2006-06-29 05:52:47 · 11 answers · asked by Life givs u lemons-make lemonade 1 in Business & Finance ➔ Credit
It depends, let me break it down. First off you need 2 years on your credit report to be taken seriously. Your credit report needs to diversified. Hopefully you have 1-3 Credit Cards. 1-2 Installment accounts such as SECURED LOANS. They establish credit well. And hopefully a mortgage. Now let's get real probably you don't have all of those. If you go to a sub prime lender with a credit score of 550 they could probably work with you with money down. 600+ still need some money down bad interest rate. 620+ no money down but higher interest rate. 650+ lower but not prime interest rate. 700 plus VERY GOOD interest rates with no money down. Remember for an auto loan you need 2 years on your credit report. Income will determine how much you can finance. But at most auto dealerships the income you state, is stated and they base their decision off of your credit report and score. They verify employment but rarely the actually amount of income you make. Make sure when you go in you tell them ALL of your sources of income. Tell them you make a little more than you actually do.
2006-06-29 12:59:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Go to a credit union or small bank. Don't go to big banks - they are not lending as much unless you have top credit. A credit union will give you the best interest rate. Mine is offering 2.99% Don't worry about inquiries to your credit score. All similar inquiries done withing a 6 week window are lumped as one on your reports (you won't see this - its just what the score system does). This is to allow you to "shop around" for a good loan. Credit cards are different - keep that in mind - not lumped together as one - just installment loans. An inquiriy only dings your credit by 1 or 2 points. 5 points at MOST if you have really bad credit. So don't every worry about inquiries. Plus they only affect your score for one year - even though they show up for 2 years. Do NOT tell a dealership how much you were approved for. You will lose haggling power to negotiate a good selling price. It is none of his business. Choose a car - make a low offer on it and haggle, haggle, haggle. Again - do not tell them how much you can afford !!!! You can lie and choose a $15,000 car and say you only want to spend $12,000 on this car. You can walk away - they will call you that night or the next day. They always do. Try to buy a car towards the end of the month. This month the new models are coming out - great time to buy last year's model at practically nothing. A credit union will look at your credit reports - not your score. /
2016-03-26 21:55:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-27 19:38:22 · answer #3 · answered by ? 3 · 0⤊ 0⤋
well it sort of depends on the dealership you go thru, and what has caused your credit fico (score) to be that low, if you have 6 late payments in the last year on a current auto loan you probablly can't get a car. But as long as you have a good down payment and can financialy prove yourself worthy they'll give you a car the credit score only determines the interest rate you can get! good luck!
2006-06-29 05:56:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Find the best rates for people in your situation at: http://www.MYLOANSRATES.NET
RE:What really is the minimum credit score to get an auto loan?
2014-07-25 01:14:46 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I think just about anyone can get a car but if your credit is not good, you'll be paying ALOT of money in interest.
When your car dealer looks for financing for you, he or she will keep contacting financial institutions starting with the smallest interest rate and work their way up to whoever will issue you credit. After so many people reject you, your dealer might call Capital one or something like that. If that happens, Capital one will charge a fee for even considering you and your interest rate will be really high.
2006-06-29 05:57:21 · answer #6 · answered by Mama R 5 · 0⤊ 0⤋
There is no real minimum, but the lower your score, the higher the interest rate. Don't finance through a dealer, go to your bank and get the loan there. Dealers tack on percantage points to the rates they get from their lenders.
2006-06-29 05:57:40 · answer #7 · answered by DIRT MCGIRT 3 · 0⤊ 0⤋
There is no minimum. You can always find someone who will give you a loan.
You might pay loan-shark rates for it, but they're out there.
2006-06-29 05:56:08 · answer #8 · answered by Anonymous · 1⤊ 0⤋
It depends on many factors. the company for one can take anyone, its thier risk they are taking. If you can show you can pay for the car no matter what your score is a company will take you if they really want to sell you that car
2006-06-29 05:59:10 · answer #9 · answered by danielle s 3 · 0⤊ 0⤋
I am sure you will find this site very useful: IMMEDIATELOAN.NET
2014-05-07 22:37:10 · answer #10 · answered by Anonymous · 1⤊ 0⤋