Question
I've been trying to get an car loan??
I found the vehicle I want to purchase. I am 20 years old. I can comfortably afford the payments. I only have 2 credit cards, with a total of less than $600 owed. (lol) I have never financed a vehicle prior to this. The dealer tried getting me a loan with a bank, but they did not approve me because of my lenght of employment. I was at my prior job for a year and a half. How hard is it to get financing through a dealer with bad credit? (my score is in the 500's). I know the interest will be sky high, but I am planning on paying more per month than owed, and refinancing after a while.
3 weeks ago - 3 answers
Best Answer
Chosen by Asker
Obviously if you only have a credit score of 500 (which in the industry is considered VERY poor) you have something else going on besides just 2 credit cards. You will be unlikly to get a loan with out a cosigner. You are right your interest rate will be sky high. You need to make sure your car payment is less than 25% of your take home as well...or that is an automatic denile trigger. You say you were at your previous job for a year and a half but don't mention how long you have been at this one. If you are switching jobs more than once every 3 year you are job hopping which looks terrible. Also, a good site is... www ... All the best to you.
by Belinda S
2 weeks ago
Asker's Rating: 
Other Answers
that is going to be hard. a score in the low 500s is very bad. even the high 500s is not so good. the only way will be to put a lot down.
by ken- 3 weeks ago
that is a really low score..but perhaps if you offer up a big down payment they will be more willing to take a risk on you. and NEVER refinance a car. it'll cost you more in the end than what you would have paid in interest..and no one will refinance a car anyways.
by iHateyou- 3 weeks ago