Anyone gotten an auto loan with a credit score of 550-650?

Question

If so, what was your credit score at the time and the details of your loan (loan amount, # of years, APR)? Thanks!

Answer 1

i got one for about 13000 at 20% with a credit score of about 560 then had it lowered 3 months later to 17% because my credit score jumped to 600

Answer 2

1

Answer 3

I received an auto loan through Honda Financial ( Dealer) with a 587 credit score at the time. It was all banged up. But I had 15% of the $30k for a down payment, so they work with you.And could not charge me more than 3% above prime rate which was 4.25 back in 03. And now it is about the same Prime rate. I got a 7.25 fixed rate. Ahhhh Yeah. It also helps if you had a previous auto loan, and it was on time the last 6 - 12 months.Which mine was, don't get me wrong it was messed up before that but they over look it and are primaraly concerned with the past 12 mo. credit history. GOOD LUCK. BTW, honda was one of the few willing to do this and it is more difficult through a third party or used dealership other than the manufacturer, example Honda. American car manf are about the same as honda since they can't give their cars away. Unlike a Toyota, Nissian,Etc.

Answer 4

Your credit score only determines how creditworthy you are. It has little to do with loan amounts, although it might be used as a factor to determine whether the loaner considers you a good risk or not. Loans rely more on your current financial situation: Do you have a job or other income? Do you own or rent a home? Do you have any large debts? None of these can be answered by simply looking at a credit score, which, IMHO is an utterly useless device created by someone who saw a way of making a quick buck and duping the masses into thinking it is more important than it is.

Answer 5

Honda Financing Credit Score

Answer 6

Visit this site so you can find the best rates: http://www.LOANHUNTER.NET

RE:Anyone gotten an auto loan with a credit score of 550-650?

Answer 7

I got a auto loan from Navy Federal for 15,000 with an interest rate of 13% my score was about 520 then

Answer 8

It depends on how much of a loan you are looking for and how much of a down payment you are coughing up.

I just recently got a 60-month (5 year) $7500 loan with a score of about 600. BUT you are looking at INSANE interest rates, about 20% or more.

If you do get a loan with a super-high interest rate, make EVERY SINGLE PAYMENT ON TIME, which will seriously boost your score, then refinance.

Answer 9

well it sort of depends on the dealership you go thru, and what has caused your credit fico (score) to be that low, if you have 6 late payments in the last year on a current auto loan you probablly can't get a car. But as long as you have a good down payment and can financialy prove yourself worthy they'll give you a car the credit score only determines the interest rate you can get! good luck!

Answer 10

justin the cutoff for financing is usually about 620, if your south of that number either get your score up or you need to look for Community Acceptance Co. financing [ CAC ] which usually requires a down payment in the 50% range. i just went through this a week ago i was about a 580, after shopping around ( 3 dealerships) and getting denied, a finance guy explained this to me, and all those inquiries to my credit dropped my score 40 pts. so be careful..... leasing may be an option too.