Can I get an auto loan with a credit score of 545?

Recently the transmission went out in my husbands truck and the price to fix it is more than the truck is worth. We decided it's time to buy a new truck, but I'm concerned that we don't have the credit to finance a $20k truck. I have financed a car before and all of my payments were made on time, and the car is now paid off. I pay all my credit cards (3) off every month, on time. We did have a large amount of debt, but we took out a loan (with a co-signer) to consolidate our debt. What are the chances with I could take out a $20k auto loan with this credit score?

Oh, I forgot to mention that we would have a down payment between $3k-4k.

Well first I have to say with a credit score of 545 something went horribly wrong. You say you paid off the last vehicle and make timely CC payments but that score is practically rock bottom, what happened?

The short answer to your question is yes, auto financing companies are more than happy to lend to people with bad credit for two reasons: Obscene interest rates and the likelihood of default. If you default on your loan your interest goes even higher and if the vehicle is repossesed they recover the auction price and you are still beholden to them to pay off the rest at userous interest rates. They make a ton of money off of you. Not to mention the late fees they will hit you with. It's an unethical, predatory, practice to entice someone with loans they have proven they are unable to pay off. But there are plenty of companies ready, willing, and enable, to trap you into an astronomical interest rate. Car dealerships all maintain relationships with sleazy finance companies to get you into a car. Capital One is probably the biggest player in the game.

I would forget the 20K truck and look for something more within your means. Absolutely nothing wrong with buying pre-owned at less than half the price. With a credit score like yours your options are very limited when it comes to financing. The dealership will most likely put you into a truck at 20% or higher interest, in some states they can legally charge you as much as 35%, just be prepared to pay out the nose. Also be prepared to pay your bills on time, every month, to increase your score. Then within 8 to 10 months you should look at re-financing with another comapmy at a lower rate. There is relaly other way you can do this.

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Your odds of securing that loan with those circumstances are better with an independant lender than they would be with the lenders the dealerships use plus your rate will probably be lower. The following site has a free quote feature for car loans. You can see what you will qualify for and what the payments will be.

Anyone can get a loan but with that credit only subprime lenders will even consider you - and at crazy rates (20%+). If you can use a co-signer again that will save you a bundle.

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