I have read the thread on dealerships using the FICO auto option and was wondering if I could get fianacing from my credti union. I have the adddition of 2 new mebers to my family and was inquiring about purchasing a larger vehicle. I have spent the past few months paying off all of my debt except for an old auto loan, which is incollection with the original lender. The auto was repossed in 2003 and I have been making partial payments (150 below original monthly cost) afor the past 3 months. I am looking to purchase a vehicle in the approximately $27,000. My credit score is between 580 and 611. I was wondering if:
A) I could even get financing for any vehicle no matter the cost
B) If I could get financing for the vehicle I want
C) If it would be better for me to try to get finaced through my credit union or if a dealership could still finance me.
I want to make a purchase this fall if possible. I am really scared, because I know my score really can't afford to have a lot inquiries added since my score is so low. Does anyone have any experience with a situation like mine?
Message Edited by elronte on
07-12-2007 06:25 AM