Two cars
Trying to build credit, thinking about a new credit card to increase my credit to debt ratio?
Question
Will I be financed? Auto Financing Eloan question.?
I am currently in the market for a vehicle. I want a newer car for less than $12000. I know my budget and including insurance I will be more than fine financially if I finance this over 48 or 60 months. I have a mid score just under 600. I have a successful auto loan payoff. I have a valid credit card that shows on time payments for the past year. No bankruptcy, no student or outstanding loans. With little or no down payment(up to $1000) how likely am I to be financed on a new or one or two year old vehicle? Also what can I expect percentage wise? And has anyone in a similar position tried eloan? My credit score is low because nearly five year ago I defaulted on a credit cards totaling $2000 and some utility bills totaling nearly $1000. These were all charged off over 3 years ago.
3 years ago - 3 answers
Best Answer
Chosen by Asker
Well, it depends on how much dept you have at this time. It is very possible to get finance for a new vehicle with that credit score. My husband just bought a $ 28,000.00 truck and his score is in the mid 550's. The interest rate might be a little high all you can do about that is just try and pay an extra $20.00 each month and it will help more than you think. Good luck.
by aloneathome
3 years ago
Asker's Rating: 
Other Answers
it would help if you told us why your score is so low.
by Gordon R- 3 years ago