Is a credit score of 551 bad and can i get a car loan with it?

is a credit score of 551 bad and can i get a car loan with it

Is a credit score of 551 bad and can i get a car loan with it?

Auto finance is what I do for a living and auto loans are based on the following factors;

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Miles on vehicle.

5. Time on job.

6. Time at residence.

7. Down payment.

8. Monthly income before taxes.

9. Credit score/profile.

10. Debt to income ratio.

As long as the above numbers are within the lenders guidelines, there is no reason you can not be approved for a auto loan.

I look at credit every day and get people with worse scores then your approved every month.

Go to your local dealer that advertises Special Finance and talk to the Manager, they will be able to help you.

Is a credit score of 551 bad and can i get a car loan with it?

Sure, there are always going to be lenders willing to give you a loan no matter what your credit score is as long as you meet their basic criteria for income and such. But they usually have a much higher intrest rate.

Is a credit score of 551 bad and can i get a car loan with it?

551 puts you at High Risk, but as the answer above states that you should always be able to find a lender.

Is a credit score of 551 bad and can i get a car loan with it?

I had a 555 last year and got a car with it. It also depends on how much you put down. This year I have a 603 and I put 5K down on a 45,000 car. I pay 632 a month, but add about 100 to that to make less payments

Is a credit score of 551 bad and can i get a car loan with it?

its fair, it could be better and yes you can get a car loan, but your interest rate will be much higher and the down will be higher as well due to the lower rating.

you can adjust the interest rate later after paying for 2 years at the higher rate, go back and renegotiate that. just have no late/no pay months

Is a credit score of 551 bad and can i get a car loan with it?

To the guy who paid $632 a month for a car,

WOOOOOOOOOOW!!!

That is almost my rent!

There is nothing more painful than buying an expensive car with tuna fish credit.

Is a credit score of 551 bad and can i get a car loan with it?

Car dealers love to see someone with a low score, used car dealer especially, A car is the one thing most people are likely to pay for before anything, and with GPS tracking, selling a car to anyone is very low risk, Car dealers make most of there money off of the lease payments. So don%26#039;t worry about being able to get a car, its just how much you will have to pay monthly.

Is a credit score of 551 bad and can i get a car loan with it?

There are more factors involved in a loan than just your credit score, but the answer to your question, is that there are lenders, and you can find them on the Internet who can get you a loan.

For help with lenders go to http://www.refinancingyourvehicle.com/ towards the bottom of the site you will find lenders to help you.

Is a credit score of 551 bad and can i get a car loan with it?

Your credit score is not good, but you can still get approved for a bad credit car loan with E-Loan, HSBC Auto or 1-800-AutoYes.

However you will pay in with higher interest rates and a larger down payment.

Is a credit score of 551 bad and can i get a car loan with it?

Hi.

This site is well recommended for credit repair:

http://qurl.com/ksh9f

Is a credit score of 551 bad and can i get a car loan with it?

It%26#039;s definitely not great. You will definitely get financed, but your interest rate may be high

Is a credit score of 551 bad and can i get a car loan with it?

Bad credit car loan is designed for people with bad credit problems. Bad credit situations like defaults in repayment, County Court Judgment s, bankruptcy, arrears, etc., can lead to bad credit.

http://badcredits.awardspace.com/guarant...

Lenders often feel reluctant in offering car loans to bad credit holders as lots of risks are involved. But, don t worry, you can avail bad credit car loan for purchasing your dream car.