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Posted in Auto Loans
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CreditScore580

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raise credit score then get a loan?
I am looking at my credit score right now and I have a 580. I have no car and so far I've been taking the bus every day to work; waiting up to 2-3 hours for my shift to start. I'm getting really tired of it, so should I first raise my credit score to at least fair and then go get a car ( I don't want a high-interest rate) or should I just get a car and live with paying an estimated 11-25% interest rate.

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Top Contributor
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Yes, the best move is to improve your credit before going for any major financing. Do some reading on how to do this and ask questions as needed. Basically, you want to remove negative information if possible and have some accounts open in good standing. A secured credit card may be your first step if you have no open accounts. Could you save up some money and buy a beater car for cash? That would probably be your best bet for now. Then you would only have to carry liability insurance rather than expensive full-coverage auto insurance. Also understand that most auto lenders use FICO scores and the information on your reports is just as important as scores. Find yourself a beater car, work to improve your credit and in a year or two you can upgrade if you wish.

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