csTrain

TU score is 564...can I get a new car?...

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Having to sell my car to pay off some bills. Is it possible to get a new car loan with this score? I do have some paid off auto loans on my credit, and my current vehicle is paid for. I only mention new because I've heard it's easier to get financing on a new car vs a used. Thanks.

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564 is not a good score. I think you will struggle to find attractive financing.

But, a credit score is just a number. You can be a good credit risk, yet have a bad credit score and vice versa.

How much cash can you put down? What does your most recent credit history look like: 6 months? 12 months? 18 months? How expensive is the car you want to buy? Do you have full time, stable employment? Do you have other significant debts relative to your income?

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564 is not a good score. I think you will struggle to find attractive financing.

But, a credit score is just a number. You can be a good credit risk, yet have a bad credit score and vice versa.

How much cash can you put down? What does your most recent credit history look like: 6 months? 12 months? 18 months? How expensive is the car you want to buy? Do you have full time, stable employment? Do you have other significant debts relative to your income?

I'd have to agree... if your credit history has been improving and you put down a bunch of cash or have a good-paying job (that you've been at for several years) you may be able to get financed. But either way, you're probably going to end up with a pretty high interest rate...

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Just my .02 cents...if you are in such a spot that you have to sell your car in order to make a payment on outstanding bills, are you really in a position to take on a monthly payment? It doesn't sound like the best option at the moment given your post.

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I had a similar credit score, maybe a tad higher, but secured a loan through a credit union, they offered me a better rate and gave me better negotiating on my end. I'd look into something like that if you're still looking.

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mason433, did your credit union impose any restrictions on things such as mileage, vehicle title, age, etc.?

I'm in a similar situation, so I'm trying to gather as much feedback as I can.

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