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Posted in Auto Loans
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Anurse1988

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Credit score of 649. Would I be able to get a 8,500 auto loan?
I have a 649 credit score, but I have "thin" credit. Would I be able to get a 8,500 auto loan?

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649 ; yeah

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Hello, I would think you could, no problem, at any dealership... Even thin credit, if you have 6 consecutive months Employment at the time you apply for Car Loan... At 649, you will probably, pay a little higher Interest - I'd guess around 7% to 12%, with a payment of 17 to 20 dollars per thousand dollars you need to finance... Also, I'm sure anyone, Car Shopping will more than likely need to have a trade or some money down... But, under the circumstances, above... "GO CAR SHOPPING" ... Best wishes!!! Comments or thumbs up,appreciated... thecoinman 

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you should get a loan

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when i went to a car lot my score was 589 that was almost three years ago. i got approved for a 12000 loan. at that time i had alot of money so i put down a great deal of money on my own. and was able to choose what my monthly fee per month was. now my credit score is 700 i will be done with my care in december of 2013. never late always ontime. i turely beleive that if you have had a history of paying on time over time you should get a loan depending on your credit score and you overall debt you interest will be higher or lower. good luck

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In my case I am not fairing well. My score was higher over 700 and I have 3 lines of credit amazon, capital one and kohls all with 100% on time payments. I only went for these to build credit so I could get financing for a vehicle. I can't get approved for any auto loan. I have been trying and it has dropped my score down to 649. I have 16 hard inquires all from auto loan tries. 19 if you count the 3 lines of credit I was approved for. I have read places that the big 3 only count the inquires as 1 when it is an related to auto but I can't see that. In 2002 i got a brand new car with a cosigner and payed it off. It doesn't even show on my credit. I have no negative factors on my reports except for these auto loan tries. Just the other day I tried prosper which doesn't do a hard inquiry and was denied because of too many recent inquiries. This credit thing is stupid and the only reason I would even need it is to get a new vehicle. Because I have been responsible and not needed the credit they have to make it hard. Doesn't make sense.

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About 3 years ago I was approved for a car loan with a credit score similar to yours.  My interest rate was about 6% but that would have most likely changed by now.  Good luck!

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