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Posted in Auto Loans
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Question By
Heavenleesmommy

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0 People Helped
Need an auto loan how do i get approved

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1 Contribution
14 People Helped

JS

Helpful to 14 out of 18 people

What credit score do I need to buy a car

Reply by
njhye

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7 People Helped
Helpful to 0 out of 2 people

I was approved for a loan with 583 score, which is worst than a bankruptcy score. 

Reply by
yankees992012

3 Contributions
10 People Helped
Helpful to 10 out of 14 people

I was approved for a loan with 536 credit score. Credit acceptance or Car finance sites does give you a second chance to rebuild your credit with auto loan. A reminder if your credit score is under 700, you would not have a favorable terms for an auto loan. Expect interest rates will be high for poor to very poor credit.

1 Contribution
10 People Helped

Helpful to 10 out of 12 people

what finance company will finance me for a car with 1000 down and will take unemployment as income??? please help!!!

Reply by
ScotchyScott

1 Contribution
9 People Helped
Helpful to 9 out of 10 people

Go buy a 1000 dollar beater car, go get a job and then worry about financing.  No reputable finance place is going to approve you on unemployment.   

Reply by
nois14

2 Contributions
17 People Helped
Helpful to 2 out of 2 people

The fact you are on unemployment is a deal breaker. Lenders look for stable income. 

4 Contributions
6 People Helped
Most Helpful Response

Check Credit Unions

Helpful to 6 out of 6 people

Hi,

My wife and I finished a chapter 13 in June of this year. We were able to buy a home in July and buy a new car 5 days ago. Our old truck was costing us a small fortune to repair. So we went to our local credit union and asked if we could get a loan. They gave us a loan on a new car ($30k) at a rate of 3.25% for 84 months. Our scores were around (hers are a few points higher or lower than mine) 700, 689, and 589. The 589 was the odd one. So we had great luck with the credit union. Many have asked how our scores were so high and that I can't answer because we don't know. So give credit unions a try. You just might be suprised like we were. We plan on paying off the car in 36 to 40 months. Good luck to you.

Reply by
LLOJ

1 Contribution
0 People Helped

The 589 is the only one that was updated at that point in time.......the other 2 are running behind......did you tell them you had a bankruptcy when you bought the home and they car?   there is a question on paper work for such thing if you answered it no but you did .......that would/could be very bad

1 Contribution
2 People Helped

Helpful to 2 out of 2 people

Might just decide to go to a Independent dealer, otherwise known as a Buy Here Pay Here.  They usually will take just about anybody as long as you have a job. Drive Time is an example of one.  Yes you pay more for the car and at a higher interest rate, but you can get a car.

Reply by
njhye

2 Contributions
7 People Helped
Helpful to 7 out of 7 people

However, those dealers are scavengers, who wait for you to default and then repo your car. Most of those dealer (not all dealers) put a tracking device inside your car before they hand it to you, to find you if you default on your loan. When you sign the agreement, you are giving them permission to repo your car if you are 2 payments behind. You can take them to court and the judge will side with them, once they show the agreement you signed.

You need to read the contract very carefully and don't check all the boxes without understanding them.

Try "capital one", where most of the times they will give you a loan check to take to the dealer, which usually is at a higher rate than ordinary loans. However, they won't be at your doorsteps waiting for you to default and take your car from you. They will give you the chance to stay current with your loan to an extent, before sending the repo man to your door.

Good luck

1 Contribution
3 People Helped

What I've been told

Helpful to 3 out of 5 people

I am currently car shopping and I am just 2 years post bankruptcy and a few finance guys from all different dealerships have said they want a 670 score. I had 650 and 668 but didn't know my 3rd number and they said they use the higher number but they would approve me with 668 score. I would not let them run my credit at the time because of it being a hard inquiry and I was not sure what car and I'm still not sure! I just told them what CK has as scores for me.

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