Do I have any chance of being approved for an auto loan?

[klg1408]

This is my first time searching for a new/used car. My parents bought me my first car when I was 16 and I've had it up until this month when I totaled it by hitting a deer and we have a baby due at the end of this month so we need another car asap. My only credit score I have right now is from credit karma which is 615. I am hoping to get it up a couple points because I have a loan that i've had out for 2 years that will be paid off at the end of this month when they take my last payment. I have never been a day late on a payment so i'm hoping that might make my score rise a couple points? I also have a capital one credit card that I have only had for a year. It has a $500 dollar limit and right now I am using $400 something which I am also going to pay completely off by the end of the week. I make around $1300 every 2 weeks and my only bill right now is my car insurance for my work "beater" which is only $70 a month. What are my chances?

[Anonymous]

You can get approved but you prob won't get best interest rate available. Years ago my first auto finance was approved with a 570 but I put $5k down on a 24k car and had an 18% interest rate. But 2.5 years later I bought my first brand new car and was approved with 0.9% financing. Just buy only what u need and make payments on time and you'll do fine taking care of your family. Congrats on the new baby.

[RashShakur]

In order to have a clear idea, you first have to have your fico score first. The score that you are referring is  a FAKO score and it's not used by any lender. You can get your actual  fico score on myfico and then everybody can chime in with their opinion.

[SamsungHDTV]

small chance of getting approved, but it could be done. try a credit union. I would suggest getting a co-signer.

[sccredit]

I would bet that a dealer can get it done.  

[MikeFromKeller]

With my horrible credit history, I’ve always been able to secure a car loan but with unfavorable terms (High Down / High Interest / High Payment / Low Value).  My score was in the mid 500's and I secured a car loan through Cap One with a 12% interest rate.  I purchased a 15K used Altima and had to put $2500 down.

My scores are going up like crazy after finding this site and following the suggestions.  I'm not mid 600's with a 700 goal within 2-3 months.  I cannot wait to walk in and buy my wife a new sled... I'm hoping to get a 30K loan for less than 6% and walk with sub $500 payments - no down.

[Simply827]

I agree with the fact that you need to get an actual FICO score. Your current balance on your CC is likely killing your score as it's likely maxed out. If you pay down your card and let that low balance report, you stand to gain a good number of points. Talk to your local CU about getting a loan.