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Can You Get an Auto Loan With a Low Credit Score?

Wednesday, Aug 19 2009 13:30

Q: Would it be hard now the way things are for me to get an auto loan with my scores being 541 (Transunion), 518 (Experian) and 570 (Equifax)? Now these credit scores are from 6/16/09. Or what would be my chances with a score between 602-632?

Missy - Tunkhannock, Pennsylvania

A: To many seasoned lenders (paper buyers/credit analysts), the credit score doesn't tell the entire story. If you have a great paying job that is stable and your personal bills are low (35% of your gross income or lower), you have a great chance of qualifying for an auto loan. A good down payment to support a great LTV or loan amount compared to the vehicle value of 80% up to 90% to finance of its value is a great situation and a lower risk factor to the lender.

Agustin Vasquez, Jr., General Manager, Mack Massey Chrysler Jeep Dodge, El Paso, Texas

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Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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