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Can I get an auto loan with a 580 credit score and $1000 down?

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Helpful to 95 out of 115 people

Probably, but more than just a credit score will be looked at. Your overall credit profile is just as important as your scores. Look for a dealership in your area that advertises for bad credit financing. It may be a good idea to evaluate your credit situation first and do what you can to improve it before you go car shopping. The problem with dealing with the bad credit guys is that you are going to get very high rates and may end up in a deal that you don't really want. Whatever you do, never let a dealership or lender put you underwater with a loan, meaning that you would owe more than what the auto is worth. Many people get themselves into serious trouble with that.

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Helpful to 26 out of 34 people

I just paid 16395 for a piece of crap 2005 nissan altima that is now not working.. I just made my final payment but in the beginning i didnt understand the financing rates and things and they got me good.. the car was suppose to only cost around 9000 so yes be very carefuland shop around!!...

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i did

Helpful to 43 out of 47 people

i did with a 549 credit score 72 months at 362 a month on a 14k car

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Helpful to 37 out of 38 people

That's a 24% rate! Ouch!  Hopefully, you can raise your credit score and refinance that mess.

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Helpful to 2 out of 5 people

With who what dealership

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By a Beater

Helpful to 35 out of 40 people

Buy a Beater ( a ugly old car )  , pay cash for it  . who cares what it looks like.   Get out of Debt . & Get your credit fixed . set up a budget .  You cant pay cash then you dont need it . Put money away every paycheck . even if its 5.00 

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Helpful to 27 out of 29 people

I was able to get approved for financing with Capital One Auto; however, I do hold two credit cards with them that have not missed any payments. Once I found a dealership that worked with Capital One, I applied and was actually able to be approved for financing with Honda itself for 1% less. My CK transunion is at 568 and CK Equifax is at 555 as of today; my Auto FICO with Equifax was 643 (auto FICOs range up to 950). My interest rate is pretty high, but I honestly expected higher based on my current credit situation. Also, I put no money down and did not trade in my current vehicle; if you go for a Honda certified vehicle, more than likely Honda will try to work with you. 

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Helpful to 8 out of 14 people

 I was approved  through Capital One Financing as well with less then perfect credit. - Interest rate was 17% for 60 months. After 2 years of perfect pmt history I was able to refinance via my credit union- 9% interest and  my car pmt dropped down by 100.00 and I was able to get 100, 000 mile warranty was well  which I didnt have. 

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Nonprofit Option

Helpful to 44 out of 58 people

If you are looking for an auto loan and have low or no credit, you might want to consider a local nonprofit that will help you not be taken advatage of by predatory lenders that sell less that reliable cars. In New England there is a nonprofit called More Than Wheels and they save their clients $10K-$15K on  new or low mileage used cars. Their application is here if you want to check them out:

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I am sure you could but....

Helpful to 29 out of 37 people

Please be very cautious and check out the fine print carefully.  Several years back I got on the phone with a Nashville Toyota dealer and I only had a 518 score or so but they had some type of Vudu model they ran my app thru and I wound with them instantly approved with a much higher score than I actually had:)? Yeah after going thru this dealerships credit model somehow they told me I suddenly had a 580? but my interest APR was UnGodly!! and my payment would have sunk me for sure .....  I am so glad I followed my heart and didnt get that Rav 4,  but I have to say at the time it sure Was Tempting to pull the trigger and drive it home.....  I wish you all the best but please take your time ......... You dont want to be car poor!  cause in the end if you cant pay your just going to have to start all over again from the very very bottom with a recent repo, and trust me having been there and done one before it aint worth it my friend. 

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Helpful to 11 out of 11 people

It depends on your situation,  and the loan type, is it a compounding  interest or a simple interest? Higher risk of non payment means  higher interest and higher payment, some  lenders like capitol one will get you in to a brand new  2016 dodge Dart SE 4 cylinder baseish model  for 23150  if you have a trade in and they have a sale going that gaurantees   they'll give you 3k minimum for your old ride    and  capitol one agrees that the  payment from dealer  for you klunker  covers  enough down  and you can honestly pul  the payment from your after tacx income and  pay it for 1-2 years on a 72 month with 16.30%  and refinance to a lower payment  then it will establish you.  this may mean college kid  food i.e. Romen  for a few years though.    

also  as with any loan  pasying extra lowers the  principal faster. less principal=less interest.  so everytime you get a bonus or that tax refund apply it or some of it to the loan.

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Helpful to 10 out of 11 people

Its a secured loan. Of course you can. But you are going to get nailed with interest. And this is the very thing that will keep you in your situation because you will get sick of paying on the note after a few months because the interest is so high. So save the drama, buy a cheap car CASH, build up your credit, get a low rate, a car you want, and dont curse the world each time you make a car payment. But we all know you already bought the car! :)   

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You could, but...

Helpful to 8 out of 9 people

Don't expect to get a 3% interest rate.

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Helpful to 2 out of 2 people

I had a foreclosure - and got into serious credit card trouble about about 7 years ago. I explained every detail of the financing challenges ahead to the car dealer. I was able to purchase a brand new 2016 RAV4 for $24K - with $2K down - at 12%. They used GM Financial. It worked. After about 18 months, I will get it re-financed at a lower rate. I have been working on my credit, and having doing things the right way. So, yes, you CAN! (But beware! The first dealer I went to applied with 19 different lenders - and that was 19 hard inquiries - I was so furious - I said no, to every one of them! Then, I received may 5 denial letters in my mail - because - they had actually approved me, but their offer wasn't accepted!) My credit score at the time was about 580. Just be careful with the inquiries.....

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