I am 26 years old, have a very poor score (which has increased btw), from 430 to 507 in a matter of just a few months. I had a repo in November 2005, but it is paid off since and listed on my credit report as a charge-off but also as %26quot;paid%26quot;, (which I did). I do not see it as repo on the report and is now currently marked in a green box for the latest month as %26quot;OK%26quot;. I earn 35,000 gross annual and have been at my job since Sept. 06 now. I would like to put down 1,000 dollars on a certified used vehicle for somewhere under 9,000 or 10 at the most. However, the only way I can do it is with an auto loan. If I apply for one at the car mall and receive it, will this cover everything? What would my interest rate be? (Ball park figure). Thank you.
With my current history, will an auto loan score me a decent used car?
Based off the information you provided, you will qualify for a 21% rate or whatever is the state maximum is where you live. I would try going to the link below and getting prequalified for the loan as different lenders will be bidding on giving you credit. This way you will get the lowest APR available. You will then have to get the car from a new car dealership. And the dealership will make sure all the conditions for the loan are met. You may need to put down a bit more than the $1000 and will be limited to about a $430/month payment.
http://www.lendingtree.com/stm3/loans/au...
Good luck!
With my current history, will an auto loan score me a decent used car?
With a credit score of 507 you won't get a 10k loan without an excellent co-signer. If you were lucky to get finacing you would get a rate of about 28.99%. You are better off getting a couple of credit cards and building you credit for another year. It will allow you to build up your score to at least 560. If you need a credit card go to www.orchardbank.com or capitalone.com and get a card, use it and pay it on time every time. For $10 a month you can use www.mycreditkeeper.com and track your score daily, it also has a what if calulator. It will give you sanarios like adding a card and paying on time for 6 months and what impact it will have on your score. If you need a car really bad you may have to pay for it outright or go to www.jdbyrider.com and get a high interest finance loan. My score is 710 and I can walk into a bank and get a $10,000 loan with just my signature so work towards that.
With my current history, will an auto loan score me a decent used car?
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My advice
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