First Post: 643 FICO, can I buy a new car?

[Anonymous]

I have a 643 FICO score.  Can I buy a new car with this?   I would like everyone's opinion.

This is my first post.   I have too much debt but slowly paying it off.  I have no collections on my report etc.   I'm looking at caping my car purchase at $16,000.

The last time I brought a car, it was a used car 10 years ago.  No late payments on the car.

Paid off for over 5 years.

Thanks everyone in advance!

[Anonymous]

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.

[Anonymous]

Thanks Road2GoodCredit

[islandchild82]

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!

[Tons_of_Debt]

I would definitely look into a CU.  My local CU will give 4.99% for a 60 month loan with only a 670 FICO...

[jdp1]

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. 

[Anonymous]

Which CR do they check?

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@Tons_of_Debt wrote:

I would definitely look into a CU.  My local CU will give 4.99% for a 60 month loan with only a 670 FICO...

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