I just started my job less than a month ago, but I need a car badly, I am aprehensive about going to one of those "we'll finance you-even if you don't have a pulse" places. The car I am after has 7,000 miles on it and its a2007 for $12,000. Is this doable in anyones experience?
2007-02-09 00:50:44 · 12 answers · asked by ragajungle 2 in Cars & Transportation ➔ Buying & Selling
Is the car new or used? 615 credit score is a fair score. As others said, you may be paying a higher interest rate because of that score. But DO NOT go into a dealership and tell them what your score is. Play dumb...like you have no idea. Let them run it. If you tell them or doubt if it is good enough, they will pounce all over you with a higher interest rate, even though they won't be paying more. (They get a percentage over what bank actually charges, and what they charge you.) There is a limit over that they have to abide by...but they can go up to that limit if the customer isn't aware and is doubtful about their credit. The reason I asked if it was new or used is because usually you get a lower interest rate if it is new. But not always. It is just something you should be aware of.
Stay away of buy her pay here-they will really charge you on interest rates.
I have seen people with lower scores get a car.
2007-02-09 05:06:30 · answer #1 · answered by just me 6 · 1⤊ 0⤋
615 Credit Score
2017-01-13 05:50:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm confident that you might find every financial clarification at: loanfocus.info-
RE Can I be financed to buy a car with a 615 credit score?
I just started my job less than a month ago, but I need a car badly, I am aprehensive about going to one of those "we'll finance you-even if you don't have a pulse" places. The car I am after has 7,000 miles on it and its a2007 for $12,000. Is this doable in anyones experience?
2014-09-26 08:21:54 · answer #3 · answered by Anonymous · 0⤊ 5⤋
615 is a borderline score on FAIR, you can easily get a mortgage witha 620 and consistant work history. Your history is what these places will be looking at. What was your work history before this job youv'e had for a month, was it in the same field. Do you have any outstanding debts, or recent late payments? Be prepared to sit with the credit/finance person and explain your situation in detail. DO NOT accept the first loan they throw at you at 17% interest it is their job to serve both their company and the banks first, (theoretically, you first, but that is not financially feasible for a finance person). Discuss and barter, see what they can do. 11% interest, should be more along your level, depending on your income, know what you can afford per month going in and stick to it!
2007-02-09 00:58:19 · answer #4 · answered by yummi1128 2 · 1⤊ 0⤋
Note to Allan: 615 is a good score is you have, say, a 550 score. But 615 is borderline Fair. You gotta hit 700+ to even think about Good (depending on which credit reporting agency is rating [you]).
2007-02-09 01:00:20 · answer #5 · answered by Sgt Pepper 5 · 1⤊ 0⤋
You can be financed with that credit score, but at a slightly higher rate.
Most lenders will look at your job history, any job gaps, and your net-to-debt, total income, and any payment history.
The credit score is primarily used to determine the interest rate, and used as a cutoff to determine whether a bank will loan you money under a prime or a secondary program.
Be prepared to provide references, complete job history with contact numbers, complete residencey history, and prepare to put some money down on it.
2007-02-09 02:40:31 · answer #6 · answered by Robert S 3 · 0⤊ 0⤋
I just bought a car at $6000. My score is 612.
I got a 14.25% rate w/ no $ down.
If you have the income, then you can get anything.
Let me encourage you to save and put down as much $ as you can...it will make a huge difference in the long run.
(I bought a real peach of a car...a steal)
2007-02-09 01:00:35 · answer #7 · answered by King 5 · 1⤊ 1⤋
Yes, your credit score is a good one. You should have no problems getting a loan. Do you have a bank that you generally do business with -- checking and/or debit accounts? Go to them first. They will want to keep you as a customer.
2007-02-09 00:53:37 · answer #8 · answered by Allan 6 · 1⤊ 1⤋
sure it can be done but they might charge you a high intrest rate and depending if you a putting a down payment or doing zero down your monthly bill might be high also
2007-02-09 00:54:33 · answer #9 · answered by links305 5 · 1⤊ 0⤋
That's wrong
2016-07-28 08:25:42 · answer #10 · answered by Adella 3 · 0⤊ 0⤋