cancel
Showing results for 
Search instead for 
Did you mean: 

New credit Car loan

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

New credit Car loan

First time posting after long time lurking.

My current Scores are 589/620/609. Just paid off my $300 CC and according to the simulator all scores should jump around 40+ pts. My credit is still new with only about 5 months history. Would it be worth it to wait until my CC company reports and scores update or apply for a loan now. Ive been told either way.
Message 1 of 5
4 REPLIES 4
New Member

Re: New credit Car loan

Oh yea trying to buy a 2014 Focus ST about 22K OTD.
Message 2 of 5
Regular Contributor

Re: New credit Car loan

Your score is pretty low, so I would wait if you want the best interest rate. It won't hurt though if you want to see if/what you qualify for, or check out some cars, but I wouldn't buy any car until your score jumps.

 

Also, with your score so low, consider a cosigner.

Message 3 of 5
New Member

Re: New credit Car loan

@jhtrico1850 its only a week until they report so i guess ill wait. After the jump should be 650/670/650
Message 4 of 5
Regular Contributor

Re: New credit Car loan

Even still, 5 months is very short. If you can get a good deal at the dealership, that's awesome. Otherwise, even with a decent score, you might get 15-20% car loans without a cosigner.

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.