I just checked my credit score and it's "very poor" - can i get an auto loan?

Answers:3   |   LastUpdateAt:2012-10-11 08:39:02  

Question
help please:)
Asked at 2012-09-22 23:44:03
I have no delinquent account , but I have a mortgage , car note , student loans , credit card debt , etc. MedlinePlus MedlinePlus With $ 1000 + payment and pay my current car loan , could still qualify for a new car loan on my own?
Answer1Rachel CoxAnswered at 2012-09-23 18:39:04
It will depend on their debt ratios . You should probably pay your current car loan first, and pay the credit card too. MedlinePlus MedlinePlus If your credit score is " very poor " , may not be able to finance a new car . You may have to buy a used car, but this may be a used car that is 1 year old and still under factory warranty . In addition , you will get a higher interest rate than someone with good credit .
Answer2JeromAnswered at 2012-09-29 16:51:04
Sure, you can get a car loan , but perhaps the interest rate will be quite high as 8 or 9 % . also usually take a full 20% less than what the car is worth . You can always get a loan even if your credit score is slow , it's just you have to pay a higher interest rate .
Answer3DarianAnswered at 2012-10-11 08:38:18
It is impossible to know. You did not say what your score is. If it's 540 or more you can get approved as long as your debt-to- income is not high . Oh by the way , anyone who thinks 8% or 9 % is higher for people with bad credit should not answer such questions . MedlinePlus MedlinePlus I every day people from low teens contract high .
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