Im also looking to buy a new car with no collections, too much debt and a FICO score of 607. So far, Ive been approved recently to purchase a $30K car from Capital One and a local Credit Union. The real issue is the interest rate.
You should be fine to get a car loan, depending upon what is listed on your credit reports. I was approved myself with a lower FICO score than that, though not at a very good interest rate. Be sure to shop around at credit unions, etc. and find the best rate and terms for you. Good luck!
The biggest factor I see is going to be DTI. I think you'll definately get approved, but most likely with a bit higher rate. I'm thinkin bout 9%. If you do go to a dealership, and they say they get you approved, ask them the rate, and automatically subract 2 points and tell them if they can't get you that rate, you will find your financing (or a car) elsewhere. The majority of the time a dealer will hold 2 points on what you are actually approved for. I.E if you get approved and they say your rate is 8.9 tell them you want 6.9. They may only be holding 1 point but you never know.