Will I qualify?

[renamariee]

What would typically be the lowest credit score without a co-signer that could get approved for an auto loan? (I don't care about high interest rates I'm in DESPERATE need). I'm not sure my fico but CreditKarma says my score is around 540 due to some collections and a delinquent credit card that I'm about to attempt payments on. I have one credit card open right now some student loans that are in good standing, and a secured loan with my bank. I make right under 25K a year before taxes, and have never owned a vehicle before. I've been looking at used cars on Craiglist that are around 9000 or 10,000 and I have around $750 or $1000 for down payment depending how long I can hold out.

[fury1995]

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@renamariee wrote:

What would typically be the lowest credit score without a co-signer that could get approved for an auto loan? (I don't care about high interest rates I'm in DESPERATE need). I'm not sure my fico but CreditKarma says my score is around 540 due to some collections and a delinquent credit card that I'm about to attempt payments on. I have one credit card open right now some student loans that are in good standing, and a secured loan with my bank. I make right under 25K a year before taxes, and have never owned a vehicle before. I've been looking at used cars on Craiglist that are around 9000 or 10,000 and I have around $750 or $1000 for down payment depending how long I can hold out.

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Hi.

Credit Karma does not supply Fico scores. You need to get them here.

Fico scores are the only scores that are used by auto lenders. Credit Karma uses Fako scoring models that do not account for many items in your credit file such as closed accounts (good or bad).

Please get your Fico scores and post them here. 

[Anonymous]

For FICO 8 scores you can get them from Creditchecktotal.com for $1 free trial from all three bureas and reports. But what you need are auto scores so as the other poster said you should just purchase your scores from myfico as they are true FICO scores and is a great value! 

[fury1995]

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@Anonymous wrote:

For FICO 8 scores you can get them from Creditchecktotal.com for $1 free trial from all three bureas and reports. But what you need are auto scores so as the other poster said you should just purchase your scores from myfico as they are true FICO scores and is a great value! 

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There has been some "issues" lately with CCT. Some folks are reporting problems getting there scheduled reports when they are supposed to.

[Anonymous]

That happened to me this past month, but that is because CCT switched from three reports a month from all three bureaues to only one. So starting this month it should return to normal whenever your account catches up to your correct date(only 1 a month). Even if he didn't want that, he could go to Experian and get his Experian Fico 8 score with a CR for $1 trial. 

[renamariee]

My FICO8s from CCT are as follows:

Experian:      552

Transunion:  585

Equifax:        539

Any loans that pull specifically from Transunion? Lol.

[Remember0]

I'm guessing you can qualify for an auto loan even with those scores. It'll be very high interest though, and I doubt you'd be able to do a private party. May need a dealer to help here since they can submit to multiple lenders, etc...

Quick question for you: Do you have any auto loans reporting on your credit currently?

EDIT to add: As an example, one of the places I'm almost certain would get you approved (at a high APR) is Carmax. But obviously you don't want a super high rate. Just want to give you some comfort if you are super worried about getting a car in a crunch. Would also help  to know the exact nature of the collections (PM me). If they are medical, there is a particular method that maybe good to try (again PM me on this one).

[bstone]

Nissan Motor Credit has some extremely aggressive financing right now, even for scores in the high 500s. If you're interested in a new car you may talk with a finance manager at Nissan and see if those programs are available to you (it may be regional).

[fury1995]

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@renamariee wrote:

My FICO8s from CCT are as follows:

Experian:      552

Transunion:  585

Equifax:        539

Any loans that pull specifically from Transunion? Lol.

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This is where you being responsible will get you a car..

 STAY FOCUSED

You really need to figure out EXACTLY what your minimum requirements are for transportation.

This is a need .. not want.

New car dealers are your best bet as subvened (manufacture provided) financing have the extra incentive of wanting to help the manufacture sell a new vehicle. 

Hyundai

Nissan 

Ford

Toyota

Kia

Look at the least expensive models that will fit your necessity for transportation. If you need an automatic, get automatic. If you need power windows, get power windows. Try a end of model year special (2015 New Car for example) they will be EXTRA motivated to sell AND finance it. 

You have $1,000 to help cover taxes/fees. They'll like that.

The new car will have a FULL warranty to cover potential repairs.

Your scores and income will suffice for this. you will have a higher APR but if you play your cards right and work on repair/rebuilding and keep your debt as low as possible, you will be able to refi this loan in 12 months. 

[renamariee]

Thank you everyone for the advice. I'll definitely look into these options.