2007-03-11 10:52:55 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes you can. Your interest rate will be high and you will be required to make a large down payment, prove your income, prove your residence, phone number and provide references.
The bank will verify everything you state on your application so do not lie.
Do not go to a buy here pay here lot. They will overcharge you for the vehicle and most do not report to the credit bureaus so any payments you make will not help your credit at all.
I get people approved every week with scores below 500.
2007-03-12 04:20:05 · answer #1 · answered by ? 7 · 0⤊ 0⤋
1
2016-09-26 07:20:45 · answer #2 · answered by Renae 3 · 0⤊ 0⤋
Anything under 550 is considered awful. I don't think you will find anyone that will make you a loan.
You need to work on getting your credit score up. Pay bills on time and reducing debt are the two easiest ways to increase your score and both of those take time to see actual improvement in your score.
Until you can make payments on time and prove that you are a halfway decent risk, no one is going to loan you money for a car. It would likely take you a year or two to raise a score that is currently below 500 high enough for anyone to take a chance loaning you money. It took you a long time to get it that bad. Don't expect anyone to trust you overnight. You'll have to prove you're credit worthy first.
2007-03-11 11:10:41 · answer #3 · answered by Faye H 6 · 1⤊ 0⤋
You may be able to get a subprime or a sub, subprime loan, which will end up costing you big bucks in interest.
If you go to a buy here, pay here auto sales lot and make a purchase, be absolutely sure you make every payment on time. Those places will repo in a heartbeat if you are late.
You should deal with whatever is putting your scores under 500 before you start auto shopping.
2007-03-11 10:58:54 · answer #4 · answered by echo 7 · 1⤊ 0⤋
500 is a very poor credit score.
Try 1-800-BAR-NONE. They advertise on TV that anyone can get a loan from them. I'm sure the loan will have very crappy terms and high interest rates.
A co-signer might help, but they'd be crazy to do so.
2007-03-11 11:18:00 · answer #5 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
At http://www.SMARTFINANCESOLUTIONS.NET you can find the best rates for you
RE:Can you get a auto loan for a credit score under 500?
2014-07-23 21:02:03 · answer #6 · answered by Anonymous · 1⤊ 0⤋
If your credit's that poor, you should probably just save money yourself and purchase a nice USED vehicle so that you avoid the sky-high interest rates. It's almost like they WANT you to default on your loan so they can repo the car and make a second profit off of it as a used car. The more money you can put down, the less they'll have to finance, and the more likely you are to pay it off.
2007-03-11 11:03:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yeah if you want to do one of those buy here pay here or high risk fiance onces like , JD BYRIDER. Buyer beware, They are not worth what you will end up paying. A friend of mine got a van that I wouldnt have paid 4000.00 for and she paid 11,000 for it when she was done paying. Watch the interest rates also.
2007-03-11 10:58:26 · answer #8 · answered by tammer 5 · 0⤊ 0⤋
of course haven't you seen those ads out there that say bad credit no problem.. you pay a higher interest rate then others that is all
2007-03-11 10:59:53 · answer #9 · answered by Shelly t 6 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-11 13:27:27 · answer #10 · answered by Anonymous · 0⤊ 1⤋