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Posted in Auto Loans
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My credit score is a 586 and I need a auto loan anybody ever been through this?
I need a auto loan. I don't want to go to a buy here pay here or buy a junk car. I have good monthly income around $3500 a month. I was looking to put down around $6000 to $8,000. Anyone ever been through this?

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Helpful to 15 out of 15 people

CapitalOne approved me with a 585, (TERRIBLE interest rate) but I have decent car that serves my purposes (used-not a clunker) and I put $1000 down.  That was 2 years ago... My credit score is SIGNIFICANTLY better and as soon as I close on my house, I can refinance!  Yea!  Go to a used car dealership and be up front with them about your credit situation.  I don't hink you will have problem...

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Toyota Finance

Helpful to 6 out of 8 people

I got financed at through Toyota with a 623 credit score with $1750 down. (They gave me $1000 for my 2000 Jetta on trade and $750 for the student rebate program) Also for being a student it put me in the top tier of rates. I only make about $35,000/year but they still got me 1.9% APR / 60months on a 2014 model. Good deal.

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Drive Time

Helpful to 4 out of 5 people

I was in the same problem. my car broke down and i did not want to keep renting a car

so i want to Drive Time found a very ncie car. for very little down you should check them

i did apply online first.

hope this helps

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Auto loan

Helpful to 3 out of 4 people

With that amount of down payment you could get up for approved as long as u can prove income. I work at a Toyota dealership and I have gotten lower scores approved

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Nonprofit Programs

Helpful to 3 out of 4 people

Depending where you live you might consider using a local nonprofit organization for help with this. I know in New England there is and organization called More Than Wheels ( which is able to get people market interest rates (3-5%)  on auto loans regardless of their credit. It does take some work and time on your part, but the savings is totally worth it!

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i went to drive time too and was Approved online as you  when i went to buy They wanted 2500-3000  Down  on  all of the cars i saw   and the Cars  all had Very High Milage  70=100,000  miles  The Payments were  Good and for only 3 years not 5 like my last car  and the Drivetime Payments  were 100 Less a Month too  but  i couldnt do the 2800  that is what they wanted down then just 219  month

I am Happy forYou 

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Bad score auto loan

Helpful to 3 out of 6 people

Capital one auto finance or Roadloans are pretty flexible in their car loans, but the interest rate is HIGH.

The larger dealerships nowadays will launch your app to several different lenders, so you are going to end up with several inquiries, but they should be able to find you a product as long as you have steady employment/income and your debt to income is ok.

If you have 6k to 8k to put down, I would seriously consider finding a good used car and paying cash to avoid the $$ you will lose in interest.

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Helpful to 3 out of 3 people

No roadloans!!! They used to be known as "United Auto Credit", beware!!!!

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auto loan porr credit

Helpful to 1 out of 3 people

i have the same credit score too !  and  i dont  Undestand why ?  when i paid off a car 5 year  high interest loan  18 months ago !!  Never late payment and the finance company knocked off my last payment for being a Great Cusomer now I need another Used Car !!  as mine was Totaled in an Accident   I didnt have Uninsured  Motoris on my Policy t  and the other Driver  Left the Scene  with my Witnesses Staements  to Progresssive Ins  btw !  Dont Use  Pserogressive Ins  ??

i was left in thr Hosptial  have huge Medical Bills and havent been able to get an Auto Loan ?? i always thought ? a Previous Car Loan Finance Paid on Time Never Late for 5 Years was suppose to Apply to your Credit Score ??   Guess I was Wrong ?

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Auto loan with similar score

Helpful to 0 out of 1 people

I was in the same situacion, went to a a few car dealership... finally found the vehicle i wanted to buy and as per the sales man we were approved and everything was looking great because our income was good, at the final moment it turned out the one bank that we were approved with had an interest rate that was outrageous and he assured us that the only reason why they approved us is because his manager knows someone in that particular bank (a lender we never heard of) and pulled some stings, so we felt completly trapped after hearing that, we felt like it was our only option, we really needed the car, right before we signed the papers my husband got a phone call from another dealer who said "congrats you were approved with chase"  when we brought it up to the salesman he had someone drive the car around put it right in fron of the office and said "didnt you see the sign when you walked in here" and we were confused the name was "haims" the sales man said "the owner is jewish" that was just so unprofessional we walked out and as I was waiting for my husband I eaves drop on another family and another car salesman was giving them the same speech we did "you were only approved becouse we pulled stings".... we went to the other dealer got same type of car for $200 less a month and better interest rate. My advice is look around for the best loan, it pays off, dont let anyone bring you down for your score, some care sales man will take advantage of that.

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Helpful to 0 out of 2 people

I need to to buy a car because the one I have is giving problem

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