Can you get an auto loan with a 554 credit score?
Q: Can you get an auto loan with a 554 credit score?A: Yes, most likely you can get an auto loan but your interest rate will be high. Every car dealership finance department works differently to meet their customers needs. Typically the larger the dealership, the larger the finance department and you may have better luck on financial options.Some dealerships only look at the FICO 8 score which tends to be a bit higher than your other FICO scores which can work in your favor but not all dealerships work this way. They will likely offer you a lease to bring down your monthly payment if you are in the process of repairing your credit. Expect to bring $300-$500Always make sure that when you are shopping for a car you have a monthly payment in mind that fits your budget. This way the salesperson isn't showing you cars you can not afford. Make on-time monthly payments for 8–12 months and then revisit the finance department and/or a local credit union to see if you can refinance your loan for a better rate. The banks will be looking for two things: 1) That you have been making on-time monthly payments and 2) that there has been some improvement to your credit score.
How do I get out of an auto loan on a car that cost more than it s worth to fix major problems?
I own a 10 year old Audi that I still owe $7,460 to the bank and it needs around $4,600 of MAJOR mechanical work done to it. if I don t get the car fixed it will die very soon. The car still runs but I ve taken it to 5 different mechanics the Audi Dealer being one of them, and they all came up with the same report and money to fix it. The car itself is only worth $6,000. So the question I have, is there a way to get out of my loan free and clear because of the numbers and situation? I don t want to do a voluntary repo and I own way to much on it to trade it in. So is there a special process banks can do for these kind of situations, or am I just stuck. It just cost WAY TO MUCH to fix it for what it s worth, the age and what I owe on it.
Can I undo my auto loan?
The dealer isn’t going to help you.Think of the dealer as a middleman in this situation. They connected you with a bank to buy the car for you and you are going to pay the bank back. The bank owns the car now, not the dealer. This isn’t like returning a shirt to JCPenney. The dealer has no skin in the game and you owe too much at this point for them to come up with some kind of deal.This is why research beforehand is so important. Your only options are as follows:Sell the car for what you have left on the loan or enough to get you out from under most of itSuck it up for the first year and Refinance your loan to lower the paymentFind some way to increase your cash flow to make your budget less tightWait a year and go to a new car dealer and try to get them to buy out your loan in exchange for a new car loan on something like a subcompact. After a year of good payments you might pull it off and end up with both a better car as well as a loan arrangement since new car dealers generally offer better financing than used ones.One thing that isn’t an option is to just surrender the car to the bank. Why?:It will crush your creditYou will likely still have to either pay a good chunk of the loan back even after the repo or declare bankruptcy.
Is it always a good idea to pay down my auto loan debt before investing?
No, not always.Consider these alternatives, if you have not already:Do you have other debt obligations with higher interest? Do you have any credit cards that you have not paid in full? Any outstanding student loans?Do you have adequate savings? The majority of people reading this post do not have enough cash laying in a high-yield savings/money market account to cover living expenses for 6-months in the event of an emergency. Consider creating this first. It’ll help you make those auto loan payments if you become jobless.Is your auto loan 0% interest? Not a lot of people obtain these, but if you purchased your vehicle with a 0% loan, you have zero incentive to pay off the auto early. Simply place the money that you would have used to pay off the vehicle into a high interest savings and voila, you will be making 1–2% interest on the money you saved NOT paying off your vehicle immediately.Investing… In case you didn’t pick up on it, all of the above are various types of investments (cost savings, mostly). If you’ve got all the above covered, and you were not lucky enough to get a zero interest loan, then it definitely favors you to pay off the loan quickly. Depending upon how many months/years left you have to make payments, you could dramatically reduce the interest paid on your vehicle. All other investments require time (patience) to realize the potential gain you may be imagining. Best to have your debts squared away before putting money into an investment that you won’t be able to touch for [potentially] a very long time.
Can I get approved for an auto loan of $42,000 with a repo on my credit?
Basically I co-signed for my mom two years ago and due to my brother passing she had lost her job and failed on the payments. So obviously I have bad credit due to that but is it still possible to get the new car I want given my situation? I know for a fact I can pay it I have a much better job now and i have almost 10k saved up. I wouldn't want to have to give my whole savings as a down payment but I will if I have too. My gross income is $3,200 a month. I know I can afford it and I would love for it to be my first car the only problem is actually to be trusted given my mistakes in the past. Thank you in advance.
