car financing....some more details aded?

Question

Car financing.....................…
let say I have a credit score 500 to the best at 600
but with a bad credit history and I want to buy a car in the amount of 10000 to 11000$ with a 3200 to 3500 money down
do you think I can get a loan in these days or no
thanks a lot



my debt is not that bad like 5000k
but what i take home is like 1100 a month total with tax included

Answer 1

You're clearly getting a lot of answers from people that have never worked at a car dealership.



If your score is 500, not a chance, don't bother trying.



At 600, not likely, but maybe.



Frankly, if you know your credit is bad, it's probably worse than you think it is. If you just had a repo or foreclosure or know you've got things currently in collections you're probably in the mid 400's.



If it's just $5,000 in debt that your worried about, it's not a big deal at all. As long as you're current you very well might have a great credit score. But, with only $1,100 a month in take home they will tell you your debt to income ratio is out of line and you won't qualify.



By the by, with good credit, the loan you're looking at would be about $200 - $250 a month. Probably out of reach to have a car payment that's 25% of your before tax income.



The one answer was partially correct, the dealer's all WANT you to buy a car. It's the bank that won't lend the money to someone that has a track record of not paying the money back once they get it.



With a credit score of 600, there's no way you'd qualify for a 12% loan. you'd be looking at a lot closer to 20%, maybe even high 20's. The legal max is now 29.99%.



If you've got 600, your debt to income is what's going to kill the deal. No real harm in trying though. Go ahead and get out to a dealer, don't go with high hopes though. I think your chances are less than 1,000 ; 1 to get the loan.

Answer 2

1) How long will the bank carry the loan? On used cars you generally are looking at 4 years max. Sometimes 5 years, depending on the age of the car.

2) What interest rate will you get on a loan. With not so great credit, you could be looking at something like 12%, or more.



A 10K car with a 3K cash downpayment financed for 4 years at 12% would be a monthly payment of $184.34

Answer 3

it depends on where you live and what kind of vehicle it is. you could probably get financed but they could hit you with high interest or other tricks. such as a lower interest for a longer term. example: if you were to finance the max of 7800 for 60 months at 6% interest your payment would be roughly $150 and you would pay $1200 in interest. or if you were to finance same amount for 72 months at 5.25% you would pay $125 a month close to the same in interest, and be in a contract for an added year. if i was going to advise you i would look into saving more for as long as you can and buying closer to a complete outright purchase. good luck with it. would help if you had what your expenses total such as you make 1100 but are your expense $50 or $700 a month the will look at that also.

Answer 4

Buy something with that down payment.



I saw your other question, but the answer would be the same.



You have no business acquiring that much more debt with such little income. ANY lender will agree with me.

Answer 5

I think you could, especially with money down. Car lots want people to buy because their market is so bad. It's worth a shot. People who've filed bankruptcy and have poor credit can get cars in that range, so I don't see why you couldn't.