How can I get a car loan with a 645 credit score?
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I was turned down by two credit unions today for a ,900 auto loan. I am looking to buy a 98 Z28 for ,000. I will be putting ,100 down. I make k per year. The credit unions both told me my score was too low to approve the loan. Any suggestions on where to go to get a loan so that I can buy this car? Thanks!
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Julia H said:
Your best bet would be to get a car from a dealership. Many of them partner with sub-prime (high interest) finance companies and you will probably be able to get financing. Private financing from a bank or credit union is going to be out of the question unless your FICO is in the 700s (by product of economic conditions…those lenders have tightened standards considerably).
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0March 24th, 2010 at 7:56 pm -
Thunderwave said:
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.
http://loan–house.blogspot.com/2008/03/bad-credit-loans.html
Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.
http://loan-house.we.bs/badcreditloans.html
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