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| *Loan,banking and credit>>>credit score |
My credit score is 570 and I would like to buy a car.? |
My credit score is 570 and I would like to buy a car with $500 down is this possible? I know this is not what you asked but why not buy a cheap car now and save to buy a better one later. Let's say you do buy that car and it cost you $300.00 a month. Not only are you paying the cost of that car, but interest as well and are required to carry the more expensive full coverage insurance. Your out of a lot of money. Now let's say you but a junker right now. By that I mean one that looks bad but runs well. You could pay cash and have no payments and only have to carry liability insurance. That means you could take that $300.00 monthly car payment and place it in an interest bearing account every month. That's $3600.00 a year plus interest. Instead of having interest working against you with a loan you could have it working for you as you save it. Your car would actually end up costing you a lot less. You could buy the car you want in two to three years, pay cash and never have a car payment. Don't go into debt for a car. They lose value. only if the car costs $550. Pay off your debts deadbeat. Thats a very low score. You may be able to buy one, but you will pay very high interest rate. At the same time, getting a loan and paying the loan on time will really help build up your credit score. Just look into refinance after 6 to 12 months. Your credit score isn't very good. So, that means you have flaws in your credit history. Late payments, too many credit cards, too many credit inquires...... My suggestion would be to check out why your score is low and try to work on fixing it. |
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