Overhaulin'

Can I get a car loan with a 597 credit score?

My credit was really really bad a year ago (4-something), but within the last year I paid off alot of debt, paid my bills on time, etc. in other words I grew up. I know it's still low. Now I'm in the market for a new/used auto, and wondering If I could get preapproved for a loan. I was thinking maybe Capital One...........I would prefer not to go through the stealership............any info........thanks

Public Comments

1. I would try something other than capital one, my husband applied for a credit card with them, his score is around 720, and they denied him. Try.... www.HSBCautoloans.com www.lendingtree.com www.carcredit.com www.barnone.com Remember, with a low credit score, you are going to be getting a high interest rate. Good Luck on your auto search!!!
2. Car lots, in house financing, don't pay 21%+ to some credit card type institution.
3. Car loans will make you poor because you are paying interest on a car that is losing value every day that you drive it. Save up and pay cash for your car. If you can't afford to pay for a car with cash, then you can't afford it.
4. 597 is Sub-Prime, but it is good Sub-Prime. Some big Sub-Prime lenders include Capital One, Americredit, and Wells. Capital One and Chase are the larger online (not through dealership) lenders, but it is harder to get a Sub-Prime approval online than through the dealership because the dealer can provide collateral data. I suggest trying a few online lenders since you don't want dealership, and the you can always ask the dealer to try to beat the rate. Try eloan, Costco or other stores might offer members auto loans, or directly to one of the lenders.
5. Wait until the end of the month when they need to move more cars.. you will be able to get a loan then., They (car dealerships) will get credit for anyone just to liquidate their inventory.. Might be a higher rate than your willing to pay. Join a credit union.. I've had good luck here... http://auto.deal4-you.com Good Luck.