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who will approve with credit score of 600

Member

who will approve with credit score of 600

I am in need of a car loan.  I just want to get something used for around 12k.  I just checked my fico score and it is 600.  Is there any hope that someone will approve me?  I would love to get a used toyota and was thinking of going to a dealer.

July 2012
TU=597
Eq=600
Exp=612
Message 1 of 4
3 REPLIES
Established Member

Re: who will approve with credit score of 600

Capital One might, but the rate will be high and you will have to get a newer, low mileage car.

Message 2 of 4
Moderator

Re: who will approve with credit score of 600


ozziebella wrote:

I am in need of a car loan.  I just want to get something used for around 12k.  I just checked my fico score and it is 600.  Is there any hope that someone will approve me?  I would love to get a used toyota and was thinking of going to a dealer.


Mostly will depend on your downpayment, but TFS (Toyota's financing arm) will deal with just about anyone through the dealer network.  Also they'll probably have access to Wells/Chase which traditionally are easier to get financing from through a dealer (WFDS for example will deal subprime, whereas WF consumer I don't think will).

 

Lendingtree isn't a bad place to catch the usual subprime suspects outside of the dealer financing, and any CU that you have access to is worth asking as well.  Since auto releated inquiries all roll up in a minimum of a two week period (and it's typically higher under the new FICO models but some lenders refuse to switch off the archaic '98 scores) it's in your best interest to shop around when you decide to pull the trigger.

 

Honestly though, if your DP is sufficient, anyone can get approval.  Car loans are the easiest loan type to obtain.

 

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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Message 3 of 4
Epic Contributor

Re: who will approve with credit score of 600

Apply for Capital One, usually you will have paper work of what they need and terms in under an hour.

Carmax is really good for some "troubled credit"

Nissan, Infiniti, Toyota, Acura, Mazda are all known to drop into the high 500's-low 600's

Nissan going even further down then Toyota!

 

But might depend where you live and how big of dealership... Depending how big they are and how much they want to move a car (pretty much all these days!) they might just push a loan through.... I really wish someone high up could tell us exactly how that works inside with finance company related to the make but I know they can basically say we need you to take this loan, thanks!

 

Message 4 of 4