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Posted in Auto Loans
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apriljjohnston

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Chances of getting a decent car?
My husband and I combined bring home $64,376 a year (gross). Our Credit set in the low 600s, like 630, and upper 500s , like 594) according to credit Karma. We have quite a bit of debt, but it has dropped SIGNIFICANTLY since January as we've been paying a ton to everything. Last time we went to a dealership, they wanted nearly $600/month for a car payment. We plan on going through a bank, but wanted to see what a dealership would even quite us at before contacting the bank. My car is shot and we really are in dire need of a new car, and we want to get a nice SUV that will last us. However, my husband keeps thinking we'll never get approved.

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Sorry for the errors. I should really proof read things! :/

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You cannot really go by the scores on here. You need to find out what your FICO scores are. Most lenders use a version of Fico scores and for auto loans many lenders will use Fico auto scores. Keep in mind that more goes into a credit decision than just credit scores. Your overall credit profile will be looked at, your past auto loan history will be looked at. Your income and debt to income will be looked at. The amount of your downpayment will play a role as well as the value, condition, age and mileage of the automobile. If you determine that you do have shaky credit, you would probably be better dealing directly with a dealership than trying to deal with banks. Many auto dealerships advertise to work with all credit situations, you may want to check with them. Do some thorough research to find the kind of auto that you want and find many different dealerships that have what you are looking for and then contact all of them to get a feel for things.

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