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Can 590 get you a new car?

user365735
Established Member

Can 590 get you a new car?

It seems like my transmission is going. Im going to have it looked at this week. On top of this I have almost every dash light on, need brakes and tires. Im not sure if its worth fixing at 110k miles.

 

I dont know what to do. Would a score of 590 get me into a cheap new ford or chevy? My trade in might be worth $1000 if im lucky. Has anyone got any suggestions or feedback? How much would I need to put down?3k-5k?

 

My score is bad due to some lates and delinquencies.

Message 1 of 39
38 REPLIES 38
OmarGB9
Community Leader
Super Contributor

Re: Can 590 get you a new car?

Possibly, but at ridiculously high interest rates and with a substantial down payment of probably $5k+.

 

Maybe at a CU you could get somewhat favorable terms. Also try Capital One Auto Navigator prequalify.


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Message 2 of 39
user365735
Established Member

Re: Can 590 get you a new car?

I wouldnt mind 5k if that would get me a good rate. 0-3%?

I guess the dealer would tell me what I need to put down to get what rate? I just tried to apply for ford credit and it says someone from my dealer will be calling....

Message 3 of 39
GlennvilleGA
Regular Contributor

Re: Can 590 get you a new car?

How old are the lates? Do you have any current active open accounts? 
You can get a brand new car with your scores, probably a $15k one probably at a higher interest rate. Have you considered something inexpensive with good rebates and a decent dealer discount? Such as a Hyundai Venue or a New Corolla? The discounts will help with the Loan To Value formula. LTV is the actual amount you borrow compared to the MSRP on a new car. 
I would not recommend buying a former rental from Carmax or Carvana even though both will likely get you approved. 

Message 4 of 39
user365735
Established Member

Re: Can 590 get you a new car?

Well the SUVs im looking at are from 18-22k. The lates are all recent from this year and yes i have credit cards in good standing.

Im not really a car guy so I cant see myself in one. I also want long term, both my cars have lasted 10+ years.  At worst I would likely need to locate a used vehicle and purchase with cash.

 

When you say crazy rates, are you talking like 20%?

Message 5 of 39
OmarGB9
Community Leader
Super Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

I wouldnt mind 5k if that would get me a good rate. 0-3%?

I guess the dealer would tell me what I need to put down to get what rate? I just tried to apply for ford credit and it says someone from my dealer will be calling....


Well the down-payment doesn't really dictate the interest rate. Your credit does. At 590, you'll most likely encounter interest rates of 18% or higher.

 

Also with recent lates, it'll be that much harder to get approval.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 39
user365735
Established Member

Re: Can 590 get you a new car?

Does the amount affect rate?

 

I am interested in the ford egoboost and they are about 20k base and after rebates and trade in it can easily be under 15k then maybe 5k down and a 10k loan.

Message 7 of 39
JGGM
Frequent Contributor

Re: Can 590 get you a new car?

Money down will simply allow the possibility of a bank approving you. 0%-3% would be someone with scores around 700 or higher. On a new vehicle you might possibly get a subvented rate from a captive lender (Ford Motor Credit, GM Financial) - but typically you give up any rebates to get that - and the rate still would most likely be 8-12%. Without knowing all factors, I'd guess you're looking at a 16-22% rate. 

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Message 8 of 39
GlennvilleGA
Regular Contributor

Re: Can 590 get you a new car?

I am surprised you said you're considering a Ford Ecosport after saying you're looking at something lasting long term. 
Perhaps a Toyota would last 10 years easily but I'm not sure a Ford would remain trouble free. 
If you have money to buy a car with cash without going into debt then that's ideal. Time will heal your credit scores. 

Message 9 of 39
OmarGB9
Community Leader
Super Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

Does the amount affect rate?

 

I am interested in the ford egoboost and they are about 20k base and after rebates and trade in it can easily be under 15k then maybe 5k down and a 10k loan.


No, it just helps possibly push you into an approval, but again at a very high interest rate.

 

To be honest, in your situation, I'd work on my credit first. GW letters, paying off delinquent debt, etc. In the meantime, if you really need a new car, I wouldn't get an ACTUAL new car, but rather a solid used car that you could pay cash for. If you can afford a $5-$10k down payment, then you can just use that to buy a good used car cash instead.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 10 of 39
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