Car loan with low Credit score

[GagHalfrunt]

It's pretty easy to get car loans. They want to move merchandise and the only way to do that is to get people with poor credit approved. That being said, some car loans are easier to get than others. With a poor credit score you'll have a hard time getting approved for a larger loan with no money down. You might have to set your sights a little lower and go for a used car with a small loan or at least be willing to put down 15-20% so that the loan isn't upside down the minute you drive off the lot. You really should be looking at a really really reliable used car like a Civic/Corolla/Subaru that you can buy cheaply, run without major repair expenses for a few years, pay off and improve your credit rating so that you can get a loan on a nicer car at a better rate the next time.

 

[s0me0nesmind1]

You don't need a new car. Thats your first step to understanding how to live life and be financially well-off. Take care of your car until the wheels fall off or you start making six figures.

We have plenty of money, yet I find no reason to upgrade my 06 Acura. It gets me from point A to point B and I take care of it with usual maintenance.

DONT. MAKE. ANOTHER. MISTAKE.

Or do it and never learn from your mistakes. You're still paying off student loans so I guess you have the excuse of still being retarded.

 

[gorcorps]

You don't need a new car. Thats your first step to understanding how to live life and be financially well-off. Take care of your car until the wheels fall off or you start making six figures.

We have plenty of money, yet I find no reason to upgrade my 06 Acura. It gets me from point A to point B and I take care of it with usual maintenance.

DONT. MAKE. ANOTHER. MISTAKE.

Or do it and never learn from your mistakes. You're still paying off student loans so I guess you have the excuse of still being retarded.

that's not the American spirit at all

Don't listen to this communist OP... its your duty to keep the economy hummin.

 

[Vdubchaos]

You don't need a new car. Thats your first step to understanding how to live life and be financially well-off. Take care of your car until the wheels fall off or you start making six figures.

We have plenty of money, yet I find no reason to upgrade my 06 Acura. It gets me from point A to point B and I take care of it with usual maintenance.

DONT. MAKE. ANOTHER. MISTAKE.

Or do it and never learn from your mistakes. You're still paying off student loans so I guess you have the excuse of still being retarded.

We have 3 cars (2000, 1999, 2001) all in great shape.

NOTHING like no car payment. Heck, put millions in my bank and I probably wouldn't buy one. Why should I?

Cars are the worst investments and mostly money pits.

If it ain't broke, don't fix it.

 

[smitbret]

I have a credit score of 590, and need to apply for an auto loan and am wondering my chances of being approved. My credit is low mostly because lack there of credit, but I do have a few late payments that helped to lower it, I also have a student loan that is helping to build it. My dilemma is that I cannot wait until it is higher to purchase a car. A little over a year ago I purchased a used car for 10,000 the car has cost me atleast 200 a month in parts and work for the past 6 months, and now is on its last leg. Its an 06 passat that loves to leave my two boys and i stranded. I need to purchase a reliable car. Im looking to get a loan of 15,000 or less and was just wondering if anyone has had any experience in this area it would greatly help me out!

Thanks, Kim

It depends on what your limited credit history consists of. If you have ANY good previous auto loan history then you can get a car loan if you have reasonable expectations.

If you don't, then I couldn't guarantee what will happen. Much will depend on the type of credit that is dragging your score down. If it's medical collections then quite a bit can be overlooked. If you defaulted on Credit Cards or your cell phone bill then it will be harder to overcome because the banks will see that as bad decision making on your part.

In your situation a Down Payment will have a huge factor in what you can buy. Your best bet is getting picked up by the finance arm of a major car manufacturer, i.e. American Honda Finance, GM Financial or Ford Motor Credit on a 1 or 2 year old certified vehicle. You'll probably be limited to a $12-15000 car and that will mostly be determined by your payment to income ratio and the amount of your current schedule of payments (mortgage, credit card bills, etc.).

Get ready for a pretty high interest rate. People with 560+ credit scores get picked up all day, every day at rates from 8-13% as long as they have some decent work history and a decent income.

The advice by s0me0nesmind1 and Vdubchaos is knee jerk and they obviously didn't spend anytime thinking about their answers before blurting out their political stance. You are obviously in need of something reliable. Sure you can continue to drive what you have and plunk down $200/month for repairs but you never know when the car will break down and leave you stranded or unable to get to work or the kids to school. Sounds like you don't have any back up transportation, either. They don't understand what a simple $150 car repair can end up costing in time and inconvenience.

