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Posted in Auto Loans
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Question By
Ajmorales5316

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497 Credit Score need to trade in car asap
Hello, I want to trade my 2008 Nissan Altima Coup for a used $8k -$10k used car. My Nissan has a lot of mechanical problems and I want to use it as a down payment. I have enough money to afford payments. My car is worth around $2,000 but my credit is 497. I can afford about $200 a month on a car payment but I was wondering what would be the best loan service to go through to get approved at a lower rate? And what is my chance of getting approved? I don't want to apply and my credit score get worse. I'm 21 and I just missed my last two credit card payments so it went down from 600 to 497. Which really sucks. I thought I set them up automatically but I guess I never did and I never paid attention cause I didn't know better. The car I drive now it's unsafe to drive due to the mechanical issues and I start a full time job in a week so I can afford the payments on a car monthly.

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It is unfortunate that you had such a recent negative impact to your credit score with those late payments.   Nothing like learning a life lesson to help you along your education on credit scores.   You have an uphill battle that you will be facing.   While you may find someplace to make you a loan, there will probably be numerous hits to your credit report and a lot of negative responses before you get a positive response which will undoubtedly come with some very high interest rates which will make the amount you can afford a month out of reach.    You may find that only a credit wise family member may have to come to your rescue if you can talk them into co-signing a loan for you.   Otherwise, you may find that a tote-the-note place is your best bet.

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