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I need a car and am scare to even request an auto loan because my score is poor.
I don't have any open accounts other than my checkings/savings account. Don't own a home or a car. What ca I expect? How can I better my odds?

No co-signers available either.

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520 points

Helpful to 13 out of 13 people

I have very low score of 520 points. Yesterday I got RAV4 under 11% with ALLY.

I am so happy now.

Make sure you do not accept whatever they offer you right away. You will have to come and leave at least two times. Make them nervous.

My original offer was 18% with high price of the car and low trade-in value of my car. Few visits changed things drammatically.

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One option

Helpful to 77 out of 87 people

There are "second chance" banks tha will finance you but with a high interest rate of course (15-19%). You can get a car financed, make all of your payments on time for 18 months-1 year. This will build your score and you can go back and get what you want with a low interest rate. I did this and it worked out great for me. I was able to get a brand new Toyota Camry (which is what I wanted 2 years ago).

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Helpful to 33 out of 41 people

what are some second chance banks. Im in the same boat i drive a POS and want to get a better car. My last car got totaled. My credit is very poor so im worried i wont get approved for a car loan with a bank. would a buy here pay here place be good to go to?

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Helpful to 19 out of 30 people

What "second chance" banks can I go to. I don't know what a second chance bank is. Please help.

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Helpful to 6 out of 7 people

The only second chance banking centers that I know of are KeyBank US bank and Kimba credit union. I hope this helps although I am in Ohio so I'm not sure what state you live in.

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Helpful to 70 out of 92 people

wait 6 months take $1,000 go to your local bank apply for a cash secured loan open up a seperate checking account so your not tempted to spend it....put the $1,000 in there then fill out the loan paper work....put the money from the loan in the new checking account plus $60 for interest then have the bank do auto payments out of the new checking account for 6 months then go pay the loan off completley and go get a car loan

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31 People Helped

Knowing someone in the biz helps

Helpful to 31 out of 41 people

My credit score was 600. I had just got a new job and had no money to put down. My friend I grew up with worked at my local VW dealership. He told me to see a  certain salesman.  I went in and was able to lease a new 2012 jetta Se with no money down and they paid my first payment. I could not believe what had happened when I was driving off the lot. But my payments were high $345 a month when good credit would have been $250. So these companies can approve anything if they want. Credit score just helps them gauge the habits and risk of someone they don't know. So my advice is to ask around and make a good impression. Not saying this would work for everyone but the way I see it is the dealership gets their money and if you don't pay they get the car back. So where is the risk for them? 

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24 People Helped

Choose a car and see what happens

Helpful to 24 out of 29 people

There are a lot of factors that play into getting an auto loan such as if you're going to make a down payment; the year, make, model and miles on the vehicle; the cost of the vehicle; where you are buying your car etc. Unfortunately, financing varies by vehicle, so you need to choose a vehicle and run financing before you see if you're qualified.

Roadloans (aka Santander) and American Credit Acceptance are two institutions that usually work with first time buyers or people who have a low credit score. 

You don't know what to expect unless you try.

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20 People Helped

Helpful to 20 out of 26 people

Around here some dealerships use a company called credit acceptance. It's who I got to give me a car loan. It's not my ideal car, and I had to have $1500 down ($1000 in trade then $500 cash is what I had) and the interest rate is high, but after making all payments on time for 12-18 months, and providing I have little to no negative equity, I'll be able to trade it in and get something a little better. I'm cleaning up my credit while driving this car, and hoping my credit will be better by the time I go to trade it in. good luck!

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Helpful to 16 out of 26 people


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Helpful to 3 out of 4 people

e I have to agree with you if anything I would suggest anyone to go to a buy here pay here car lot rather than JD Byrider I had a car to JD Byrider and I had to end up filing bankruptcy due to the car stopped working that they claim they fixed three times. they also do not provide any loaner car if your car breaks down so you are on your own making your car note your insurance payment and your rental car payments. please stay clear of JD Byrider.

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12 People Helped

638 score

Helpful to 12 out of 20 people

Would I be able to qualified for a car loan with a decent rate with a score of 638?  I plan to put $5000.00 down.

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600 Score. Used car auto loan

Would I be able to qualified for a used car loan 2012 Suburban SUV with 160K with a decent rate with a score of 644? 

 I plan to put $5000.00 down. Finance 24 month.

Please recomend name of auto fiancial instuition do this kind of first time buyer loan!

2nd Please advice me with intrest average % intrest rate?

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I had no assets, 1500 dollar cc to name

Helpful to 9 out of 19 people

I went to the Ford dealership dressed up and confident about how much i was willing to pay monthly. I did not budge on the set price. I got a very nice, new-low mileage car for under 200/month and even bargained a 100k warranty. My first large loan and I got it. They even asked me why I thought they should trust me. Key is to be confident and show how much you make monthly and how you'll be able to afford it.

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