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Can I get a car loan with a credit score of 646?
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Helpful to 13 out of 17 people

Actually yes you can. I got a Brand New Ford in December 2011 with a credit score of 605 my interest rate was 5.9% (Capital One) and I put down $3000. (My choice) I was approved with $0.00 down. I then traded that SUV in on a 2013 car Finance through Ford Credit with an interest rate of 1.9% and a credit score of 691.

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Quite possible with good down payment

Helpful to 9 out of 9 people

I have a similar score and was able to find financing for a $15000 car through Nissan Motor Acceptance. The trick is to have a good down payment of around 15-20%. In my case i put $3000 down (20%) You should try with capital one, they have good approval odds as long as you can show enough income to make your payments and a good down payment.

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Yes! Check out local Credit Unions!

Helpful to 9 out of 10 people

I purchased a new car over the summer with a score around 670-680. I found a credit union which I now bank with full time which approved me for a loan with just 2.49% (2.99% - 0.50% member discount). They will just compare your gross pay with your debts and let you know how much you can afford, depending on the length of loan you choose. Good luck! Credit unions are often able to offer lower rates on loans and higher rates on savings interest.

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Helpful to 2 out of 3 people

CAn you please name the credit union ?


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Helpful to 6 out of 6 people

Your credit score is considered fair so yes ,but your interest rate will be bit higher. Also if you've ever finance a car and successfully paid it off then that may help as well.

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Helpful to 7 out of 8 people

I was able to secure a 2009 Camry with a score of ~650, and I only put $2000 down (total was $21k)

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Quite possible

Helpful to 4 out of 4 people

A lot of the lending places today will fianance you with a 646 credit score, if you have been paying on time for the last year or so, have a good down payment, and not asking for a $40000 car or truck, lol.  Credit Acceptance or Capitol One Auto will give you a hard look, jack up the interest rate and take a chance on you.  Most of the mainstream large auto dealers have a second chance fianance manager who can get your loan bought.

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Helpful to 2 out of 4 people

I should add that I got fiananced by Cap1 with $2500 down and a high interest rate on a $25000 2009 used car about 16 months ago.

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1st Buyer

Helpful to 1 out of 1 people

I recently turned 18, and am in need of a car. I want to lease a 2014 Mazda 3 iSV, MSRP is 18,700 dealers price 15,790 (IPAC MAZDA SAN ANTONIO) with 1500 down for about 24-36 months. I have steady monthly income and my credit score is 640. Could anyone tell me what the chances are of getting approved or not and how much monthly payments would be? All advice is helpfull.

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Used cars are your best bet, do not go to a high end dealership! I got my first car at the Nissan dealership when I was 18 because my mom thought it was the best choice. Now it's like a burden when my APR is 25.9 % since I didn't have any credit yet! And mom doesn't help me with the payments. But it might be better for you since you do have a fair credit score. Overall high end dealerships just try to get as much money out of you as they can.

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Yes, with some stipulations.

Helpful to 4 out of 5 people

I got a car loan when I had a credit score of 529. It was a $9600 loan, and I put $3500 down. This left $6100 to be financed. Unfortunately, it is financed at a very high APR (19.65%), however, this was the only place that would even consider working with me. It is financed directly through Ford Credit, and the dealers at that lot had to do a lot of negotiating to get me approved.

Regardless, hang in there and be patient. Save up a decent sized down payment (preferably 20% or better), and stay modest! You're not going to get a brand new $30,000 car with that type of credit score, but you'll definitely be able to find something.

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Helpful to 4 out of 6 people

My credit score is MUCH worse than yours and I was approved in February for a $16000 car loan. I got a 2010 Dodge Caliber and I LOVE it! Just find a place that is willing to work with credit :)

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Same as OP here

Helpful to 1 out of 2 people

I too am in the market for a nice used car. Just recently got a much better paying job (potential career) and need a reliable ride to and from work. My current car is a 2003 Tiburon GT with 262K Miles on it....yeah....still runs great just need a lot of suspension and clutch work. With the estimated repairs totalling over 2500 I decided once I get my 2500 back in taxes this year I am going to put a down payment on a nice certified used from a dealer instead of going third party again. 

My question is.......with a FICO of 680 and a 2500-3000 dollar downpayment on a...say....$10,000 car, would I have a chance of getting a decent interest rate? I have ZERO missed payments on my credit report and it goes back 5 years!  Thats gotta count for something right?!  I have never financed a car before so I am weary of jumping in.

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