RSLT1 Posted April 28, 2014 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. Quote Share this post Link to post Share on other sites
gamecockcountry Posted April 28, 2014 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. Quote Share this post Link to post Share on other sites
RSLT1 Posted April 28, 2014 I'm just trying to build credit now that I actually make money. Quote Share this post Link to post Share on other sites
nysbadmk8 Posted April 28, 2014 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 Quote Share this post Link to post Share on other sites
RBinAK Posted April 28, 2014 (edited) 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 April 28, 2014 by RBinAK Quote Share this post Link to post Share on other sites
MarvBear Posted April 28, 2014 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 Quote Share this post Link to post Share on other sites
RSLT1 Posted April 28, 2014 What are your scores at? Quote Share this post Link to post Share on other sites
MarvBear Posted April 28, 2014 Title of thread mentions a 503 score. Quote Share this post Link to post Share on other sites
RSLT1 Posted April 28, 2014 So the same area? Quote Share this post Link to post Share on other sites
MarvBear Posted April 28, 2014 Title of thread mentions a 503 score. I apologize, I mistook your question for another poster rather than the original poster. Quote Share this post Link to post Share on other sites
RBinAK Posted April 28, 2014 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. Quote Share this post Link to post Share on other sites
RBinAK Posted April 28, 2014 Mileage? Doesn't matter what your score is if the car is not within the industry lending window and mileage. Quote Share this post Link to post Share on other sites
RBinAK Posted April 29, 2014 2005 with 153k miles is your greater concern Quote Share this post Link to post Share on other sites
MarvBear Posted April 29, 2014 2005 with 153k miles is your greater concern I would be surprised personally if the collateral was deemed suitable. Quote Share this post Link to post Share on other sites
BRBiz Posted April 29, 2014 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. Quote Share this post Link to post Share on other sites
rpina1 Posted May 28, 2014 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. Quote Share this post Link to post Share on other sites