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| *Loan,banking and credit>>>auto loan |
What chances do I have of getting an auto loan with a 495 credit score? |
im looking for a used car between $6000 and $9000. Will I be approved and what will my down payment need to be? Yes, you can be approved. Depending on what lender your dealer uses, your down payment will be between $1,500.00 to $2,500.00. And your max payment will be around 13% of your total monthly gross income which you will have to prove. Ignore mariposa. Do not go to a buy here pay here lot. They almost never report to the credit bureaus and with a 495 score you need to re=establish your credit. Go with a national lender that reports to all three bureaus. The Special Finance Manager at the dealership will be able to help you. Source(s): Special Finance Manager for over 7-years. You can get a loan but it may be high, because your score is really low and your down payment I don't know. If I was you I would put down as much as u could. The more the better. First of all I really would like to know just how someones score gets that bad... But to answer your question, unless you have a newly aquired great income or can put down a very large down payment , you dont have much of a chance with a score like that. A score that low represents extremely high risk to the lender. Work on getting up into the mid 500's and then see what you can do. Also, look into having someone co-sign with you. Someone who must REALLY trust you. I doubt you can get a loan. You'll need to work on getting your credit score up. Anything below 570 is considered very high risk. 720+ = Excellent credit. You should have no problems as most loan programs will be available to you. 680 - 719 = Good credit. You should have few problems depending on what product you seek. 620 - 679 = Lender has to take a closer look at your file but should be able to qualify you for a loan. Some products may not be available. 570 - 619 = Higher risk; you will not be eligible for the best rates and products. Products will be limited. Below 570 = Very high risk. Products will be limited and other factors will need to be considered. Not very good. You would be better off saving 25 to 50% of the selling price as a down payment and going to a buy here pay here that you can trust. |
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