Is it possible to get a car loan with a FICO score of 500, but $10,000 to put down?

Question

We have child #3 on the way in about 6 weeks, and need to get a bigger car. Wanting something reliable and practical...something that will last a while. We are thinking 2004 or 2005 Honda Oddysey or Toyota Sienna. Just got a big chunk of $$ from my old job, and want to use $10k down as it would be about 50% of the total cost. We will be using the remainder to pay down/off other debts, but we do not have time to wait unitl the payoffs are reflected in the credit score. Do I have hope of getting a decent van at this point? Any ideas/'suggestions?

Answer 1

You should have no problem when you're putting down that much money. . .... just make sure its the best use of your funds and that you're setting your family up to become debt free and start saving money.... you may find it would be better to get a 10,000 van (you can find plenty of low mileage options for that) and start saving money every month instead of paying $300 a month for a payment.

$300 a month adds up to $3600 in a year!! Think of a typical 5 year auto term, and you could have $18,000 in the bank and be driving a paid-off vehicle.

Answer 2

The 500 FICO Score will be tough. However, if you have 6 weeks do you really need the car right away? What if you paid off your other bills right now. Within 30 days they should all be updated with the credit agencies. If they do your score should go up, but it is unkown how much.

When you go into the dealer, never tell them how much you have for a down payment. They take this as an open invitation to try to get you into a higher priced car. Let them know what you want to spend and when they run your credit see what type of down payment you will need. If they ask what type of downpayment you are looking for just let them know as low as possible. Reguardless of the down payment amount your interest will be high. However, if they get you a lower down payment just use the difference to pay a bulk amount when you get the loan.

Answer 3

sure. The question is what month-to-month cost you are able to have adequate money. And be advantageous to bypass to the single broker that has the main credit strategies. some can not supply authorized credit as marketed. In Western Washington State, Karmart is the region to bypass. they're Chrysler, Nissan, Volkswagen sellers and advantageous greater. Your pastime would be severe so determine you get what you desire. motor vehicle loans help your scores boost somewhat at as quickly as, as lengthy as you're making cutting-edge money.

Answer 4

You may get approved but not at a very good interest rate. I would suggest waiting a while longer if you are wanting a new car for your score to improve. Check out our website and see if we can help.

Answer 5

you will get approved w/ that amount down as long as you show income verification. Our score was about that when we got approved for a 17,000 honda odyssey. We only put about 7,000 down. I would not tell them right off the bat that you have 10,000 Tell him you have money to put down, and ask him what you will need. Maybe you can get approved with only 5,000 down. Good luck!

Answer 6

With that much money down you should not have a problem. Visit http://www.getbadcreditcarloan.info , they have free advice about getting car loans with a bad credit history.

Answer 7

yes ive done it if you have pid off the other debt takecopies of your reciepts to the bank or have the compaines fax you a copy of the payment info