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Is it possible to get car loan with low credit score


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jamesv
New User

Jan 29, 2017, 10:55 PM

Post #1 of 3 (295 views)
Is it possible to get car loan with low credit score Sign In

I am using an old model Corolla. Now I like to sell this and buy one SUV vehicle. As it is an old vehicle, I am not expecting a good price for it. So I have to get a car loan to buy a new car. When I searched to know the interest rates, I found this blog (links not allowed). As they mentioned credit score is an important factor for this. I already have a home loan in my name. Also, my credit score is not that good now. Is there any way to arrange a car loan with this low credit score? If somebody has any idea about this, please share your opinion.
(No links please to outside concerns)


(This post was edited by Tom Greenleaf on Jan 30, 2017, 12:44 AM)


Tom Greenleaf
Ultimate Carjunky / Moderator
Tom Greenleaf profile image

Jan 30, 2017, 1:20 AM

Post #2 of 3 (284 views)
Re: Is it possible to get car loan with low credit score Sign In

No links like that please.
Low credit for whatever reasons. A comment on that.
If you think you can upgrade age and what would be more expensive to maintain over a Corolla for "X" dollars/month then where is that amount of $ now from the last year of saving up that much? Get's personal and can be bad luck or a bad habit.
Put the shovel away and stop digging as it sounds like you'll end up with no car.


A Corolla of about any model year unless in need of way too much is probably better to fix up some and keep than get into some unknown that will cost more than it's worth at a higher rate and mess up once and lose that totally. Add doubling your insurance and include coverage that pays off a loan should anything happen probably starting off underwater with the next car out of the gate.


There are tons of ads I've never so much as inquired to just "sign and drive" with no credit checks or used dealers offer credit themselves.
If you must check one out and find out the reason they will. No doubt difficult to sell cars, fixed up wrecks and over book values and want substantial down payment or trade and will gladly remove the vehicle from you in a day if you miss a second of paying for it.


What condition is the car you have now and what would it take to put it in shape? The next if used is probably going to toss some nasty repair at you, you can't afford either so I can't suggest borrowing $ for another car at all now instead keep what you have and save up till you can pay for another down the road in full and dig out of the hole you're in,


T



Hammer Time
Ultimate Carjunky / Moderator
Hammer Time profile image

Jan 30, 2017, 6:33 AM

Post #3 of 3 (272 views)
Re: Is it possible to get car loan with low credit score Sign In

"Sign and Drive" means no down payment but usually applies to a lease, not a sale and that requires excellent credit in either case.

I'm sure you could get financed at one of the dealers but the worse the credit, the less favorable deal you will get. Your last resort would be a "Buy here, Pay here" lot for you put down a large down payment and the take payments on the rest but when you miss a payment, they take the car back and you lose everything paid into it.



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