The 2008 bmw 3 series or the 2005-2008 Mercedes c-class and lastly the pontiac solsitce...My credit score is around 530-560 I have had a consistent good credit history with my credit card providers which are great banks ( bank of america, capitol one and nordstrom) what is the likelihood that I can get approved for one of these higher-end model cars? I intend to put down maybe 2000-2500.
2007-10-23 05:28:08 · 5 answers · asked by Hi_M8tnce G 1 in Business & Finance ➔ Credit
Without knowing your income and other expenses we really can't tell you.
A credit score of 530-560 sucks and they will charge you interest out the wazoo if they do approve you.
The cars you want are way too expensive if that is truly your credit score.
Be wary of leases which are less per month, but leave you with nothing at the end and a bunch of restrictions on how many miles you drive and the condition of the car when you are done.
good luck!
2007-10-23 06:21:06 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
The credit score that you have would be considered poor. I guess the chances of you getting a loan depend on how much you need.
I would recommend that you continue driving the car that you have until you can outright purchase the car you want. And I would not buy it new. I would recommend getting a 1-2 year old car. That way you can save money and still have a nice one. If you don't have a car at all then I would use that 2000-2500 to buy a car and drive it until you save up enough money to buy one you really want. Pay cash for ALL your purchases.
2007-10-23 12:35:49 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Your chances are good. If you go through a dealer, your interest rate may be higher. Shop around for a good loan...try a credit union. I think car loans are easier to get than home loans because their smaller and the collateral can be taken back much more quickly.
2007-10-23 12:44:33 · answer #3 · answered by hottotrot1_usa 7 · 1⤊ 0⤋
Getting a loan may or may not be a problem. It will depend on your annual income, debt to income ratio and the interest rate you qualify for. The only way to find out is to head to the dealer and have them run the numbers. Good luck.
2007-10-23 12:37:26 · answer #4 · answered by checkedout2 3 · 0⤊ 0⤋
Something is wrong if you have a consistently good credit history and yet a mid-500s credit score. HAve you checked your credit reports?
2007-10-23 12:41:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