can i get a car loan with.....?

Question

as of today my credit score is about 500 (very, very poor i know) i am now in the postion to pay my debt off (about 7,500)

will paying off my debt totally within the next 4 months raise my credit score do i have to wait the 6 months before my score reaches 600 plus....or will it be increased once paid off

im looking to get a car laon by january 2008
with about 3k down...

Answer 1

Your plan is outstanding and very realistic. I wish all my customers would consider this kind of big ticket item with such forethought. Bad thing do happen to good people, but you are the kind of borrower I think could change this "bad credit" "bad risk" mentality.
What will happen once you pay the debt off is that the next billing cycle that each individual company reports to the bureaus will now show the debt paid off. You will see an improvement within 60 days of that. The below credit bureaus will allow 1 free credit report annually, highly recommend you check (if you haven't already) to see what else might need revised. The companies will stop updated and these accounts now showing will have less and less of a impact as time goes on.Then work on getting your car, and shop around.
Hope this helps and good luck!

Answer 2

I'm curious. Do you think you'll get an answer you like better by reposting the same question every hour or so?

Your credit sucks. Cleaning up your debt is a step in the right direction. You are still going to have to have a minimum of 6 months on time payment history.

Figure out how to get more money and pay off all the debt faster.

Answer 3

You can get a car loan with any credit score. It all depends on how much you have to put down. My wife and I got a car loan together and my credit score was 510 and hers is 541. We got a loan through Chase bank with a down payment of $750, but we had an awesome loan officer through the dealer. The only drawback of bad credit is that the interest rate is going to be high, at least 20% or more depending on the state you live in, but most banks will finance with a down payment of $3000 regardless of credit. Also, if this is your first car loan, don't expect to walk into a dealer and get the car you want. I am not saying that it is impossible to get the car you want because we did. Here's some advice, make a list of the cars you want, preferably pre-owned. Shop at the dealers that have the cars you like. Don't stop at one, shop around at a lot of places. See which one gets you the best deal. Whatever you do, DO NOT let them run your credit unless you are ready to buy. Instead, give them your credit score and have them see what the finance manager says you can afford. Many dealers say they can get you the financing, but then after they run your credit their story changes and they try to force you buy a car you hate. Shop around and do not let them push you into the sale. If they start getting pushy, you have the power to walk out, at that point they start throwing empty promises at you. My point is that they do not care about you, they care about their wallets and making more money for them. The biggest scam that dealers try to pull is getting you in for an advertised deal, then denying you for the insanely low deal and trying to sell you a car that is more expensive. My wife and I found a 05 2 door cavalier we liked at a very good price. It was $4995 sign and drive. They tried to sell it to us for $6500 saying the bank charges fees for first time buyers, blah blah blah. They denied us for the car but could approve us for a 2001 Nissan Sentra with almost twice the mileage and twice the price at $10,995. We walked out and bought a car we wanted at a price we wanted elsewhere after months of research. Do your homework and make your payments on time or early. After 18 months you can refinance and get a lower interest rate. After 24 months, you can trade it in and get a car you want, most likely brand new and have a much much higher credit score.

Answer 4

Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen towardyou can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender