Does anyone know anything about auto loans?

Deal Score0

Does anyone know if there is a a specific cutoff for bad credit where they won’t even think about giving you a loan?

Or if you’re willing to deal with a really high interest rate, and you’ve been doing pretty well on all you’re credit payments over the last few months and you have a really good job with very few other financial obligations (no mortgage) will they be at all willing to work with a bad credit score.
And by bad, i mean about 520-560. yeah it’s embarrasing.
I was a stupid teenager that didn’t have any idea what a credit score even was. But now I’m fully educated on how credit works and i’m trying to get my score back up.

Oh and the amount of the loan would probably be under $ 8,000, or less if it needs to be. I just need to find a reliable car for work and going to school part time.

If there is a loan officer or somebody out there with real information and/or tips, i would be extremely grateful.

Thanks.

4 Comments
  1. Reply
    J W
    May 3, 2011 at 8:02 am

    I’ve worked in car finance 20+ years.
    The only way you will get into a car with that credit score will be to put at minimum 40% down.
    I would suggest you try and find a cowsigner if at all possible.

    I wish I could say more to help you, but sadly thats all you can do. If I were you I’d consider going to a credit repair agency…I’ve seen them help people raise there scores up to 200 points within 6 weeks.

    The best of luck to you

  2. Reply
    Danica
    May 3, 2011 at 8:31 am

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  3. Reply
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    May 3, 2011 at 9:18 am

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  4. Reply
    Jiang F
    May 3, 2011 at 9:27 am

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