Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 8 months ago

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

5 Answers

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  • Anonymous
    8 months ago
    Favorite 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 7
    8 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.

  • Anonymous
    8 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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  • 8 months ago

    If you have a substantial down payment and do not mind stupidly high APR, then probably.

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