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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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Top Contributor
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Most Helpful Response

car loan approval

Helpful to 51 out of 55 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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174 People Helped
Helpful to 11 out of 16 people

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

2 Contributions
10 People Helped

Want a car, but not best/no credit

Helpful to 4 out of 4 people

Contact JD Byrider auto dealers , they are known to work with customers who currently don't have the best credit rating or no credit rating, they have in store financing & do work with them to improve their credit score so they can purchase a car. JD Byrider has thousands of franchise locations across the United States. I just went thru them today myself. My credit rating is good (702)& was approved myself.Visit their website for more info:
JdByrider.com

5 Contributions
4 People Helped

Helpful to 3 out of 3 people

PLEASE. My credit was so bad I couldn't have bought a bag of potato chips on time. My credit was like 430.  I live in Metro Denver, Colorado. I went to Schomp Honda and they hooked me up. My interest is 17% but I have no reason to cry because my credit sucked bigtime.  Hang in there- It can be done!

Top Contributor
1163 Contributions
1223 People Helped

Helpful to 35 out of 40 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 17 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!

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129 People Helped

Be careful when getting an auto loan

Helpful to 31 out of 42 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
174 People Helped
Helpful to 1 out of 2 people

What was your FICO score when this loan originated?

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Mrs

Helpful to 1 out of 1 people

Please stay away from prestige financial they will tear your credit up. Payed my car off never was late and my credit says it was a charge off!! Thank God I have all my financial statements. Dirty business practices at its finest

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!

Top Contributor

Reply by
lauravalerie

36 Contributions
136 People Helped
Helpful to 17 out of 26 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.

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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.

1 Contribution
0 People Helped

I could use that money to help me move. My landlord sold the house I'm living in and the new owners want me to leave. I have 3 days since homelessness
York cat is constantly breaking my finial situation I need help please! #401-855-0553

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