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Quick Auto Loan Question

Regular Contributor

Quick Auto Loan Question

504 Fico Score


I have a paid auto on my credit report but two credit cards in collection.  When I tried to get a balance increase on one of previously mentioned credit cards about a year ago they turned me down so I was just wondering....


Would I be able to get any kind of zero down auto loan, financing around 16 G with zero down?

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Moderator Emerita

Re: Quick Auto Loan Question

Eventhough some lenders will probably used an auto-enhanced FICO score, which may be higher than your 504 & whatever your other scores are, I doubt you're going to get a zero down or sign & drive deal.


I don't know much about how the 2nd chance/high risk auto financing works, but I do know that it will come with ridiculously high interest rates. And, probably a down payment. And possibly co-signer.


Are your only baddies the two credit cards in collection? Are these unpaid collections? I'm assuming that they're recent, because you note that you tried to get a CLI last year. If they're recently delinquent or charged off, I think you're really going to need to work on those baddies before you're able to move forward. Otherwise, you're going to pay a premium (money down & high interest) for an auto loan.


Have you already visited the Rebuilding Forum? If not, hop over there and give more detail about your baddies. There's a huge pool of knowledge there that might be able to help.


Good Luck!

Message Edited by LilMirth on 07-11-2009 09:11 AM


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Message 2 of 3
Super Contributor

Re: Quick Auto Loan Question

Take a copy of your CR to a local CU and see if they would give you an idea if they would finance you.  It is free and wont cost you an INQ.  They may not give you the info but its worth a try.
1/25/2021: FICO 850 EQ 848 TU 847 EX
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