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CropDustin8885

Auto loan with 550-600 score

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I am trying to get a loan for about $15,000.00 and i have no idea how to go about doing it or where to go to look for financing. I am currently rebuilding my credit and my scores are Equifax 553 Trans Union 513 Experian 575. I am trying to get something in the next 2 months or so. Please help :sorry:

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My standard answer if your credit file is impaired, a dealership is admirably suited to help find you a loan.

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My scores were down around 510ish when my local Mitsubishi F&I guy jumped through a lot of hoops to get me financed. I don't think he shotgunned my app though. I'm pretty sure he went straight to the phone to call a contact at Chase or Capital One. I had to provide a crap ton of documentation for a $15k automobile loan though. My nursing school degree & license. Pay stubs. Personal sob story about why my credit was in the toilet. They wouldn't do no money down, but I literally only paid $500 down. They financed the rest. It was at a usurious rate with GAP required. But the deal got done. And Richard got 4 more car loans out of me over the next 8 years!

Edited by dansamy

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Any one can get a auto someplace these days. May not be the car you wanted or terms but you can get one.

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I am trying to get a loan for about $15,000.00 and i have no idea how to go about doing it or where to go to look for financing. I am currently rebuilding my credit and my scores are Equifax 553 Trans Union 513 Experian 575. I am trying to get something in the next 2 months or so. Please help :sorry:

Definitely a dealership, when we were first rebuilding GM Financial which I think is Americredit picked my wife up at like 16%...I think her score was a 580...myself I actually applied online through Capital One and got approved at 14% with a score around 560...this was all about a month after a BK....we have since moved on from these loans and refinanced...it's hard to not get approved for a car loans these days I think....Good luck!

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I'd expect one of the janky banks to pick it up. Expect to pay over 15% APR unless of course you have access to NFCU, even then you might not get single digit APR.

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There's always Santander who basically will finance anyone if they have a decent income.

 

Will be an awful rate and you will be kicking yourself every time you make a payment but it can be done.

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A friend of mine just leased a new Honda Civic throught HFS with a 580 score, you might want to try Honda. He also rolled about $8k of negative equaity into the loan with only $1k down.

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A friend of mine just leased a new Honda Civic throught HFS with a 580 score, you might want to try Honda. He also rolled about $8k of negative equaity into the loan with only $1k down.

Some strings must have been pulled on that one!

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A friend of mine just leased a new Honda Civic throught HFS with a 580 score, you might want to try Honda. He also rolled about $8k of negative equaity into the loan with only $1k down.

Some strings must have been pulled on that one!

 

 

Right. Aint no way this could happen

 

But yes when it comes to cars somebody with a 580 score can get a bteer rate then somebody with the same score . Just all depends what is on the credit. Somebody with a 580 may have clean credit and 1 collection while the other may have a repo and 3 or 4 collections so ofcourse that person will be risker

 

Cant really compare credit scores when buying cars.

There's always Santander who basically will finance anyone if they have a decent income.

 

Will be an awful rate and you will be kicking yourself every time you make a payment but it can be done.

 

They denied me with a 580 score. But I did have a repo about 2 years old or so

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how the hell do lease a honda and roll 8k negative equity with 1k down Marv is good but i dont know if he could have pulled that loan off. Wink Marv :wave:

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i just picked up a brand new 2015 challenger RT Plus no credit score even though i have credit cards my score still said 0 with $1k down my interest is 15% but anything is possible if you make enough.

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Maybe some strings were pulled, but I was with him and saw it all. The whole thing took about 2 hours and seems pretty painless. Total lease amount was $29k on a Civic LX. I also leased a new accord with a similar amount of negative with a much higher score. It was pretty seamless.

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