Is it possible to buy a car in chicago with a fico score of 520? can anybody help me out?

Question

Is it possible to buy a car in chicago with a fico score of 520? can anybody help me out?

Answer 1

Buy here pay here probably. Legit dealer, co signer will improve your chances. Secondary finance now is looking as 550 as it's bottom score currently. That being said, I have seen 480's get bought and 625's get turned down.

Legit dealer cosigner and cash down will be your friends ;)

Good Luck!

Answer 2

If you have a cosigner your odds will be a little better

Answer 3

Betty... I would be willing to bet you probably can. These car dealers are going after people with bad credit now a days.. The question is what will your interest rate be ? You could no doubt get a loan but you will be charged loan shark interest rates . Depending on your situation my not really be worth it... Hope that helped...God bless you !

Answer 4

generally most banks like to see a score of 550 or higher.  With a co-signer your chances are better.  But you will still have a really high APR.  And you might be required to put more money down.  I'm an ex car salesman, your chances will also depend on your circumstances.  if you have had good credit for the last year or so that could help you, but if you have had any delinquencies in the last few months that will probably keep you from getting any kind of credit

Answer 5

With that score it shouldn't be very hard to find a lender that wouldn't want to work with you on getting a vehicle. Lenders like to go off of your past payment history, how much you earn income wise, your debt to income ratio or how much you owe others, and length of employment at your present or past job if you just got a new one.

You might not get exactlly what your looking for when it comes to make and model of the car. But hey car dealers would go out of there way to get a sale.

Before you let them go off and run your credit word of advice is this. Dealerships their finance guys that are looking for the lenders to give you the loan. What they would do most of the time but not all is they are going to shop your credit around until they find that one lender that approves of your credit status and give you a loan. If you would have a score of 600 or above and not have much debt  they would have a lender in mind for you already unless you have already gotten one picked out.

Thus with your score it's a lil harder and they would send out a chain of credit applications to there lenders they work with and that many of inquires for credit would actually bring your score down. So be careful before you give them your SS#. Let them know this is your score, how recent it has been posted and if they would know off the top of there head who which lender they have would accept your loan application.