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Posted in Auto Loans
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KSUwildcatFan

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Will I get a decent APR on a used car loan with score of 571
I have a credit score of 571. When I opened my credit karma account back in august it was at a 536. I found out that I had some student loans that I thought were deferred but apparently weren't, so I got ahold the student loan help center and was able to consolidate and have now made 7 monthly payments ON TIME. Since then I have opened 2 credit cards, a capital one secured card with a balance of 200 and another capital one card with a balance of 500. My question is, will I get a decent interest rate on a new vehicle (12,350) if I put 1000 down? And will they look more at my payment history and credit utilization rather than my score itself?

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I don't think anyone can give you a definite answer on this, but I'm guessing you'll probably pay a higher interest rate with that credit score.  You can go to www.edmunds.com and look at their Auto Calculators for various scenarios, but you're not going to really know what interest rate you will be paying until you apply for the loan.  Also, I'm a bit confused, in your title you state "used car loan" but in your message it states "new vehicle".  If you can hold off on this purchase, I think it would be better for you to wait until your scores improve.  They look at your entire credit report but the score tells them right off what type of risk you are.  Sorry it isn't better news, but just be patient and you'll get there.

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