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Posted in Auto Loans
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Question By
c5000

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looking to purchase used car have seven thousand dollers down payment and score of 560

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I just went thru the same situation. Short answer, yes you can get a loan depending on the price of the car you are looking to buy. My credit was / is terrible I just applied for a secured cap one card in mid Feb to start to rebuild my credit, my score at the time was 562, two weeks later my explorer took a crap and i needed a car asap. I knew because of my credit history & score I would get hammered on interest. I had $3500 that I could put down. I found a nice used explorer at a local dealership for 9k. They ran my score and it came back as 537, it dropped 25 points from the hard inquiry by cap one 2 weeks earlier. I was able to get approved for the loan through credit acceptance corp for a sweet 20.9%, as I said I knew I was going to get hammered, I added a 2yr warranty and the gap insurance for another 2k, both are optional not required by the lender as most dealers will try to tell you, the total loan was 11k and they needed 3k down. The loan is for 51 months at $235 a month. Yes it sucks but I put myself here. I was told to pay on it for 2 years and try refinancing, as long as I keep all payments including credit cards on time to better my score over the next 2 yrs I should be able to get a better rate.

Reply by
Sabre408

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Whatever you do avoid the buy here pay here "Dealers"

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