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Can I get an auto loan with a 581 credit score?

Author : Katelyn

Submitted : 2018-01-09 06:16:35    Popularity:     

Tags: loan  auto  score  credit  

Is it possible or will I get denied

Answers:

NOOO it needs to be fair you have no business and WOULD NOT WANT TO a car is already a pitiful degrading asset now tack on high interest it will be a money PIT.BE careful think smart and build that score its easy.

You need about a 650 score to get a car from a decent dealer.

With your score, you are most likely looking at "buy here/pay here" with high interest rates and over priced cars with high mileage.

You can talk with a dealer and tell them your score BEFORE they run a credit check. Just ask if they have any lenders that can finance people in your situation. Just don't let them run a credit check unless they say they have helped people with lower scores.

Not likely you'll get favorable terms (low price and/or interest rate). If you do get a low interest rate, the time will be extended to maybe 7 or 8 years.

Possibly. But at a very high interest rate.

Do NOT expect a decent interest rate IF you can find a lender.....think 15%+

Most likely denied except possible at one of the ripoff "buy here pay here, nobody denied" lots.

From a reputable lender, not without a co-signer. Interest rate will be high.

From a disreputable lender, sure. Interest rate will be even higher.

BUY a cash car obviously.
U can PAY by the week.

That is a pretty low credit score, you would most likely have to have a cosigner. I suggest getting approved for a small credit card ( 500$ credit limit) first, then the more you use that, the better your score will get. But I highly suggest only putting around 30$ or so on there a month. Don't spend more than you can pay back IN FULL when your bill comes.. get on YouTube and search "how to improve your credit". I have found a lot of helpful info on there for beginners. Ever since getting my first credit card, I have improved my credit score from a 640 to what I have now, 709. There are a lot of things other than on-time payments that I did not know about credit cards (such as credit utilization) that affect your score, so make sure you do your research before getting one. Good luck!

Almost guaranteed to be denied. Bring a co-signer.



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