Jump to content

Can 590 get you into a new car?


Recommended Posts

It seems like my transmission is going. Im going to have it looked at this week. On top of this I have almost every dash light on, need brakes and tires. Im not sure if its worth fixing at 110 miles.

 

I dont know what to do. Would a score of 590 get me into a cheap new ford or chevy? My trade in might be worth $1000 if im lucky. Has anyone got any suggestions or feedback? How much would I need to put down?

 

My score is bad due to some lates and delinquencies.

Link to post
Share on other sites

11 hours ago, user3657 said:

It seems like my transmission is going. Im going to have it looked at this week. On top of this I have almost every dash light on, need brakes and tires. Im not sure if its worth fixing at 110 miles.

 

I dont know what to do. Would a score of 590 get me into a cheap new ford or chevy? My trade in might be worth $1000 if im lucky. Has anyone got any suggestions or feedback? How much would I need to put down?

 

My score is bad due to some lates and delinquencies.

is that a FICO score? and auto-enhanced FICO score?

 

You might get approved but it will be a painful loan. What is keeping you from working on your credit to improve your score first?

Link to post
Share on other sites
On 10/2/2020 at 10:29 PM, user3657 said:

It seems like my transmission is going. Im going to have it looked at this week. On top of this I have almost every dash light on, need brakes and tires. Im not sure if its worth fixing at 110 miles.

 

I dont know what to do. Would a score of 590 get me into a cheap new ford or chevy? My trade in might be worth $1000 if im lucky. Has anyone got any suggestions or feedback? How much would I need to put down?

 

My score is bad due to some lates and delinquencies.

 

You'd be much better off fixing what you have 110k miles is nothing for a modern car. The interest rate you're going to get on a newer car is going to cost you you about 15k over the life of the loan on a 20k car, even if your current car needs a transmission on top of tires and brakes the repair will be way cheaper than 35k down the drain. Best to wait and see what the mechanic says good chance its not the trans. What year kind of car is it?

Link to post
Share on other sites

As others have mentioned, could you get financed, yes.  Should you take it, likely no.  At least not until you go to a good indy mechanic you trust and get a full idea of what you are looking at in terms of repairs.

 

If you do end up doing it, please do not take a 5 year (or longer) note at double digit interest rates.  Keep it to something you can pay off in <36 months.

Link to post
Share on other sites

With all the 0% offers Ford has right now, if that's NOT auto-enhanced, and you have a 600+ FICO that is auto-enhanced that they pull, it's plausible you might be able to qualify for not the 0, but maybe the other discounted rates, which though you would lose rebates, would likely benefit in the longer run.  Of course, if you did qualify 0%/60 months, that's a whole new world of happiness at that score.  YMMV of course.

Link to post
Share on other sites
21 hours ago, Zanshiro said:

With all the 0% offers Ford has right now, if that's NOT auto-enhanced, and you have a 600+ FICO that is auto-enhanced that they pull, it's plausible you might be able to qualify for not the 0, but maybe the other discounted rates, which though you would lose rebates, would likely benefit in the longer run.  Of course, if you did qualify 0%/60 months, that's a whole new world of happiness at that score.  YMMV of course.

Plausible but highly unlikely. 0% is 700+ FICO tiers with FMCC. As MarvBear said, with enough down the OP could get bank financing. Depending on the how and why the score is 590 it could also end up being an Acceptance customer.

Link to post
Share on other sites
On 10/8/2020 at 1:46 PM, StarkRaven$ said:

I was first auto denied, then approved after calling into Alliant for a auto loan four years ago. Short credit history and a ugly paid CO with a score of fico 663. I was approved for $5K and put $8K down as a down payment.

A large down payment will overcome a low credit score a lot of the time when financing a car...it all comes down to minimizing potential loss.  

Link to post
Share on other sites

OP has ghosted us in favour of the junior varsity board where s/he posted yesterday of a successful purchase of a used ford at 8.9% APR for 6 years.

 

 

ETA: doesn't say "purchase" says "picked up" could end up being a spot delivery...

 

Edited by hegemony
Link to post
Share on other sites
3 hours ago, hegemony said:

OP has ghosted us in favour of the junior varsity board where s/he posted yesterday of a successful purchase of a used ford at 8.9% APR for 6 years.

 

 

ETA: doesn't say "purchase" says "picked up" could end up being a spot delivery...

 

Can you provide a link?

Link to post
Share on other sites

He will never, ever get out of debt without thinking more clearly about his entire financial picture. Justifying a new car requiring an expensive loan/avoiding paying cash for a more affordable used car by stating ‘I am not a car guy’ is telling.


Sent from my iPhone using Tapatalk
Link to post
Share on other sites
On 10/8/2020 at 10:08 AM, IndyPoolPlayer said:

Plausible but highly unlikely. 0% is 700+ FICO tiers with FMCC. As MarvBear said, with enough down the OP could get bank financing. Depending on the how and why the score is 590 it could also end up being an Acceptance customer.

Many of them are going Tiers 0-4 actually.  Just got someone done at the 1.9% special rate offer who had a 590 Auto Beacon pull through EX.  It can be rough, but in this case, letting the dealership work for you helps ,especially being upfront of going only through FMCC as your sole inquiry, and if they can't get it done with special rates, you're not buying.

 

Also, because it amused me...he did get told about 0% options there too in his range.  Bad negotiation, I'd guess, but who knows without seeing the whole picture.

 

Edited by Zanshiro
Link to post
Share on other sites
On 10/10/2020 at 11:19 AM, Zanshiro said:

Just got someone done at the 1.9% special rate offer who had a 590 Auto Beacon pull through EX.

Dang - those manufacturer captives are really dangling those carrots to move that metal. :offtopic: I was browsing a bit online at a couple local Ford stores and to my amazement there are still MY2019's on the lot. Now granted these are no options commercial trucks (Ranger and F150 XL's).

Link to post
Share on other sites
On 10/12/2020 at 5:25 AM, IndyPoolPlayer said:

Dang - those manufacturer captives are really dangling those carrots to move that metal. :offtopic: I was browsing a bit online at a couple local Ford stores and to my amazement there are still MY2019's on the lot. Now granted these are no options commercial trucks (Ranger and F150 XL's).

Excess inventory but don't want to drop the "price " means you have to lower the financing cost. Supply and demand but hidden. 

Link to post
Share on other sites
On 10/10/2020 at 9:13 AM, damba said:


He will never, ever get out of debt without thinking more clearly about his entire financial picture. Justifying a new car requiring an expensive loan/avoiding paying cash for a more affordable used car by stating ‘I am not a car guy’ is telling.


Sent from my iPhone using Tapatalk

 

For someone who isn't a car guy, he really wanted the car.  😛 

 

 

Edited by cv91915
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      180,881
    • Most Online
      2,046

    Newest Member
    Vision16
    Joined
×
×
  • Create New...

Important Information

Guidelines