If I have a bad credit score(under 500). I’m credit rebuilding(paying debt off 2/3 months).If score gets 550 can I get a car loan w $4k down?
oklatom
Although variations exist, here is a general credit score breakdown: Excellent/very good credit score: 700 to 850 Good credit score: 680 to 699 (Average American score is 682) Average/OK credit score: 620 to 679 Low credit score: 580 to 619 Poor credit score: 500 to 579 Bad credit score: 300 to 499 Not really until you build it up. Sorry. Pay cash instead.
nt
There is a HUGE market for poor credit risks. $4000 down means YES. But you should not because not only do they charge a high interest rate, they jack up the price of the car way up. And the cars are often subpar. $4000 is plenty for a used car.
Judy
probably not. Definitely not for a large amount.
real estate guy
depends. You are 22 years old. Why don't you spend $4,000 for a used car. And then put in savings the amount that the car loan would be for. IN addition, to any other savings you are doing now.
curtisports2
550 is still only 'Fair'. You'll find someone who will give you a car loan, but not at the best interest rates. It's possible that you still might have to go to a 'Buy here, pay here' dealer - who aren't known for having the best quality used cars, or for standing behind them.
Bone Alone
Depends on how much you want to borrow. If it’s $100 definitely. 550 is considered bad/poor so it’s going to be extremely hard to get a loan even if you put a huge down payment.
J
that is gonna depend on the lenders in your area its entirely possible you might find one however your interest rate is going to be horrible which is gonna cost you a lot of money down the road. Instead saving up to 6 k and finding a decent used car you could buy outright would be the better option and working on your credit till you break 650 which isn't as hard as one would think to get it there. The difference in interest rates can make a huge difference in what you end of paying and with a poor credit rating your interest rate could cause you to pay upwards to 10 k more on the car loan than what the car actually sold for. A good interest rate would be more like 4000 k more than the car loans value so you wouldn't just burn off 6 grand because you tried to rush.