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Can I get a car loan with a credit score of 620? Please HELP!!!

Valued Member

Can I get a car loan with a credit score of 620? Please HELP!!!

Hello!  I am new to the forum, but must admit, I have learned SO MUCH from everyone here!  I have searched high and low to try and find something about just how low your credit score can be in order to obtain an auto loan, and not really much luck, so I hope some of you can give me some ideas as what my options are (if any) and where can I go to obtain a loan with this score....
My credit score is definetly a 'work-in-progress.' I had quite a few charge-offs about 5 years ago - most of them I paid (settled).  It is SLOWLY working its way back up.  I have done an excellent job paying all of my bills/credit cards on time, and trying to keep those balances as low as possible.
Now I am in a position where I HAVE to get an auto loan!  I have worked on this for so long, and it seems that my credit just doesn't want to go much higher than the 620 range right now.  I have been trying to bring it up to AT LEAST a 650, but it just isn't happening.  I understand that the bottom line is, I am going to be paying higher interest - if I was even approved, but I just need to know if I have any options!
I make a little over $36000 / year.  I do not have a mortgage or any other loans (other than my credit cards, but those are low balances). 
First of all, I am looking to obtain no more than a $24000 loan (just to give myself some room, depending on which vehicle I purchase).  Second, I have to do this on my own - no cosignor to help me out.  Third, and I hate that this is the case, but I just do not have any money for a down payment at this time.  I have been putting so much money into my poor little car now, I just haven't been able to save like I'd like to....
I keep saying, "Maybe next month my credit score will be better" over and over, and it's just staying relatively the same.  I have to TRY and bite the bullet and do this and need your help.....
Does anyone know of any lenders that will take someone in my position into consideration?  If so, can you direct me on who those lenders may be?  Also, MYFICO says that I will probably be paying around 11+% interest (YIKES! But unfortunately, I am absolutely DESPARATE) - I was certainly planning on that being the case, but by chance, anyone know if there are any other lenders out there who would probably offer me a better rate?
WOW!  I just wrote a novel here, so thanks to ALL who took the time to read this, and THANK YOU SO MUCH, to those of you who take the time to respond and help me! 
Regards!!!
Hello. My name is Chattachick, and I am a MyFico-holic!
Message 1 of 6
5 REPLIES
Established Contributor

Re: Can I get a car loan with a credit score of 620? Please HELP!!!

I used Roadloans.com...very easy to work with fast aproval...They pulled EX. And no games with the finance guys at the dealer. they gave me a 6.49% rate. My score is a little higher then yours but I have a lot of paid baddies.  Good luck!
9/18/08 TU=707 EQ=706 EX=702
Message 2 of 6
Valued Member

Re: Can I get a car loan with a credit score of 620? Please HELP!!!

In the past I used Roadloans and the process was very efficient.  Over a year ago, I used Citi Financial Auto and had a great experience there too.  My scores were lower than yours at the time I applied.
Message 3 of 6
Established Contributor

Re: Can I get a car loan with a credit score of 620? Please HELP!!!

Woooo! Honey that was a book!!!  KiddingSmiley Happy
 
No worries, I'm worseSmiley Very Happy
 
Anyhow, with a 620 you can get but yes you'll pay more for it.  And especially since you can't put any money down. 
 
Try a local credit union, try roadloans. 
 
Try to avoid hard pulls where possible.  If you're going into a bank take a copy of your own CR and ask what they think they can offer.  Limit your shopping to a short space fo time.
 
Can't give you more than that, since I've never actually bought a car, only worked at a dealership.
 
Others on here will give you better advice.
 
-trini


Message Edited by trinigal on 07-16-2007 08:38 AM
Message 4 of 6
New Contributor

Re: Can I get a car loan with a credit score of 620? Please HELP!!!

Start with credit unions.
Message 5 of 6
Valued Member

Re: Can I get a car loan with a credit score of 620? Please HELP!!!

WOW!  That was quick!  All of this information has been very useful.  I really didn't know where I stood, so hearing feedback from people who can relate helps A LOT!!!
 
I am still really nervous about the whole "application" thing, because as we all know, it can take your score down more when you have hard pulls against your credit.  Cross your fingers for me!  Smiley Tongue
 
I am still up for any further feedback on this, because this is a serious decision for me, and I don't want to be impulsive about it either.
 
I really appreciate you all taking the time to help me out!  Thanks again!!!
Hello. My name is Chattachick, and I am a MyFico-holic!
Message 6 of 6