How much does a credit score effect car loan applications?
Wednesday, June 10th, 2009 at
10:30
I was without a job last year and my Credit has suffered terribly. I have caught up on late payments and my credit score is a 550. Will I be able to get a loan for a new car? Anybody in car sales out there? I can put about $5,000 down.
Reply:
My credit was about that and I just got a car. I had to put $4,500 down and got saddled with a not so good interest rate but needed the extra vehicle, so it's possible. It was a 2008 so don't sell yourself short just because of the bad score, go for something you want. Also it helps that they really need to sell cars these days.
 |
US $100.00
Tagged with: car loan applications
I would get a low interest loan. I would try to find another job. You are deep in debt for your level of earning power. I can't see you working this off without getting either a better job or an additional job.
You are not comitted to anything until you sign the paperwork.
What you have filled out and received was a pre-approval not an actual purchase contract.