think i can get car-loan with this credit score??

Probably i would get a subaru legacy gt for me and my new wife, but my credit score is kinda low.

it is now between 580-600 points,

 

It got to that level cause in the past my parents were in money

problems and needed loans, but on my name, a lot of times we were late in payments, some collection, but at the end, my grandpa as a gift paid it all in full, and the only thing left is my school loan that is still $3,000

left, but im paying everything on time since 2005

 

so, you think it may be possible to go to a bank and get a auto-loan for $20,000 with a interest that wont kill me??

 

any information on how to help me in this matter would be appreciated.

i'd say you're looking at a 5-6% rate. a lot of other factors apply. have you seen your credit report? are there any negatives (i.e., accounts currently in collection, high revolving credit, etc.)? you may be better off checking with your bank and seeing what their car loan rates are at. then you can go to the dealer and either talk them down better than the bank rate, or take what the bank is offering.

I'd say with that score, it'll be tough to get anything below 10% from a conventional lender. You may qualify from subaru financial though. They are a bit more forgiving on the interest rates. Their tier 3 interest rate is 5.9%. I was around that score several years ago (stupid college, or actually stupid me while in college), and I tried to get a new honda....best interest rate they would give me on my own was 12.9%. I ended up getting a cosigner and got 4.9%.

I'd say with that score, it'll be tough to get anything below 10% from a conventional lender. You may qualify from subaru financial though. They are a bit more forgiving on the interest rates. Their tier 3 interest rate is 5.9%. I was around that score several years ago (stupid college, or actually stupid me while in college), and I tried to get a new honda....best interest rate they would give me on my own was 12.9%. I ended up getting a cosigner and got 4.9%.

well, my wife is gonna be my co-signer, so it may help

When you have a cosigner, they usually average the two scores. Good Luck

You are going to get clobbered.

Well I used to sell cars. So I know a little bit about this. There a few things the banks will look at besides credit score. Your gross monthly income is a major thing. Are you or your wife financing a car now? Down payment is also a big thing. Banks like to see customer participation besides the rebate. You can have a low credit score but have good car credit and the banks will give you a decent rate. If your wife has better credit put her name first and your name second. That usually helps a little. With what little you have mentioned I's say your looking at a 12-15% intrest rate. Remember you can always refinance in a year or 2 when you have a much better score. Good luck.

You can apply through www.capitaloneautofinance.com and it will give you an idea of what you're going to get..

 

i have a 680 and i got the 2nd to best promotional rate that suubie had,

As jfdeuce was talking about everything isn't score based. It's what kind of car you are buying, if it's used what year and mileage it has, how much you put down etc. You can have a high credit score but have no real credit history and get hit. If you want a good rate get a good co-signer. If your wife's score is worse then your score isn't going to really help. The more money you can put down the better. Banks rather have you finance a new car instead of used too so that helps you. Hopefully if they work hard enough for you they can get you the promotional rate but sometimes it's not possible. Refinancing is probably a good option if you don't get the promotional rates. A score like yours probably would get you in the upper single digits to teen's easily for a rate.

To get Subaru's best rate they require a 700 or above. I used to work in the credit repair industry and I can tell you that the difference between a 700 and an 800 is that the guy with an 800 has just had perfect credit longer than the guy with 700. Once you get past 700 its all pretty much the same. You'll get the best of what anyone has to offer. You need at least a 600 to even be considered. Most require a 650 to get decent rates. Between 600 and 650 you can say you have pretty good credit. If there is a 5 in front of your score then you are going to get screwed on interest rates more often. I wouldn't apply for major purchases with less than a 620 if I was looking for good interest rates.

You will look at a rate of 10-12% on new, close to 20% on used. Assuming lots of other factors.

I have that score due to where I was unemployed for 6mo and my score took a crap... I got a 8% loan on my subby and had to shop around before getting a place to approve it.

