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Low score, but good down payment. Do i have good approval odds?
I have been looking at upgrading to an F150 from the Ford Ranger I currently own. The plan is to sell that and use the cash as a down payment on the vehicle I choose. The max I am looking at in price wise for a larger truck is $9000 total.
With around 4000-5000 down payment it looks decent. But I have around a 589 credit score with only one open account (Les Schwab) that I plan to pay off the remainder of with the cash from said sold pick up.
My employment is decent, I currently make around 1000 a month untaxed, but do a variety of other under the table jobs for locals that adds nearly 600 or more a month in income.
I am still new to credit, but I have been researching as best I can. I have been suggested to get a small credit card of some kind to help build me up. But I have no idea what card or where to start with that. But that is just extra information.
I really just want to know my odds of getting approved for an auto loan with my current information. Any suggested unions/banks to go through with this information?
Any help is apprentiated! Thank you!

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You don't say what score. Keep in mind that most auto lenders will use a version of FICO scores (probably an auto version) so I would check them to see where you stand. It would be wise to work on building up your credit first and put the vehicle upgrade off for a year, it would save you a lot of hassle and a lot of money as well. A great company to start out with is Capital One, you can check the preapproval on their website and maybe you can get a card with them even if it has to be a Secured card to start with. Your income is not going to help matters 1K a month is not very good in the eyes of lenders, your under the table income will not be considered by most lenders, they will want proof of income (either pay stubs or tax returns). I am sure that you may be able to find a place that will finance you, but the rates will be high and the vehicle selection will be poor. Credit unions will probably not touch you, nor will most banks. In order to find approval you would be best to go to a dealership that advertises 100% approval and their vehicle selection may not be that great.


Really the best thing to do in your situation is to open up some credit lines with Secured cards or whatever you can get to start building your credit up and find a way to make some more provable income and wait till next year to think about upgrading. Also, once your credit scores get high enough, income verification will not be as important. Sorry I don't have better news, but it does pay to be patient, so try to be patient.

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