can i get a car loan with a 560 credit score i defaulted on a credit card 1 year ago and had a repo 6 years ag?
i have 8 thousand dollars down ( 8000$ ) if that makes a difference and my income is 1000$ a month from social security disability im currently out of work but have no other bills i just payed off a 5 year car loan in 2 and a half. so my new car would be all, i live in ny5 years ago - 15 answers
Now for the correct answer.
Auto finance is what I do for a living and with a 560 score, a repossession and a defaulted credit card on your credit there is no way your going to get out of proving your income and the fact is at only $1,000.00 a month you don't make enough to qualify with any major lender.
So you have several choices.
1. Keep driving the car you have.
2. Buy a good used car with the cash you have.
3. Go to a buy here pay here place and get ripped off.
Source(s):5 years ago
You have a fairly good chance of buying a car. Cars are one of the easiest things to purchase even with poor credit. Even with a bankruptcy. The reason is because if you default on your loan, the bank can repo the car. So they have some collateral. Give a few car lots a call. I have a feeling you will be pleasantly surprised.by dawnsdad - 5 years ago
You can always get a car loan.If you have ever sat at home with the tv on on a Sat or Sun you know this. No credit, fine. Bankruptcy, fine. Divorce, fine. Just out of college, fine.
They are going to charge you a much higher interest rate because of your credit history though. I don't know what you are thinking of buying. There is a big differece between having $8K down on a car that costs $12K and having that same $8K down on somthing that costs $38K.
With 8K down- you SHOULD be able to get financing at the Dealership, if no place Else... Shop around at some of the smaller Banks first, & see what you can come up with. -Good luck! :)by Joseph the Second - 5 years ago
Anyone can get a car loan. It's the interest rate that is the key. When you have bad credit, some banks will allow the "high risk loan" but will give you a high interest rate. Maybe 10-15%. That's high when good credit people get around 4-7%. Forget about the 0% financing promotions because that is for A+ credit people. Now, at most high-name dealers (Ford, Crysler, Chevrolet, etc.), those banks that deal for them will probably not give you a loan. However, those mom-and-pop dealerships will, but get you on the interest rate.by Scott D - 5 years ago
The decision in your case depends upon the policy of the loan giving agency. Since you defaulted on a credit card, your position appears dubious. However, there is no harm if you go on a new venture but as I have said above it all depends upon the policy of the agency concerned. Good Luckby mushtaq_ahmad43 - 5 years ago
yes you could but you can also purchase a fairly decent car with the cash you have on hand because right now car dealers are hurting because of the bad economy and they will deal on your termsby litlfitz - 5 years ago
Why not just get a used car for $8,000 and save yourself the trouble of car payments? Plus, if you don't have a loan, you won't have to get as much insurance on the car.by Lauren F - 5 years ago
What on this earth are you thinking? You have 1K per month of admitted income and you want a car payment?
Take the money and buy a USED car, you could get a great vehicle for that.
Even further if the one you have is only 2.5 years old what do you need with a new/different car anyway? This is the kind of utter nonsense that gets people in trouble.
The default will go against you, strongly. Defaults have a dramatic affect on your credit score and in this economy, lenders are less likely to take such a risk. What you may find is a lender that approves the loan for a very high interest rate. You would be better off saving your money and paying cash. Instead of making payments, take that same money and save it towards the cost of a car. It may not be as nice as desired, but it really lets you know what you really can afford.
As far as correcting your credit, contact the credit card company and start making payments on the amount that was defaulted. If you pay off that balance, it will show on your credit report and have a positive affect on your credit score. Plus the item will be removed in the next 5-7 years thus making your credit history more favorable. Otherwise, the default will remain on your record and make any future loans increasingly difficult to obtain.
Source(s)by Chris S - 5 years ago
You can but with your credit your interest will kill ya.........by kapn - 5 years ago
U can get an used car , yes! But.. A brand new car...hmm, sorri. Nop..
Source(s)by lexchen86 - 5 years ago
You can get a decent used car for $8,000, so just pay cash in full and it won't be a problem.by Nebraska Born and Raised - 5 years ago
Pay cash for cars. Period.
Source(s)by Watch IT! - 5 years ago
Better approach a dealer of Chrysler or GM....due to present situation
u may get a new car.
My sincere advise is at this juncture better adjust with your present car
to avoid burdons n over heads.
Secondly,U better invest some money in shares...this is right time for
All the best n Good luck.