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Posted in Auto Loans
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jamesw1967

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who will give me an auto loan for 15000 with at score of 580. i have 3 credit cards too

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IF......you could get a loan with that credit score, the interest rate will be high.  Suggest checking with a local bank or credit union to see if you can be pre-authorized fr a vehicle loan. 

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Try Carmax.

Try Carmax. Even if they're not able to finance you themselves, they work with about ten different banks, which means they'll only have to run your credit once (as opposed to racking up a bunch of hard inquires, which can drop your score even further), and the chances are good that you'll get at least one offer out of that pool. Case in point: just a few months ago, I was shopping for a car. I tried several dealerships as well as my bank and my credit union. They all turned me down because my credit score was about what yours is - the high 500's. I even tried Capital One, because I have three credit cards through them. Capital One approved me for their Blank Check program, but the interest rate was super high (24.90%). Finally, I went to Carmax. After running a hard inquiry on my credit with all ten of the banks that they work with, the salesperson came back and told me that I'd gotten four offers, and I should choose the one with the best rate for me. Lo and behold, that was Capital One, which would give me an interest rate of 10% (14% less than what they offered me when I applied on my own). Now I have a good car and manageable payments - so manageable, in fact, that I've been able to pay double and will be finished paying off the car about 2 and 1/2 years early.

Another thing to consider: even if you end up getting approved and the rate is a bit higher than what you're shooting for, keep in mind that after six months to a year of making your payments regularly and on time, your credit score will go up, and you can always apply to refinance and get a lower interest rate.

Hope this helps!

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