Overhaulin'

What are the chances of getting a new car loan with a credit score in the lower 600s?

I recently looked up my credit score to see where I am at b/c I am interested in a getting a new car b/c the one I have is causing to many problems and it seems pointless to keep fixing it...what are my chances of getting a decent deal with trading in a 2003 Mazda 6 for a new car (toyota or honda) with my credit score being as it is? Any advice would help b/c I am completely clueless and need all the help I can get Thanks

Public Comments

1. in this stagnant economy you are going to need a cosigner at the very least. and dont be surprised if they ask for 20% down to solidify the loan and give you a high interest rate
2. Darn good in this economy. In fact one of the big three would probably finance it then selves for you
3. Look up the trade in value on Kelly Blue Book (www.KBB.com) and find out if it is better to trade in the vehicle or sell it on your own. Next, visit the dealership and let them know you are just looking. Try out the cars you want, tell them what your credit scores are, but DON'T LET THEM RUN YOUR CREDIT. This means you are just looking, and they will be desperate for a sale. Find out what you can afford, what the dealer is offering, then sit on it. Then, decide if you should take the trade in (generally a bad idea) or sell it on your own. When you know what you want to pay (research on KBB.com for invoice and target prices), then you contact multiple dealers via the Internet sales / fleet sales department. Let them know you are shopping multiple dealers so they know they have to cut out as much as possible. When you know what you want, you know what you want to pay, and you know if you are going to trade / sell it on your own, you are ready and informed. Takes time, but will save you thousands in the long run.
4. you will need cash down, no way around that. You will most likely need a co-signer as well, so get that figured out before you go looking. Like the guy above me said have around 20% in cash to put down. Regardless of how the auto companies are doing, there is a credit crunch. If you dont have real good credit all bets are off.