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Posted in Auto Loans
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cg2013jb

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What type of interest rate will I be paying on an auto loan of 6k with a very poor credit score?
My credit score is only 524. And my credit score is relatively new. Looking into getting my first car and help build my credit at the same time. I'm only trying to get a loan for 6k-7k, but I need some idea as to what my interest rate will be so I can figure out what my monthly payments will be. I can only afford to put 1.2k down unless I wait until summer to get my car.

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Sorry, but that score may prevent you from getting any loan, or at 'best', getting a loan a extremely high interest rates.  It would likely be easier to save a couple thousand dollars and get a used car for now or just use mass transit as available.  Please take the time to read the articles here and work on building your credit.  I did that and now enjoy the benefits, including finally being able to buy a new car 18 months ago. 

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Get a cheap car for cash. You are in no position to get an auto loan at this time. Start reading all that you can about credit and work to improve it. A Secured Credit card is a good way to start building credit. Getting negative information removed from your reports is important as well.

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