 

[Tweak155]

We have 3 cars (2000, 1999, 2001) all in great shape.

NOTHING like no car payment. Heck, put millions in my bank and I probably wouldn't buy one. Why should I?

Cars are the worst investments and mostly money pits.

If it ain't broke, don't fix it.

Not everything is about getting the most money possible.

 

[s0me0nesmind1]

The advice by s0me0nesmind1 and Vdubchaos is knee jerk and they obviously didn't spend anytime thinking about their answers before blurting out their political stance. You are obviously in need of something reliable. Sure you can continue to drive what you have and plunk down $200/month for repairs but you never know when the car will break down and leave you stranded or unable to get to work or the kids to school. Sounds like you don't have any back up transportation, either. They don't understand what a simple $150 car repair can end up costing in time and inconvenience.

It's called tough love my little tool bag.

your post is a knee jerk for ignorance and the inability to take constructive criticism. It's quite rampant with every american. Instead of soaking in information and evaluating the usage, you immediately dismiss it because your mistakes in life haven't agreed with it. Obviously you have plenty to learn still.

 

[smackababy]

It's called tough love my little tool bag.

Except, it's not. The OP has expressed their car is already not in great order and leaves them stranded. Getting a new car, even at a higher than average interest rate, is a much better deal than getting her current car replaced with money from a personal loan for even higher interested and possibility of future problems very high. Either you didn't read the OP, or chose to ignore most of it to give your armchair financial planner advice.

 

[Tweak155]

Except, it's not. The OP has expressed their car is already not in great order and leaves them stranded. Getting a new car, even at a higher than average interest rate, is a much better deal than getting her current car replaced with money from a personal loan for even higher interested and possibility of future problems very high. Either you didn't read the OP, or chose to ignore most of it to give your armchair financial planner advice.

This. The OP indicates they are averaging $200/mo into the the vehicle and clearly would rather put that into a different one.

 

[monkeydelmagico]

This. The OP indicates they are averaging $200/mo into the the vehicle and clearly would rather put that into a different one.

I'm sure the F&I guys at the local buy-here pay-here will be MORE than happy to oblige.

I owe, I owe, it's off to work I go.......

 

[s0me0nesmind1]

This. The OP indicates they are averaging $200/mo into the the vehicle and clearly would rather put that into a different one.

If your car is costing you $200/mo in maintenance you're doing it wrong, and I guarantee it's not the cars fault

Either way, maintaining your current vehicle will _ALWAYS_ cost you less than buying a new vehicle. Unless you're buying some beat up Toyota / Honda for pennies, I might give you an exception there.

 

[Newell Steamer]

OP couldn't have been more clear,...

I have a credit score of 590, and need to apply for an auto loan and am wondering my chances of being approved. My credit is low mostly because lack there of credit, but I do have a few late payments that helped to lower it, I also have a student loan that is helping to build it. My dilemma is that I cannot wait until it is higher to purchase a car. A little over a year ago I purchased a used car for 10,000 the car has cost me atleast 200 a month in parts and work for the past 6 months, and now is on its last leg. Its an 06 passat that loves to leave my two boys and i stranded. I need to purchase a reliable car. Im looking to get a loan of 15,000 or less and was just wondering if anyone has had any experience in this area it would greatly help me out!

Thanks, Kim

And yet, in true ATOT Blow Hard fashion,...

You don't need a new car. Thats your first step to understanding how to live life and be financially well-off. Take care of your car until the wheels fall off or you start making six figures.

We have plenty of money, yet I find no reason to upgrade my 06 Acura. It gets me from point A to point B and I take care of it with usual maintenance.

DONT. MAKE. ANOTHER. MISTAKE.

Or do it and never learn from your mistakes. You're still paying off student loans so I guess you have the excuse of still being retarded.

 

[s0me0nesmind1]

OP couldn't have been more clear,...


And yet, in true ATOT Blow Hard fashion,...

OP could be MUCH more clear. WHY do you dictate it needs to be replaced? If you're getting stranded because you keep running over glass bottles, I don't think that is a legitimate reason to excuse getting a new vehicle. Let alone a $15k vehicle when you're broke and have shit credit.

