texasjess


I recently totaled my car. I now need to get a new/used car. I have poor credit rating and a recent foreclosure, and a FICO score one is 545, 526.

7 Responses to “Can I get a auto loan with poor credit, FICO score 535 and nothing down?”

1. Aaron M. on May 5th, 2009 7:47 am

   Well, you can go to a cheap dealership (where cars are at $1000 and up) and they will probably approve you, or you can get a piece of junk that runs for like $500 with a credit card, or if you’ve been with your bank a long time, they should approve you for a loan if you’ve done good business with them, you may have to fight for it, but, with enough effort, you can get a car.

2. Wife&Mom on May 7th, 2009 8:48 pm

   It’s possible but if someone does finance you be prepared to pay an outrageous amount of interest. You may want to try a small car lot that has in-house financing.

3. sabfalter2010 on May 9th, 2009 6:20 pm

   Apply on line at Capital One. They maybe able to help you out!
   Their web address is

4. Jay P on May 10th, 2009 12:27 pm

   The foreclosure and low scores are going to hurt. It is not likely that you will be able to get financed for a loan of any great size. If you do, it will likely be at an obscene interest rate. I would definitely not borrow with rates that some people report on here like 15-25%. I would scrape together what you could and buy a used car that runs. Then build up your credit for the next car. Don’t build a higher mountain of debt then you may already have.

5. Tom V on May 10th, 2009 12:55 pm

   You can, but you will need a larger down payment and pay a high interest rate.

6. fisherwoman on May 13th, 2009 5:30 am

   No, you’ll need a cosignor at best. If you go to a “buy here,pay here” lot, with a cosignor, you’ll still be looking at an extreme interest rate. 30% is not uncommon for these type of car lots.

7. ar0d77 on May 15th, 2009 4:47 am

   texajess, i had just endured a repossession.. i went thru over 20 dealerships and all wanted something down because of the repo.. the lowest downpayment i found was from this company called JD BYRIDER.. they are located everywhere.. their downpayment was only $200.. they report to all 3 major credit bureaus and they are the only used dealership to offer a 2 year warranty on their vehicles.. their loans are for 3 years and give you a pretty good interest rate.. check them out.. other than that i was told a co-signer with excellent credit will get you out of a downpayment from a major dealership..

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