brwngrl25
Dec 12 2007, 08:38 AM
Question: Which loan companies are the best/worst to apply to for an auto loan when your credit score is low (low 500's)?
MarvBear
Dec 12 2007, 08:45 AM
How do you mean your question?
brwngrl25
Dec 12 2007, 08:48 AM
I guess I mean, are there any companies that would give an approval to someone with low credit scores moreso than another?
MarvBear
Dec 12 2007, 08:54 AM
If the credit score was the ONLY thing that was considered I might be able to properly answer your question.
But a great many other factors are involved.
And, in addition to a FICO score, most lenders has at least one internal scorecard, sometimes 2-3 that you must pass before they will approve a loan application.
Your entire credit profile is considered.
brwngrl25
Dec 12 2007, 08:57 AM
Thanks Marv.
mk_378
Dec 13 2007, 03:56 AM
Don't apply by yourself when your credit is bad. Have the dealership F&I person look at your situation and target the application to companies which he or she knows are likely to approve you.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.