If your engine gave out at 30k miles just after the warranty expired, then maybe you have something to reason with - which again, I would tell you to buy a beat up camry for < $5k

 

[smackababy]

OP could be MUCH more clear. WHY do you dictate it needs to be replaced? If you're getting stranded because you keep running over glass bottles, I don't think that is a legitimate reason to excuse getting a new vehicle. Let alone a $15k vehicle when you're broke and have shit credit.

If your engine gave out at 30k miles just after the warranty expired, then maybe you have something to reason with - which again, I would tell you to buy a beat up camry for < $5k

Here is an interesting question: where does one with shit credit obtain $5000 for a beat up Camry? An autoloan? That certainly ain't happening.

 

[s0me0nesmind1]

Here is an interesting question: where does one with shit credit obtain $5000 for a beat up Camry? An autoloan? That certainly ain't happening.

You should _ALWAYS_ go to the likes of a local credit union before EVER considering some type of loan from an actual dealership.

 

[Humpy]

If your car is costing you $200/mo in maintenance you're doing it wrong, and I guarantee it's not the cars fault

Either way, maintaining your current vehicle will _ALWAYS_ cost you less than buying a new vehicle. Unless you're buying some beat up Toyota / Honda for pennies, I might give you an exception there.

It doesn't seem you understand what _ALWAYS_ means.

 

[Newell Steamer]

OP could be MUCH more clear. WHY do you dictate it needs to be replaced? If you're getting stranded because you keep running over glass bottles, I don't think that is a legitimate reason to excuse getting a new vehicle. Let alone a $15k vehicle when you're broke and have shit credit.

If your engine gave out at 30k miles just after the warranty expired, then maybe you have something to reason with - which again, I would tell you to buy a beat up camry for < $5k

No, I think the OP's car is actually breaking down due to all the bullets fired at them from the cops while fleeing bank robberies.

Doubling down on Blown Hard will only be countered with mockery.

 

[smackababy]

You should _ALWAYS_ go to the likes of a local credit union before EVER considering some type of loan from an actual dealership.

Have you ever tried to purchase an old car using an auto loan? Unless something has changed in the past like 4 years, creditors generally refuse to give AUTO loans for cars past a certain age, due to not being able to realistically recoup the value of the loan upon repossession, credit union or other.

 

[GagHalfrunt]

No, I think the OP's car is actually breaking down due to all the bullets fired at them from the cops while fleeing bank robberies.

A person who takes part in that many bank robberies should be able to pay cash for a new vehicle. If you're taking that much fire and can't swing $$$ for a reliable getaway car it might be time to consider a different line of work.

 

[smackababy]

A person who takes part in that many bank robberies should be able to pay cash for a new vehicle. If you're taking that much fire and can't swing $$$ for a reliable getaway car it might be time to consider a different line of work.

What if the money is awaiting laundering and unavailable? You can't go into a dealership and plunk down $50k without raising a few questions like "what's your name?"

 

[Newell Steamer]

A person who takes part in that many bank robberies should be able to pay cash for a new vehicle. If you're taking that much fire and can't swing $$$ for a reliable getaway car it might be time to consider a different line of work.

Well, CLEARLY the $$$ obtained by these robberies is being utilized to feed OP's crippling meth addition, CLEARLY.

Otherwise, all the loot could buy a new car, as well as pay off the cops. But, I am not here to explain to you simpletons how criminal empires are run.

I don't have time for that.

 

[Humpy]

But, I am not here to explain to you simpletons how criminal empires are run.

I'll give a quick hint. You don't bother with buying cars from dealerships or anywhere else. You persuade a couple of union guys at the factory to take care of it for you.

 

[Newell Steamer]

I'll give a quick hint. You don't bother with buying cars from dealerships or anywhere else. You persuade a couple of union guys at the factory to take care of it for you.

 

[LegendKiller]

Subprime car loans are all well and thriving.

Just waiting for that bubble to burst.....

There is no bubble.

 

[LegendKiller]

Have you ever tried to purchase an old car using an auto loan? Unless something has changed in the past like 4 years, creditors generally refuse to give AUTO loans for cars past a certain age, due to not being able to realistically recoup the value of the loan upon repossession, credit union or other.

I've seen used car loans to 10+ year old cars.