Is it possible to get a car loan with my current credit status? Please Help me with some advice.?

Question

I am 28. There are two defaults on my CR rating, both paid. One of these comes off my file in 60 days. I am currently on 55K, and will move to 62K in the next month, and have been fully employed at the same company for 2 years. Currently No mortgage, No credit card and No loans.

Answer 1

Yes, but it depends on who wants the business. Car companies because of the economy are almost giving cars away. Since you are 28 I assume this may be your first car since you are not doing a trade-in. I recommend you save your money and pay cash. If you are desperate buy a used car. Most used car companies are looking for get it sold now money. $500.00 used. With your income you can work on a used one yourself if you can find a good mechanic. It can be fun if you are a person that loves making your own accomplishments. Options now in the economy is buy hybrid/no fuel vehicles. Talk to an auto mechanic they give good advice. Good luck!

Answer 2

How much of a car loan are you trying to get?

What is your credit score? You have to have atleast a credit card to establish credit.

You may be able to get a car loan. I can't say for certain. You need to establish credit.  

Answer 3

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Answer 4

I think you're going to be totally fine.   Your interest rate might not be great, but car salesmen will approve just about anyone for vehicle financing.  Your situation doesn't even sound that bad; you'd probably be ok to get a 10k loan even from a bank if that wasn't such a slow process.   I'd suggest putting 7 or 8k down and keeping the extra 2 or 3k in the bank for a future emergency.  The dealership will let you know for sure, but I think you'll find the process pretty easy if you're willing to put 33% down on a 20k car.

I've bookmarked this site to go back to next time I need a loan...

http://www.knowledged.info/go.php?link=a...

All the best to you.