Just got approved for 3rd card now going for AUTO loan

[Anonymous]

Hello everyone I was just approved for a qs1 cap one 3 months after receiving my secured card. Scores are 587 for exp 570 for trans and 577 for eqx. I just got a personal loan from kashable for 1750. I have about 4000 in my savings now.
I want to apply for an auto loan I see a couple g37 coupes for 9000-12000 can I get approved with 0 down or up to 2000 down ? Trying to get it by the end of this month just so I can get to work ( it’s 20 mins on the belt parkway driving vs 2 1/2 hours by train) What are my chances !?


Credit cards - 3 month cap one secured at 600 limit
5 month green dot secured at 200 limit
Approved for cap one qs1 waiting for card.
Loans - Installment loan - Kashable at 1750
Collections on trans
Progressive 2970 4 years old
T-Mobile 508 2+ years old
Exp and equifax- sprint 838 1 year 5 months

[Anonymous]

I think you have a great chance for financing because if its a "Mom and Pop" dealership a lot of those guys use in house financing. Expect for you're APR to be high, and just remember for every $1,0000 you use as a downpayment, it's on $20 off of the monthly payment in my experience.

[Anonymous]

Ok good so do you think I will be able to get away with 0-1000 down ? Or just cough up the 2000? And when should I start apping for the car ? Or do I just go into one of these mom and pop places

[Anonymous]

Find a nice $4,000 car.

Have a mechanic inspect it.

Pay cash.

Continue on your journey of improving credit.

Finance the car you really want the next time at a great rate.

$.02

[Anonymous]

Personally I would look into a $2,000 car if I was you. Think something an elderly person would drive and shop for that. Like old, but clean Buicks or Grand Marquis, Crown Vic, Town Car.

If you insist on financing a car, it probably won’t be the Infinity. But look into Carvana and ask for promotion codes from previous customers like myself. You may get a high interest loan with your scores, but at least Carvana reports unlike mom and pop buy here pay here. I would also see if you could get prequalified (soft pull) through Capital One as that may give you more options.

EDIT: I had similar scores when I applied for Carvana and my down payment was $300, anymore was optional and didn’t make much of a difference in interest rates. I am now looking at refinancing with Cap One six months later at much lower interest rates.

[randomguy1]

With $2\4000 in savings and a low credit score, unless you make a very high income, I think the G37 is more car you can reasonably afford. The interest rate on the G37 will be unfavorable to say the least. If you make a high income, I would ask why you only have $4000 savings.

Pay off your personal loan and collections, work on your credit. Get a cheaper car as suggested above.

[Anonymous]

I kinda agree with @randomguy1

If this is your first car? dont go big just yet.

Maybe use half your savings, and save the other half for repairs or emergency.

If perhaps you have high income, why waste it on interest?

Interest rate is going to be astronomical and not worth it for probably over priced vehicle.

Take a look at something very reliable, perhaps an early 2000's Toyota Corolla/Camry or Honda Civic/Accord