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Posted in Auto Loans
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Question By
UpgradingMyLife

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0 People Helped
Credit Score is 490, how likely is it that I will get a auto loan?
How likely will it be to get a approved for a auto loan?

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Most Helpful Response

car loan approval

Helpful to 34 out of 36 people

490 credit score is really, really bad.  Someone will finance you for an auto loan, but be prepared to pay super high interest rates.   Which puts you in the poor house.  It's hard to move forward financially when you are locked into a crazy 5 year high interest loan on a crappy car that you over-paid for, because you have low income and a low credit score.  Please don't lock yourself into 5 more years of poverty.  My advice, save 1,000 or 1,500 dollars, buy an ugly car that gets you from place to place.   If the car has an unexpected mechanical failure (like the engine blows up or the transmisson goes out), then you can sell it to the auto dismantler for $500 and move on.   Maybe in a couple years, your financial position will improve, maybe get a new job, and you make credit card payments on time and credit score increases.   Then you could consider buying a used car from the dealer (again, keep the purchase amount low so that you aren't a slave to debt).  Hope this helps !!  (btw, nobody cares how cool you look in your car,  but   people look stupid  if they buy a car they can't afford)

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Reply by
ANT289

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171 People Helped
Helpful to 10 out of 13 people

Enter Your ReplyVery, very good advice. So many truths spoken, I hope alot of people are helped by your commentary.

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1132 Contributions
1210 People Helped

Helpful to 31 out of 36 people

Give Credit Pros a call 1-877-235-0324. Ask about their preffered lender program.. Good luck my friend.

Reply by
gcuzzi14

1 Contribution
4 People Helped
Helpful to 4 out of 16 people

very good

Reply by
MasterGodEmperor

5 Contributions
31 People Helped
Helpful to 11 out of 15 people

redguy411: your reply was great because it was direct, and gave a real phone #. Keep up the good work of helping people!

4 Contributions
93 People Helped

Be careful when getting an auto loan

Helpful to 26 out of 37 people

Be really  careful when getting an auto loann with bad credit. many comapnies that will extend you credit  are incredibly shady... We had a nightmare about 8 tearsago when buying a used car from a dealership in Phx Az. Midway chevy saidf they would take care of finding us someone to extend us a loan .I had a suspended DL at the time but was going to be helping pay for the vehicle. We stressed that I should have my  financials included when seeking the loan but not to put me on the title .. The said they wouldn't put me on the title and our "first " paper work off the lot was in my husbands  name only. BUT when we got our stuff in the mail so we could get more than temp registration they had my name on it as they had lied to make the sale.  

WE couldn't register the vehicle  and Midway refuse to take my name off the title.. We found someone at the MVD    who helped us but it was a big  mess.

The loan company  were         legal loan sharks and  tried charging interest on interest charges and    late fees and all kinds of nonsense. We finally   read all about them online and   voluntarily let them repo the car  because they were never going to let us pay it off and some folks had their car repod EVEN after paying it off   so.... be really  careful ... Lots of people will want to loan you that money but most of them are just going to make your credit worse.

I would wait and pay cash until my credit was MUCH better to get an auto loan

Sorry just talking from experience.

Reply by
Mgnndfw

1 Contribution
1 Person Helped
Helpful to 1 out of 6 people

You cant have your income included and not be on the paper work.  Otherwise, I'd like to include Donald Trumps financial records, please :).  Anyone can say this, but having your money considered for a loan means YOU are part of the loan

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Reply by
ANT289

60 Contributions
171 People Helped

What was your FICO score when this loan originated?

1 Contribution
10 People Helped

Helpful to 10 out of 12 people

Roadloans.com will probably give you a loan but interest rates will be very high of course. Try Capital One Blank Check program too. Good luck!

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Reply by
lauravalerie

31 Contributions
120 People Helped
Helpful to 15 out of 23 people

Please be careful with the Capital One blank check program. Be sure that they explain very carefully and clearly (and that you understand) the Loan-to-Value policy. I was approved for a Capital One blank check and the rep I spoke with on the phone failed to explain that policy to me. When I got to the dealership and was all ready to sign the paperwork on the car, I was told by the financing officer that because of this policy, I would still have to put down almost $2,000. Also, the program is very limiting in what you can do with the money - the requirements for the amount of the car, the year, the mileage, and the dealership you can buy from are very specific, so just be sure to read all the fine print and make sure you understand the way it works before you commit to use it. And if you decide not to use it, be sure to let them know - there is a penalty fee for not using it.

2 Contributions
1 Person Helped

Helpful to 1 out of 1 people

I know someone with that credit score and he got approved for $15,000 at around 26%. BUT a week after he bought the car, they rescinded the loan offer and it was never finalized. Something about him being too low income or something. He had to take the car back and couldn't get approved anywhere else. 

Reply by
Top1105

2 Contributions
1 Person Helped

Also that was with $2,000 down. 

1 Contribution
5 People Helped

460?

Helpful to 5 out of 9 people

Drive time will approve you for $20000....they only require $18000 down payment.

3 Contributions
16 People Helped

Helpful to 6 out of 14 people

I have a 508 credit score and I came into a good amount of money a couple of months ago nd I went to carmax and got my dream car corvette with $7500 down on a 42k loan high payment and 19% interest Santander financial.

Reply by
Skybarney

3 Contributions
49 People Helped
Helpful to 18 out of 21 people

I am going to try to offer som freindly advice.  Sell the vette.  Why?  If you needed a loan to buy the car you did not come into enough money to own the car.  A 19% interest rate (front loaded I am sure) on a 35k loan.  Ouch.

Reply by
henleygirl

5 Contributions
18 People Helped
Helpful to 12 out of 20 people

I Had an Auto Loan with Santander !  for a used car for 60 months  i Never was Late on Payments ! Paid it off a Month Early ! Now I am going thru h== due to Sandtander ! ON MY CREDIT REPORT SANTANDER MY AUTO LOAN IS ON AS CHARGED OFF ACT CLOSED ! OWE 800 DOLLARS  ! LAST PAYMENT WAS JAN 2014 !  I HAVE THE TITLE 1 DOESNT HASNT HELPED ME ! I NEED ANOTHER USED CAR ! AND EVERYWHERE I TRY THEY GO BY MY CREDIT SCORE !

AS ON ALL CREDIT REPORTS AS HERE TOO ! SAY A CAR LOAN IS THE BEST WAY TO REBUILD YOUR CREDIT NOT SO TRUE !  and AVOID PROGRESSIVE INS AS ANOTHER MEMBER SAID I TOO WAS IN AN ACCIDENT TOTAL MY CAR THEY LEFT THE SCENE I HAD ININSURED MOTORIST INS ! WITNESSES ! AND THEY PAID NOTHING !! DO NOT BUY PROHRESSIVE INS !! 

Reply by
scarhill

9 Contributions
65 People Helped
Helpful to 6 out of 8 people

Buying a Corvette for $42,000 and a 508 credit score resulting in a 19 percent interest rate is the highest form of stupidity.  You would be far, far better off using the resulting car payment to improve your credit score.

Reply by
julietpoops

1 Contribution
0 People Helped

You realized you will be paying about $15k in interest for after 4 years right? If you got a 5 year loan it would be over $19k, The interest is 50% of your loan amount. 

Reply by
abatiste2002

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0 People Helped

Some people love to put people down and so they feel better.

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