FIRST TIME CAR BUYER HERE

[Anonymous]

I'm 25 and i make 1850 a month after taxes but i dont have a mortgage or anything else in my name, MY FICO SCORE IS 550. I have About 2500 dollars worth of debt with one visa chrge off for $1000. I have had cars but none in my name. I have about $3500 to put down and i wonna get a car that is about  $16,000 - $19,000, WHAT ARE MY CHANCES??? ADVISE PLEASE???

[Anonymous]

You're likely to end up with quite a high rate with your scores and CR derogs, unless maybe you go for less car (meaning down is higher percentage) or come up with more down.

Back in my builder years when Ford was offering 1.99% for "well qualified buyers" I had poor scores/cr.  But, $20k down made me well qualified and I got the deal on a $50k Excursion.  Short of my down, I would have gotten subprime rates.

[corysti]

I would say either pay down on your debt to get it lower and get that visa paid off, Then try to get a car if you pay off or even down on your debt your score could rise a little. Another thing you could do is get a co-signer and get a cheap car and drive it for like a year and get it paid off then you had a really good chance at getting a car from a dealership or whereever you want to get one at. A lot of time if a dealerhsip see's that you have actually had a decent size car loan and paid it off with no late payments they will work harder with the banks on getting you that car. But try to have a car thats like 5 to 8k to loan

[Anonymous]

a Sub 600 score- consider local CU membership and financing.

Dependning on how the derogs are listed on yo ucredit report, and your lack of overall credit, you may be required to put 30%+ of the transaction down to get any type of loan.

[Anonymous]

Thanks for the advice. however, i did join my local credit union yesterday, so your that i should apply for a loan from them? how does tha work, they probably want grant me a loan being that i just joined and im lookin to get a car in the first week of june. How does a loan from a credit union work?

[Anonymous]

Call the CU and ask to speak to a LO.  They are usually friendly and helpful.  They can explain their process and what you can expect.  Don't be afraid to talk to them directly, that is what they are there for.