06-14-2012 02:00 PM
06-14-2012 02:11 PM
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
06-14-2012 02:16 PM - edited 06-14-2012 02:18 PM
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. ![]()
06-14-2012 03:15 PM
06-14-2012 07:06 PM - edited 06-14-2012 07:06 PM
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)06-16-2012 11:30 AM
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!!!
06-16-2012 01:06 PM
repo with low down and low fico
BHPH (buy here pay here)
Just get one that reports
Expect 24%+ rates
06-16-2012 01:33 PM
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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