Can i finance a car with a credit score of 588?
is it possible to finance a car with a score of 588 with no co signer? the car im looking for is worth $15,988
- Anonymous8 months agoFavorite Answer
Yes, in fact, I guarantee it.
The only question is exactly how much down you will need.
At least $3000 and perhaps 2-3 times that.
The terms will not be good for anyone with a poor credit score.
Because subprime lenders only pay a fraction of face value for the contracts.
Which means a $16k car might be $20k for you.
The smart move is to pay cash for a car at least until you can get your score to 650ih.
- ?Lv 78 months ago
With such a low score, it tells potential lenders that you have a history of not managing your finances and will not want to take a chance on you for fear that your old habits have not been corrected. If you search long and hard enough, you might find a sub-prime lender who will provide you a loan as long as you have a large down payment and are willing to pay a very high interest rate. As such, you may end up paying as much in interest as your loan amount -- essentially doubling the loan amount. This will result in your being "upside down" for most of the loan.
- Anonymous8 months ago
Good luck Skippy.
- 8 months ago
very unlikely with no cosigner. try things like experian boost to raise your score then try
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- Kid MohawkLv 68 months ago
If you have a substantial down payment and do not mind stupidly high APR, then probably.