Monday, November 16th, 2009

Car loan with a Credit score of 593 ?

Gyronda asked:


So i Figured out that I have a credit score of 593, that 7 points shy of the cut off for auto loans from pretty much EVERY bank around. I have paid off old debts, but I guess it take years for it to come off. I make 35000 annually and have around 1700/mo of dissposable income. I can easily make a car payment. I am in teh market for a new auto b/c my old one doesnt have much left in her. Is it possible to get a loan for the car i want it isnt very expensive 24000. I missed the tier by 7 pts and now I am seen as an outcast. Credit is the biggest load of BS ever but i should have kept my finances in order back then, anyway I really need a new car or a newer car and I know that by paying on time for a few months it will look great on my credit and raise it but I cant get to that point because of 7 points. Does any Yahoo! user knwo of a way or bank or place that will finance a person with a score of 593? I am open minded.

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5 Responses to “Car loan with a Credit score of 593 ?”

souljaerika Says:
November 17th, 2009 at 4:42 pm

Have you tried your bank? That’s where we got ours from and we don’t even make half as much as you and we got a car in 2006 that was a 2004 totaled it and got a car last year that was a 2005. Have you checked your FICO score? It’s almost like your credit score. Talk to the bak loan officer and tell them your situation and ask them what it would take for a loan. Or go to one of those billy bobs used cars, but a nice one that sells nice cars.

xbluebellax Says:
November 19th, 2009 at 8:24 am

If u think u have a few months before this old car dies, I would try increasing your credit limit.on your card. Or applying for a second card and charging very little to it. If you have a smaller credit/debt ratio it can raise your score by a good bit…it’s brought mine up nearly 20 points in the last few months. Since you’re almost there I would put it off and check your score again in another few months. Another 7 points should not be that hard to obtain.

Marry M Says:
November 20th, 2009 at 8:03 pm

your credit score 593 is not enough for applying a car loan but .don’t worry its better for you to try for an online loan.some banks lend loans if you also have bad credit.i think that the below website will help you to find right solution.

Nosy Posey Says:
November 22nd, 2009 at 8:47 pm

The quickest solution is to make sure you use no more than 30% of your current credit accounts. You can’t immediately fix your history, but with your credit account usage accounting for 30% of your credit score (different 30%), you can bump up your score by about 10-15 points within the next few months (2-3).

So if your total credit accounts allow up to $2100, don’t use more than $630. Keep usage low because creditors see this as overextending yourself.

I hope this helps. Try to see what’s available. But, do it once your score is up to where you need it to be because the credit inquiries will temporarily bring your score down a few points (tricky, I know). Or, you could try, which is owned by Triad Financial (a widely known financial corp).

Goe U Says:
November 22nd, 2009 at 8:56 pm

You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.

This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.

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