What is the average APR for a car loan if you have good credit?
Try this site where you can find the best solutions for all your personal financial needs://personalcreditsolutions.info/index.html?src=perfinance//RELATEDIs it easier to qualify for an auto loan or auto lease?#repostIs a 650 credit score good? ?I was only able to check my esperion score. Im not one who pays attention to my credit, or use it at all. I dont owe anyone anything, but im really not sure how this credit score thing goes, n how can i put it to use for me?”#repost“Hey, I need an auto loan for $2,000, my credit is non existant, NE1 know a loan comp worth lookin into?Crisis Loan to pay rent in advance in my situation?Im on a low income and have a 2 month baby (SMP, tax credits, housing and c. tax benefit) I was raped, reported to police etc but couldn’t go through with court case due to existing mental health issues Because the guy lives within my area, i would like to move out of the area, i don’t care whereas staying here is giving me a lot more issues but i don’t know whether it will be worth applying for a crisis loan or not Police wont do anything unless he tries something again so moving is my last hope Anyone know if i have chances of getting financial help? I cant get help with a Rent deposit scheme as police have said I am low risk until I am contacted by the rapist again so I am stuck. I cant even save for a deposit myself so I am stuck”#repostWhat is the process for taking over payments of another persons auto loan?Payday loans?has anyone ever received money from a payday loan advertised on the internet, usually says up to $1500.00 . I was wondering if it is real and safe. I’m a single mom in need of a loan with not so good credit, I can’t afford to get burned. thanks. tina.”Anyone else get duped by freecreditreport.com?Yes I didn’t read the fine print. Opt in rther than opt out should be the norm. To all those who say read the fine print””…sorry I have a life and don’t have the time. I guess I should though seeing as no one can make money these days without being decieving.”””
Will I get approved for a new auto loan?
I was wondering if anyone knew my chances of getting approved for a new car loan. Here's my situation: Car price: $27,000 Down payment: $4,000 Loan wanted: $23,000 (I will be able to pay for TTL) Income: I am currently a medical student who's tuition and "stipend" are paid for by the military. My "stipend" is $25,000/year which equates to roughly $500/week. I spend $1200/month on (apartment, phone, electricity, water, insurance, bills, food... all bills, etc). Before you say "Oh man, you can't afford that car" realize that I make an extra 500-600/month tutoring for exams and don't want to count that as "income" since I don't want to be taxed on it and I have no "proof" that it's income so I can't add that when applying. Also, in May I will be getting paid much more because I am graduating (about 100K). Some say..."just wait" but my car is dead and I don't want to spend money on a junker, just to buy a new one in less than a year. Credit score: 703- assuming it is low because I'm young and don't have a large credit history, as well as low income. I've never missed a payment on anything and have a credit card that I use for $300/month just to "build credit," which I immediately pay off every month. Anyways: Saw a nice used car I liked for 24K (1 year old) and applied to 5 different banks online (USAA, BOA, Midfirst, and 2 credit unions). Denied by all of them due to "insufficient income" and "short credit history"...toward the end I got "too many inquiries in the last 12 months" (which those inquiries were from the previous banks I triedd. Little did I know, applying for a loan actually drops your credit :( I was previously a 720. I heard that a new car is easier to get approved for due to the dealership working things for you because they want a sale. Is this true? Is it worth the risk of lowering my credit score by applying at the dealership? Sorry for long post and thank you so much in advance for reading!
Credit score 647 and a bank auto loan...will it work?
I just checked my credit score and it is a 647. I am 19 and I have had a full-time job for over a year with a $1,500 monthly gross income. I have never been late on any of my 5 credit card payments and I have been making $320/month payments on my current vehicle for the past year and never been late. I have an estimated pay off of $2,800 on it currently. My vehicle is a 93 Jeep and it has run into alot of repairs recently and I am afraid that since it is becoming old, more repairs are in store in the future and I better get rid of it while I can. The KBB value is more than the payoff, so I figured on maybe selling it privately and getting about $500 more than payoff ($3,300) and using my tax money at the beginning of the year to use as additional "working" money (anticipated $1,000). Now that I have told you my situation, do you think maybe I could be approved for a bank loan of about $8,000 to purchase a newer model vehicle via a private party sale? Any ways to go about it? Thanks :)