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Posted in Auto Loans
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Question By
ilvmusic7777

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What interest rate and approval odds am I looking at with a 520 credit score?
I am currently rebuilding my credit and looking for a newer vehicle to purchase in the next 2 months. The possible loan amount that I am looking to possibly borrow is $2500-7500. I have quite a few credit inquiries but only because I was looking for a way to pay for college at the time. I do still have 2 accounts that are in collections...they are hospital and emergency room bills. My credit score has improved at least 75-100 points in the last 6 months.

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I would guess you're probably looking at a loan between 23% to 30%. You don't mention whether you have a down payment amount. A loan through the dealership will probably be more than going through your bank. Do you really need a newer or more reliable vehicle now? 

Reply by
ilvmusic7777

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I have a down payment of $7500. The car I have right now has too much wrong with it...it would cost alot more to fix it than it's worth. Also, it has been through 2 deer and a cow. And I do have a 2 year old. There's always something going wrong with it....electrical problems, transmission, etc. I'm planning on making my vehicle purchase in April. That way, there'll be time to boost my credit score. I just got my student loans that were in default consolidated and are now up to date and considered paid in full by the creditors that had my loans. My new repayment with my new servicer is based on my income. My credit score may be higher than I thought it would be.

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With poor credit (520) you are not going to get a car loan for over $10,000 at all you are looking for a $5,000.00 loan with a whole lot of interest! 

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Take care of your accounts in collections first.

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