topic Re: Auto Loan Finance for 600 score in Auto Loans

Auto Loan Finance for 600 score

Anonymous — Wed, 13 Aug 2014 04:45:18 GMT

Hi Guys,

Im looking to buy a used car, and Capital One seems like the only people that will finance me a loan. BUT its a 22.09% APR .... ouch! I applied through my bank USAA, but I was denied So, I went to Capital One. Does anyone know of anybody that has a better APR?

600 credit score EQ, EX, & TU

any help would be much appreciated

Re: Auto Loan Finance for 600 score

Creditaddict — Wed, 13 Aug 2014 15:20:24 GMT

@Anonymous wrote:
Hi Guys,

Im looking to buy a used car, and Capital One seems like the only people that will finance me a loan. BUT its a 22.09% APR .... ouch! I applied through my bank USAA, but I was denied So, I went to Capital One. Does anyone know of anybody that has a better APR?

600 credit score EQ, EX, & TU
any help would be much appreciated

Do you have a Carmax you can buy from?

You are looking at used cars right?

have you picked it out yet?

Re: Auto Loan Finance for 600 score

Anonymous — Fri, 15 Aug 2014 16:10:45 GMT

I see you didn't get many replies, so I thought I'd jump in, though it's a little late.

600 is definitely in what's considered sub-prime territory, so most lenders won't approve loans, and those that do will assess elevated interest rates like you are seeing from Capital One. I've seen borrowers with scores comparable to yours paying even higher rates, so the 22% isn't horrible if you really need the car and feel like paying cash for something just isn't an option.

But personally, I'd find an ugly but reliable car for $3-$4K and drive it for a few years until you improve your credit. Actually, that's exactly what I did.

Re: Auto Loan Finance for 600 score

Remember0 — Sun, 17 Aug 2014 01:44:37 GMT

Are you a first time car buyer (any other auto loans reporting on credit)?

Any down payment available?

How long have you been with your current employer for and what is your gross pre-tax income?

Re: Auto Loan Finance for 600 score

kittywitty — Sun, 17 Aug 2014 23:17:26 GMT

seems way to high. might want to go over your credit reports with a fine tooth comb. i would wait and get your score up a bit. seems like something other then your score is effecting your rate. i was offered 13% by capital one and my score was only 535, it was on a new auto though. if that is the case you would be better to buy a cheap new car at less interest. used car lots can be very shady.