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Posted in Auto Loans
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Question By
here22

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Can i get an auto loan with 650 score?
The loan would be about 13000.

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Yes

Helpful to 20 out of 22 people

Shop around for the best interest rate since your score will likely require a higher rate.

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Sounds like EddyTX has apretty good solution, if you can aquire the cards, to build the score first.

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auto loan

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how about getting a $9000.00 car loan with credit score of 538 & income of $2500.00 after taxes per month no other bills except a monthly rent of $84.

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Reply by
EddyTX

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Helpful to 38 out of 38 people

You would be better off building your credit up to at least 600 first. If you have no other bills get a credit card. I'd try your bank first. They have a record of your banking habits so they will be your best bet. 

I assume you have a low score because you haven't built credit. Not because you can't budget your money. So my advise is from that angle. 

Once you have a card it should only be used for 2 things. Credit Cards are only tools so you don't have to carry cash. Nothing more. 

1) payments that are already in your budget and

 2) Emergencies. 

There is a lot of good advise here on CK. Check it out  learn to use credit to your advantage. 

I use my banks bill pay and e-bills as much as I can.  This helps me to never miss a payment and so I can see my budgeting all in 1 place. 

Here are my basics for building your credit in a consistent manner.   Apply for a new card. If your score is low you may need to do a secured card. 

Once you receive a new card use it. Put everyday expenses that you already going to pay for on it. Gas groceries etc. up to about 60% utilization.  The cash for these have to be transferred into you bill pay acct so it's there when the bill comes in.  Once you have the bill pay it in full 5 to 10 days before the due date. 

Now only use that card for one thing such as groceries. Pay it off every month.   With subsequent cards you should do the same thing. Then only use your card for a single type of purchase. Your 2nd card might be a gas card. Only use it for gas. Not the munchies inside!  Put one of your recurring bills on it such as your cable or electricity bill. Then put the card away in a drawer. Only to be used in an emergency or planned purchases.

( A Planned Purchase is one that you know your going to make. A large appliance or new tires. You should have saved up or budgeted it in so you know how long it will take to pay it off)

Continue on adding cards only when you utilization is down and your score is up.  When plann to apply for a new card. Get your utilization as low as possible for a month or two in advance. Simply stop using the cards and go back to cash. 

You may want to try for the auto loan first. If your bank knows you, you may have a better chance at a better rate. Go in and talk to them personally. Tell them what cash you have for the down payment. The more you put down the better the chances for a loan. If you have cash in the bank try for a secured loan. 

Reply by
Geminigirl80

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Helpful to 3 out of 4 people

Where do you live that it only cost $84?

Reply by
Flrob

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Yes. Totally doable. You will, more than likely need a small down payment to cover your taxes and tag work

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