Can i get a auto loan with a credt score of 490-505?

by **nef** » Sun Jun 03, 2012 8:33 pm

Im trying to by a car i can put 1500 down and i make a little over 55,000 a year my debt is around 10,000. my credit score is horrible and it is a painful memory of the pass i was a stupid kid when i got a hold of credit cards. I have no repos or anything like that only credit card debt, which i am working on paying off now. Please serious inquiries only i feel horrible as it is. Thank you

by **angor** » Sun Jun 03, 2012 8:45 pm

I doubt it because thats a pretty low score. If anything you might want to try the dealership BUT that could lead to several inquries on your credit file. If a car dealership feels they can get you done TRUST me the will try but if they can't (they deal with many high risk finance companies) your chances are slim to none.

Try a credit union they have different rules. More than likely a 500 wont get it. But there are other factors they will consider like how much you put down and how long you have been at your job.

by **rendell66** » Sun Jun 03, 2012 8:53 pm

You will only get a car on horrible terms...and your only option might be one of those awful "Buy here, Pay here" type lots that sell high mileage older cards at ridiculous prices.
- I hope you know that paying credit card charge offs will not fix/repair your credit, so you might as well get the best settlement you can.

by **falken8** » Sun Jun 03, 2012 9:01 pm

Incredible. You are able to make $55,000 now but then you didn't know you have to pay for what you buy? Anyway, you are probably going to have a hard time getting a loan that does not have a very high interest rate. How is it that you don't have a car now? Did you just start making the bucks? If I were you, I would look for a Very Modest car to buy, maybe about $7000 to $10,000, maybe even less. Get the car, pay off the loan early, and drive the car while you pay off your credit cards. You should never carry a balance on credit cards.

by **brayden** » Sun Jun 03, 2012 9:03 pm

Yes, you should be able to get one! You have alot down and that plays alot into car buying.

by **athdara** » Sun Jun 03, 2012 9:05 pm

Sure , you can.Just prepare your papers ready and apply for it.

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