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Posted in Auto Loans
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whitedove23

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Should i even apply for an auto loan
So my credit score is so not good its at about 670 and im about 6K in debt with 1K in collections that im still fighting over. I might just end up paying so that it wont affect me getting a car since my old one stopped working and now need a new one. Will i even be approved with that debt. I have more than 15K in savings will that make any difference. If i apply and im denied can i re apply with my parent as co signer. They have offered to pay for car already but i have never liked for them to take care if my issues that i got my self in to. I don't have a probelm with them cosigning since i will pay it off. but will that help me get a better deal?

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So if you have over 15K in savings

Why do you have anything collections? 

With anything collections you are not liklely to get approved for any new lines of credit. Even with a 670 score.

Clearing up the collections should be your first priority. 

You might consider paying cash for a used car so that you don't need to pay interest on a loan, which will cost you more in interest than you would lose if that cash were sitting in the bank.

Remember that good credit isn't about how much money you have in the bank, it about how well you manage it.

Cash in the bank and debts in collections is not good management.

Good luck

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i do want to pay off the collections but im unsure how to go about it. I have received infor from two companies claiming thye own it. ,The original amount i owed was only $800 and then went to 1000 the only other reason i have not paid it is because i have heard that even when you do they still don't remove it from your credit.

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