Just applied for my HELOC (home equity line of credit) and they told me that my credit score is 806

 

Not bad! When I bought my house 1.5 years ago it was low 700's. Crazy stuff

damn that's almost perfect. I am in the market again for a home. Once you get a mortgage your rating goes up a lot. Simply because you have something you can sell quickly and make money on... I guess. lol... that's what I did with my old home to pay off all my debtors... wish I had stuck it out now because it's worth 50k more than what I sold it for, but it was a financial hole I wanted to get out of... still paying for it with the score, not being able to get good rates, or any assitance at all... I got pre-approved, but only for one of the worst morgages you can get... 2/yr ARMs... hopefully the score will go up over those two years, the real estate market wont crash, and I'll have a good enough score to refinance to a 30yr fixed at a good rate... and now I'm priced out of the market...

Sage79 ... with a new wife, why not try to work on getting the credit str8t? Why buy a car, knowing you are going to get dinged for missteps in the past? I think it's much better cruising the streets in a hooptie with solid credit than having a cool car with a not so steller beacon rating.

 

Just my opinion ... I just didn't read any of this guidance from the other posts.

if he doesnt miss payments on the car, it should help his score recover I would think. He needs recent activity that shows he pays his bills on time, and is not a bad debtor.

If he can get a loan aproved at a rate he's okay with than that will help his credit. Provided he's good with the payments. He's a grown man he can make his own choise wheater or not to buy the car. He has to buy something on credit to improve his score. Either way he's going to get dinged for misshaps in the past. Buying a car builds your score up pretty quick. not like buying a house but still helps faster than most things.

down payment is a pretty big part of approval. my credit isn't good but it isn't horrible(i guess, since i was approved). I was declined at $1500 down but approved at $2500 down and got 2.75% for 5 yrs. Good Luck Chief!!!!

If he can get a loan aproved at a rate he's okay with than that will help his credit. Provided he's good with the payments. He's a grown man he can make his own choise wheater or not to buy the car. He has to buy something on credit to improve his score. Either way he's going to get dinged for misshaps in the past. Buying a car builds your score up pretty quick. not like buying a house but still helps faster than most things.

well, thanks for the comment, i really needed that cause i was starting to loose faith, the reason is, i got a 2 seater truck that uses a $#!T load of gas, and im quite tired of it, and yes, my score will build up quickly if i get some kind of loan and pay everything on time, and by next year, i just re-finance.

 

I just gotten married, i got a wife, and i always hang around my brother and sister, and is impossible the hop them in my current car, and also, gotta think about future baby, best damn car for the 2 babies, my future kid and......me

Well, last I checked, my score was not the greatest (575) about 8 months ago (should be better now though). I was unemployed for about 10 months and it went downhill quick (thus the low score). I got a new job about a 13 months ago, got caught up on the bills, and 8 months ago started looking at buying a house (thats when I got my score). We decided to wait, as I didn't want to "settle" on a house and realized that in 2 years my wife's car would be paid off, my son would be out of daycare, and an old loan would be paid off. Now, I needed a new car (mine was 2 door and older, higher milaege) so we decided that I also needed a new car. I sold my 95 Z28, put 4k down and got 2.4%/48 months. I know leases are easier to get but it was still cheaper than the 6.4 they wanted to give me to purchase. Look into a lease, as you have the option to purchase at the end anyway, and usually get a better % rate. Just my .02,

 

 

Kyle

What's the best way to check your credit rating?

 

I understand a new law was passed recently regarding free credit reports? Is that law in effect yet?

I would say that one of the most accurate ways to check is through http://www.equifax.com

They charge $10 per credit report. If i remember correctly their report provides you with the date that a credit "negative" will expire(be removed from your report). They also offer other services if you don't mind spending more.

Get all three free once a year. Check it out:

 

https://www.annualcreditreport.com/cra/index.jsp

 

You will have to pay to get your FICO score though, it is worth it though to know all 3. Should only be $3-$8 at the end of finding out your reports. Be careful because all three Companies will try to get you to sign up for their reporting services. It's good to compare all three reports though.

Thanks AWD VER. That's a nice website, esp. considering it's a product of government action. Guess I have to wait till September, per the rollout schedule.