Help finding an auto loan with low credit score?
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i have 601 as my credit score. i am 22 and had a couple credit cards go to collections which i eventually paid off,and is on my credit report as delinquent.charge off. i finished paying the last collected credit card off this past february. i now have one secured card and one unsecured credit card to help me re-establish credit. i just got qualified for another credit card to help add more credit history and more open accounts to my credit report. they are all minimum amounts of 300. i'm looking into getting an auto loan for a vehicle. my current vehicle is currently worth 3 grand. i need about 8 grand more. to pay off my student loan and receive the vehicle of my choice. i understand my interest rate will be high with my low credit score. are there any places that are legitimate that i could actually get qualified for an auto loan through? ive heard about credit unions and dont know much about their auto loans. do you have to be married to get an auto loan through them?
Help finding an auto loan with low credit score?You're doing the right thing to try and get your credit rating back. But, it's going to take awhile before you're in the 700's again. I also heard the other day that the formula for figuring out this FICO score is changing and it's not going to help people with already low scores. No matter where you go you are going to get a high interest rate. (It also depends on your debt ratio.) Try the bank that you have an account with first. Also, if you have automatic payment from your checking account this could lower your rate by a quarter or so. I suggest you shop around. And, no, you don't need to be married.
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