
Car buying with a not great credit score?
I need to purchase a new car in the 10k-13k range. I have a credit score of a little over 600 which I know is pretty bad. My question is can I even get approved for a loan, and how much of a down payment would I need to make to get approved?
Public Comments
- If you buy through a dealer, they can provide financing through third-parties for people with scores > 600. Your interest rate will be pretty high. I'm guessing 12 - 18%. Also try this site: myAutoLoan.com I'm pretty sure they can link you to lenders for credit scores in your range.
- My advice is Find a vehicle you can pay cash for..any auto loan you get approved for will have stupid interest rates..you will have to give a high downpayment and depending on the dealer it may be more than the vehicle is even worth..
- Figure 25-50% down to have a shot for a car priced at market value. Otherwise, a buy here, pay here dealership might go with 10% for a car priced at double it's true value @ maximum allowable interest.
- creditreport.undonet.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
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