cars  loans


Question by  Claire70 (24)

Can a credit score of 580 be approved for a car loan?

My credit is not very good, but I need a new car very quickly. Will my score be approved?


Answer by  Cecilia (2828)

Some banks will approve you with a low credit score because a car is seen as a necessity these days. You'll pay a higher interest rate because they think you'll be a high risk. This is your chance to fix part of your score. Make every payment at least a week early. Financing at the dealer will be expensive.


Answer by  hibpmgirl (2166)

It is possible that it can be approved depending on the expense of the car. You will be more likely to be accepted for an auto loan if you have a co-signer or a substansial amount of money to put down for a down payment. If you cannot get a co-signer, or down payment it will probably be unlikely


Answer by  MikeG (1650)

Your score is not all they look at. You need at least 6 months job history, usually $1,500 a month income and no recent reposessions unless at a buy here.


Answer by  MarkWatrous (729)

I do not know for sure. I will tell you this - get whatever needs to be fixed so that your car runs - even if you have to borrow the money to do that. Paying back $300 is far better than having to pay $150 every two weeks to a buy-here-pay-here place. Save your money and buy a beater.


Answer by  jsteiny03 (346)

It can be approved but I would not suggest trying to get a very expensive car. 580 is not the worst credit score but it will depend on the bank.


Answer by  Gribbley (174)

There are plenty of car lots that make their money off of loans more than cars, have in-house funding, and repo men on the payroll. You can get one there.


Answer by  okcmouseketeer (779)

Especially with the credit market the way that it is, you never can tell for sure if someone will get approved or not. I would suggest starting at the bank that you do business with currently. If that doesn't work most larger car dealerships have banks that they work with that will approve most people.


Answer by  xomoney (104)

not at all. your best bet is to go ahead and save your money. better yet your should think about joining a credit union. A credit union have lots of benefits that could maybe help you if you had something in an active account.

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