Can I get a new car loan with a credit score of 530?

Answer 1

If you do get a new car loan with a 530 credit score, your loan will be majorly upside down in about a year to two years. That is, your loan balance will be about almost two times the blue book value of the car. The last you thing you need is negative equity of that magnitude.

Even if you do get a loan, the dealer is going to cut you a new butthole because he must charge you an extremely high interest rate on the loan since:

(1) your creditworthiness (as measured by your FICO) is highly suspect;
(2) the probability of full collection on your car loan is relatively low; and
(3) the financer must factor the reconditioning, acquisition, and administrative costs of your potential reposession into your loan balance since he does NOT want to pay for it, when you start missing payments.

Can you get a new car loan? I would be surprised if you do.

Getting a car is one thing. Keeping it from the repo man is another.

You should think about a hooptie in the meantine to get your credit affairs in order. Once you arrive at a 640 FICO score, people will probably want to work harder to get you into a vehicle without performing a colonoscopy on you!

You are NOT your car. Buy used directly from a one-time owner, perform a CARFAX check, SAVE on the sales tax of the purchase, and let the first owner pay for the depreciation on the vehicle.

That's the American way.

Answer 2

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Answer 3

I think the question should be, "SHOULD I get a new car, given I have a 530 score."

The answer would be no.

And no, you probably won't get a loan over 5-8,000 with that score.
A new car is not a good buy any way. You pay tax to the dealership, and it depreciates 50% when you drive it off the lot. Registration and insurance is higher on a new car.

Get one that's a year or two old, you'll save a lot of dough!

-- regretful new car buyer

Answer 4

Your score is very low. You should look at a newer used car to start out with. Yes, interest will be high, but nothing else other than a mortgage will do more to increase your score, BUT, you must make every payment on time. Do you realize that when you buy a brand new car, the value of the vehicle drops about
$5000.00 dollars as soon as the tires hit the street? I say let someone take that hit, and get something used with low miles.

Answer 5

A credit status of 540 isn't good. i have considered worse, even if it isn't likely you'll get a universal motor vehicle loan from a economic corporation or credit union. you need to qualify for a loan from a intense probability lender. There are some round and the vehicle sellers use them. The interest you pay from a intense probability lender will be extensively more effective than it should be in case you need to get it from a universal lender. per chance as a lot as 18% on a motor vehicle loan. Your maximum proper guess is to paintings on pointing out your credit status and then get a motor vehicle loan.

Answer 6

Yes, most places offer loans for people who have credit at 530.

Answer 7

If you have a good job and a decent down payment sure, but your intrest rate will be very very high. See if you can find a place to lease a car for a while, then after you build trust with that dealership later on they will finance you for a new car.

Answer 8

you can find financing, but you will probably be asked for a high down payment, such as $5k, or for a co-signer. You definitely won't qualify for Ford Motor Credit financing, they are very hard to get financed with.

Answer 9

Roadloans.com. Be prepared for an 18% interest rate though.

Answer 10

Put 100% down. If you still can't financing, call me.