Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
AliciaJ7452

0 Contributions
0 People Helped
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?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-5 of 11Results per page: 5 | 10 | 25Page 1 of 3   Previous | Next
1 Contribution
15 People Helped
Most Helpful Response

Capitalone

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...

1 Contribution
7 People Helped

Toyota Finance

Helpful to 7 out of 9 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.

1 Contribution
2 People Helped

Audi R8

Helpful to 2 out of 3 people

im trying to buy an audi r8 that's about $100k, do i have any hope for this with a credit score of 586?  my income is over $10k/month.

1 Contribution
4 People Helped

Auto loan

Helpful to 4 out of 5 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

Top Contributor
25 Contributions
221 People Helped

Nonprofit Programs

Helpful to 4 out of 5 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 (http://morethanwheels.org/about-us) 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!

Results 1-5 of 11Results per page: 5 | 10 | 25Page 1 of 3   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.