Can I get a decent auto loan with a 650 credit score?
Credit score around 650. Made mistakes in my early 20s that I'm fixing. Need a reliable car for work and have $4,000 down. Am I going to get destroyed on rates? How can I get the best deal?
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asked 8 Apr 2024, 10:33 am by Amy F.
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At 650 you're near prime. With $4K down, you have options. Expect 8-12% from traditional lenders. Tips: go to a credit union first (more flexible with near-prime), larger down payment helps, consider 48-month term (reduces lender risk). Avoid buy-here-pay-here lots - their rates are predatory (20%+).
If someone with good credit will co-sign, do it. Even 6 months of on-time payments can boost your score enough to refinance on your own at a lower rate.