2006-06-14 07:42:01 · 9 answers · asked by DAN H 1 in Business & Finance ➔ Credit
Yes.
You may qualify for a car loan with a low FICO, however- there are few things to keep in mind:
A person with a low FICO isn't in a position to bargain. You probably won't qualify for any incentive deals from dealerships, and you'll probably get a higher interest rate for your loan.
You may not be approved for the amount you'd like to purchase the car you have in mind, so you need to weigh what is important: to have the car you want or to have a car? The lower your score, the less choices you'll have as to what type of car you can buy, and who you can buy it from.
Keep in mind that if one place turns you down, another may approve you.
You may need to front a little more money as a down payment- actually, pay as much as you can ($3000 is a good amount). That will help lower your monthly payment. Also make certain to know whether your payment goes toward principle or interest first- as this will untimately effect how much money you're spending in the long run.
You may need to get a co-signer, but most likely not be required to sign over collateral. Reason being the car you purchase is the collateral. The bank owns it until you pay them off.
Most important: You need to demonstrate income, and that the income has been reliable for a certain period of time. Do you work? Save your paystubs for two pay periods (at the least) to prove your income.
If I were you, I'd make certain to shop around, as there are many fincial companies who claim to offer car loans no matter your credit, but each will have pros and cons.
Good Luck
2006-06-14 07:46:53 · answer #1 · answered by the_dude 4 · 4⤊ 0⤋
1
2016-09-26 20:48:13 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes. The question is what monthly payment you can afford.
And be sure to go to the one dealer that has the most credit options.
Some cannot deliver approved credit as advertised. In Western Washington State, Karmart is the place to go. They are Chrysler, Nissan, Volkswagen dealers and probably more. Your interest will be high so make sure you get what you want.
Car loans help your scores increase rather quickly, as long as you make current payments.
2006-06-14 07:51:37 · answer #3 · answered by David H 3 · 0⤊ 0⤋
with a FICO like yours credit unions won't even touch you. you can still get a loan however you'll do a couple of things like, have a large down payment with high monthly payments, very high interest rate and most defintely a co-signer.
2006-06-14 07:54:20 · answer #4 · answered by Thank You..Come Again 2 · 0⤊ 0⤋
With a down payment you can, Try an independent dealer that offers financing. The downside of course is that you will pay a higher interest rate for the loan since you are a higher risk.
2006-06-14 07:46:28 · answer #5 · answered by yes_its_me 7 · 0⤊ 0⤋
Most likely with a co-signer and at least 15% percent down payment, expect to pay a higher interest rate also.
2006-06-14 07:46:04 · answer #6 · answered by DollyLama 5 · 0⤊ 0⤋
Possible, check with Credit-Acceptance or Pay-Day loans. Must find the dealership which offers such programs.
2006-06-14 07:50:09 · answer #7 · answered by asajous 2 · 0⤊ 0⤋
Only with a large down payment and/or a co signer.
2006-06-14 07:49:02 · answer #8 · answered by momie_2bee 5 · 0⤊ 0⤋
Try a federal credit union...the rates are great.
2006-06-14 07:45:47 · answer #9 · answered by trisha2006 4 · 0⤊ 0⤋