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Posted in Auto Loans
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Question By
joe8185

14 Contributions
3 People Helped
Credit score advancing into the 670's, what are my odds on a $10k-$14k used car loan?
I really need to get a "new" (actually, good-condition, well-maintained used) car to replace my ancient 16-year-old Ford Focus which is really rather past the end of its useful service life and is no longer economical to repair beyond what's needed to keep it running and safe. I am looking at getting a reasonably low-mileage (25k-30k miles would work), well-built, well-maintained used car and have ideas on several makes/models that would work (for instance, the Nissan Versa Note which I've driven as a rental a couple of times over the last year or so and have had good experiences with). I am looking at a loan amount of somewhere between $10k - $14k and am hoping to be able to put down a down payment of up to $1k. My credit scores have been hovering between the 660's and 670's for the last few months and as of my latest reports from Transunion and Equifax are into the 670's, with decent credit-card utilization and a 2+ year old BK on my record; my credit scores were in the high 500's in late 2015 but I've been able to improve them by some 100 points over the past year. What would my odds in general of getting a loan in that range with a decent (not excessively high) interest rate be?

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Top Contributor
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Many more factors will be at play. The age and mileage and book value of vehicle to be financed plays a part. Your income and length of time at current job will play a part. Most auto lenders will use a version of Fico scores, not the ones found here, so you need to know what they are. There are dealerships that advertise to finance all credit situations, so there is likely a dealership out there that has lenders willing to finance you. Rates may be high. The more you can save for the down payment the better you will be and if you can do anything now to improve your credit scores, that would help you too.

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