Can't I put enough $ down even if credit is poor?

[Anonymous]

I have about a 591 score. Can't the lender still approve me if I put enough money down on the car? What is percentage they want if I'm higher risk. 50%? 60% ...thanks...

[Remember0]

I think you'll find that there are lenders willing to finance you with a 591 with far less down. Pretty sure you'd be approved if your DTI and income is acceptable. Any auto or installment baddies?

The question though is APR. That sort of dp will definitely reduce APR (and the interest you'll pay over the life of the loan), but the APR probably isn't going to go as low as you'd hope or as low as it should with that kind of downpayment.

What sort of car are you looking at? Because 50% down for many cars means you could buy others (used) with a very small loan or maybe outright.

[0REDSOX7]

I just purchased a 2011 certified Honda Accord with a 568 credit score and $500.00 down.  Car was around 19K - this was five days post BK discharge.  My APR is 12.99%

Wasn't an issue at all.

I think what helped me was the fact that I had prior auto payment history, but, I think you'll be okay.

[Anonymous]

Thanks guys. I'm looking at '13 BMW...about 30K. My income is good just some baddies on last car but eventually paid it off early. Working on some GW letters on that and some paid collections.

[Remember0]

Keep in mind you can buy a very decent used car for 15k. Heck if you negotiated well and were located in the right state, you could probably get like a new 2013 Civic for not much more than 15k after ttl (maybe like 2k more you'd need as a loan...but that'd be easy to pay off quickly). I do understand that you may not want to drive around a Civic however.

But regardless, I think you'll be fine esp. since as you said you have decent income (assuming therefore a <35ish DTI w/ the new car payment). If you waited till those gw letters produced something or you cleaned up the report through disputes, I think you'd get a better APR. I'd say you're probably looking at 12%-20% at the moment, but I'm pretty sure you will be approved if you actually have a 50% dp you can put. Heck, I think approval would be okay with a 20% dp, but your interest would be, guessing here, 16-24%.