How can I get a car loan with low FICO/BEACON score?
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Posted by FirstCarAnxious
(204.30.211.67) on May 27, 2002 at 15:46:37:
PLEASE HELP: I have just retrieved by credit report from Equifax and learned of my terribly low FICO/BEACON score of 514. I have been employed for 2 straight years, making $38K, living at the same address for 1 and 1/2 years (in Georgia). I have two good current tradelines that are student loans for about 10 months. I figured out that I can afford between $350-400 in monthly car payment (never had a car financed before). What are my chances of getting approved for a new car loan of up $10,000? If so, what do APR and down payment situations look like for me? Is anyone with similar situations (low credit score, no co-signer, first time-buyer) and willing to share or give pointers? I haven't called the car finance folks yet since I'm not confident that I will get approved. Or do you know of any car/finance company that might be willing to work with me fairly? Thanks in advance...
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