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Posted in Auto Loans
Does anyone know who will give an auto loan to a credit score of 550?
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Question By
spaceshuttlenut

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thank you very much. 

Response by
spaceshuttlenut

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If your set on the car please only put $4500 down and save the rest for emergency's.  I'm not sure if credit acceptance does new cars but check it out.  They are a good outfit.  If you have to pay more than 14% don't do it because the interest will kill you.  Your monthly debt should not be more than 35% of gross income ( mortgage or rent + car payments+ property tax + credit cards+ tuition+ line of credit + child support + insurance + alimony + student loans ).  Sum up what you have from this list and divide into your gross monthly income.  Good Luck.

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Response by
nandog

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 thanks.  I have $9000 for a down payment and this is the only time i will ever have that much of a down  payment for a new car.  that is why i am buying new.  So you still think "Credit acceptance Corporation"?

Response by
spaceshuttlenut

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You are buying a new car because you have a large downpayment? That really doesn't make sense.

Financially, you are better off figuring why you have such a low score and addressing the problems there.  Witha  good credit score, you canget a new car with low downpayment and low interest rate.

Also if this is all the money you have saved, do you have set aside an emergency fund?

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Reply by
ladald

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Credit acceptance Corporation will maybe but you will need 2k or 3k down payment.  You would be much better off buying a $2500 car cash.  Have the car checked by a mechanic.  A place like Belle Tire will inspect it for free.  You will save a fortune in interest by getting just good transportation.

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Response by
nandog

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