I want a car that is at least a 2001 and can make a $1000 dollar down payment. Do I have any chances of getting a loan???
2006-10-30 13:18:20 · 15 answers · asked by estephania2182 3 in Cars & Transportation ➔ Buying & Selling
I wouldn't expect much with that score. You may want to line up a cosigner so you don't have to go for a ridiculous interest rate.
2006-10-30 14:45:42 · answer #1 · answered by Papa John 6 · 0⤊ 0⤋
Absolutely you do. But expect to pay higher interest rates for your credit score. Someone will finance you a car that is under 7 years old so a 2001 is well with in line for you.
There is also the real possibility you will have a much faster repo if you miss a payment.
Expect your payments to be at least $200/month. You will of course also double your insurance costs for the duration of the loan.
2006-10-30 21:29:39 · answer #2 · answered by my_iq_135 5 · 0⤊ 0⤋
You will probably be able to get dealer financing, but at a higher finance rate than someone with a better credit score. 583 isn't great, but it's not awful either. Also, a car dealership will look at different things - like how many other secured loans you have had and how well you did with regular payments. Why not call and ask? There are often places willing to pre-approve you if they think there is a potential sale.
2006-10-30 21:22:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
credit is more than a score. Why is your score so low. Collections, Repo?, Foreclosure? maxed credit cards?, slow pay,. Typically if you have good car credit or installment credit your rate won't be so bad. Unfortunatelly you can't go off score alone. You should not have a problem getting a loan though. Just be prepared to pay for it.
2006-10-31 21:18:32 · answer #4 · answered by typhon1991 3 · 0⤊ 0⤋
look on ebay for a used kia. you can get one for about $1000. if you buy a car with that credit score your gonna be paying like 21% interest. i have a 2001 kia and its the best car i've ever owned.
2006-10-30 21:22:53 · answer #5 · answered by anonymous 6 · 0⤊ 0⤋
I don't see a problem. But don't settle for a high rate or the price of the car. On a used car they normally have like $2500 mark-up, negotiate. Remember, these guys want to sell their cars and make some money. Negotiate, Negotiate, Negotiate. Good luck.
2006-10-30 21:36:04 · answer #6 · answered by tiger 4 · 0⤊ 0⤋
If you save up another two thousand dollars you will have 100% chance of buying a decent used car.
2006-10-30 23:11:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
From a paralegal friend of mine who works in bankruptcy lawyer's office - "Anyone will sell you a car if you can pay 25% down." So, look for something for $4000, or save up a little more money. Good luck!
2006-10-30 21:20:52 · answer #8 · answered by redlips1487 3 · 0⤊ 0⤋
Most anyone can get the loan, it is the obscene % rate you'll pay for the 583 FICO, that most people choke on.
2006-10-30 21:27:51 · answer #9 · answered by kate 7 · 1⤊ 0⤋
My parent's bought a 4 bedroom 2 story house in the burbs and their score is criminal.
2006-10-30 21:21:13 · answer #10 · answered by Sparkle 3 · 0⤊ 0⤋