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| *Loan,banking and credit>>>auto loan |
Can you get a auto loan for a credit score under 500? |
Can you get a auto loan for a credit score under 500? Yes you can. Your interest rate will be high and you will be required to make a large down payment, prove your income, prove your residence, phone number and provide references. The bank will verify everything you state on your application so do not lie. Do not go to a buy here pay here lot. They will overcharge you for the vehicle and most do not report to the credit bureaus so any payments you make will not help your credit at all. I get people approved every week with scores below 500. Source(s): Special Finance Manager for over 7-years. only with a co-signer or obscenely high interest rates Yeah if you want to do one of those buy here pay here or high risk fiance onces like , JD BYRIDER. Buyer beware, They are not worth what you will end up paying. A friend of mine got a van that I wouldnt have paid 4000.00 for and she paid 11,000 for it when she was done paying. Watch the interest rates also. You may be able to get a subprime or a sub, subprime loan, which will end up costing you big bucks in interest. If you go to a buy here, pay here auto sales lot and make a purchase, be absolutely sure you make every payment on time. Those places will repo in a heartbeat if you are late. You should deal with whatever is putting your scores under 500 before you start auto shopping. of course haven't you seen those ads out there that say bad credit no problem.. you pay a higher interest rate then others that is all If your credit's that poor, you should probably just save money yourself and purchase a nice USED vehicle so that you avoid the sky-high interest rates. It's almost like they WANT you to default on your loan so they can repo the car and make a second profit off of it as a used car. The more money you can put down, the less they'll have to finance, and the more likely you are to pay it off. |
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