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RSLT1

Getting a 8k loan with half down with a 503 score.

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I'm looking at a car that is 8,000. If I have 4,000 you think I would get approved with a 503? I need to establish better credit and if I have to bite it and pay a higher note so be it. I can afford it now. Thanks for all your help.

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One problem you may have is that many lenders have a minimum loan amount and the $4000 balance might not be enough. A credit union might do it though. I think mine will do $3000 but its a short term.

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That money would be better off used on secured CC's if your looking to build credit. Unless you NEED a car.

 

Sent from my SCH-I545 using Tapatalk

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My CU did $3,500 at 36 months. My CU even offered a 1k unsecured Visa guaranteed with auto loan approval. This is why I love CU's.

 

As the other poster stated, don't buy a car to build credit. Buy a car because you need a car.

Edited by RBinAK

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My CU did $3,500 at 36 months. My CU even offered a 1k unsecured Visa guaranteed with auto loan approval. This is why I love CU's.

 

As the other poster stated, don't buy a car to build credit. Buy a car because you need a car.

+1

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Title of thread mentions a 503 score.

 

 

I apologize, I mistook your question for another poster rather than the original poster.

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Yes, I was rebuilding. Not quite that low, but the CU just asked "are you taking care of these issues" and I said "yes" and they approved me. I really feel that if you go in an sit down face to face with a CU loan person they are going to fight for you if it's a reasonable request.

 

The only thing you left out is the age of the auto. 2007 or newer and I think they will play ball.

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Mileage? Doesn't matter what your score is if the car is not within the industry lending window and mileage.

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2005 with 153k miles is your greater concern

 

 

I would be surprised personally if the collateral was deemed suitable.

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If you NEED a car then look at something around $12k that is newer and half the miles and you will get approved some where.

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4000 for an 8000 car.... anyone can be approved even the homeless...

 

tell us about the car, make model and mileage

 

then tell us the terms and all of the numbers..

 

That way we can tell you if it is a sound deal or NOT.

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