What is not bad. if you have under 6754 beacon you will need a down payment. If dept ratio is bad you need down money. If car’s book is way less you need down money. For no down payment you need 675 credit with 5n years of good credit history. Also you must have less then 80k miles and less then 6 years old. All in all you will probably need about 2 grand down with inbetween credit as you have.
“not bad credit, but not perfect” That means bad credit.
725+ score = excellent 675= fair 600=poor
under 600= shoot yourself
You might be able to get a loan depending on your situation.
The only way to know is to shop around. If your score is on the lower end of the spectrum, count on putting money down…a lot of it. Here’s a good guide:
You’re looking at a $13,000 car.
Credit Score – Downpayment
800-725 $0
724-675 $0
674-625 $0-$500
624-600 $0-$1000
599-575 $1000-$1500
574-550 $2000-$3000
549-500 $3000-$5000
499 or less ALL OF IT!!!
It is better to avoid the dealership financing unless you have perfect credit. They usually will not have the best deal when your credit is a little bruised. Best to search for national auto loan lenders like Capital One on http://www.ratezip.com/auto.html
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Every Auto loan I’ve ever taken out has been without a down payment. But I also have excellent Credit.
The best place is a credit union. They have the best rates.