Is it possible to get a car loan with credit score of 670?

Question

If so, where can i get one? Thanks in Advance.....

Answer 1

Of course, Any car company will give you a car but your interest rate may be a little higher. Even at that 670 is a prtty good score.

Answer 2

A 670 beacon score is not bad. You need to know if its Experian, Trans Union, or Equifax. Most car dealers use Equifax which is typically lower that the other two. You could have a 670 rating with only a sears card. That does not get you into a vehicle. You need to know what your high credit is. Such as what is the most you have ever borrowed. A house for160,000.00 would be your high credit. Many of the big three, Ford, Dodge, and Chevrolet do have a first time buyers program. That too maybe an avenue to look into. Just be careful what you buy, the more you know about buying a car the better off you are and the worse off the car sales man is. I know i sell cars! Be careful its a jungle out here.

Answer 3

Well, you will have to get a score above 670 to get a "good" loan. However, don't expect too many banks to give you a loan with that score. However, there are always places that will give you a loan. But, the interest rate will not be good. Imagine. If you have a great credit score, you're rate will range for a new car 4.85%-5.5%. For a used car 6%-8%. Then think even higher with lower credit scores. Shop around. Remember, you are just "talking" to the banks when you inquire about a loan. You don't have to sign on the dotted line at the first place you go.

Answer 4

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Answer 5

The car dealers have finance managers who can get loans arranged for most people, except for those who have low credit scores. With a score of 670, you probably will be able to get financing, although you won't qualify for the best rates.

Be aware that there are 3 different main credit reporting agencies, and each one figures your FICO score differently. You may have a 670 with one agency, but your score will probably be different at the other two agencies.

If you order a packet of all three credit reports from a site such as myfico.com, you can find out which agency has the highest score for your report. You can then go to a site such as creditboards.com and see which financing companies use which agency scores, and go through a financing company that uses the agency that has given you the highest score.

Answer 6

670 isn't that bad. You won't get the best rates but you can still get a loan from either a dealer or a bank that has a department for higher risk loans. Unless there is something really negative on your credit report, it shouldn't be much of an issue to get a car loan - especially if you have a good down payment of at least 20%.

Answer 7

Of course,
You might need a down payment though, depending on where yo go, some dealerships even have a "buy here pay here' program where you would pay a certain amount a month on the car (usually these cars are for people with low or fair credit, or even bad credit) and usually they don't check your credit but again a down payment of 1000.00 to 2000.00 maybe required depending on the car dealership. I am speaking from experience I probably went to maybe 10 dealerships, this is what I learned 1. have a co-signer if u can, 2. have a down paymewnt no less than a 1,000. 3. make sure you have been at ur job for over 6 months because they look at ur job history. 4. bring a mechanic or ur dad because thye will try to jip u off !!!

Hope these work !!!

Answer 8

You should be able to and also get a reasonable interest rate. As a last resort (their interest rates are kind of high) CiTi Financial Auto give loans to people with lower credit scores than yours. After a divorce, my credit was pretty much shot to heck, and I need a car. Had to go through 'those people', but I got my car loan.

There are better places out there with better rates. Most of the major auto companies have a financial branch now and many offer reasonable rates for new and preowned cars. At least they are worth checking in to.

Answer 9

You should be able to, if not it might be of your lack of credit history or big ordeals on your credit report. I tried to go through my bank, wells fargo, for a car loan and the guy I was working with said i had a great credit score and I SHOULD get a loan, but as a matter of fact I was rejected because of my lack of credit history (lame...I am married, in college, and have had a credit card for at least 5 years) Anyway,so I went through my INSURANCE company (USAA..GREAT company!!!!) and they gave me a car loan with 5.75% interest which was a GREAT deal since Wells Fargo would have been i think 9-10% interest. So it worked out for the better....I would definitely check into insurance companies, rather than banks.

Answer 10

670 is a pretty high score I think so just about anyone should give you a loan. First place I would check would be your bank.