Want to purchase a new 2007 Ford Mustang Deluxe. I have available to me the Ford Partner Discount and $1500 cash Incentive. Given those two thing, I will be paying only $17000 for a $22,000 vehicle. My FICO is 603, with a paid off mortage on record (although I sold the house), 6 years on the same job and make almost $50,000 a year. My last delinquency was almost 2 years ago on the car I have now (has $1000 owing on it and I am not trading it in). Should I have a problem?
I have to get another vehicle and waiting is not an option. I realize my interest rate will be higher than I want, but I can live with that. I am wondering IF I will be able to be financed at all basically???
Auto Financing Low FICO?
Auto finance is what I do for a living and if everything is as you describe Ford Motor Credit should buy that deal.
Auto Financing Low FICO?
You wont have any problem getting the financing, but dont expect the best rate in the world. Check with your local banks and credit unions, and see what the dealership can provide you.
Auto Financing Low FICO?
With your FICO score its going to be hard getting financed. Plus your choice of vehicle - most lenders are not going to finance a 2007 model.The only people I know who will finance you are Drive Financial and they only finance second hand vehicles. Drive Financial usually gives loans to people with low FICO but you should check out their website @ www.drivefinancial.com . Also your interest rate is probably going to be about 19% - 25% - by making your payments early you can cut down the amount of interest you pay. You can get finance but you may need to look at other vehicles and talk directly to your dealership because they might know a company that can give you options.
Auto Financing Low FICO?
Get a less expensive car, if your other car still runs you have an option.
Look you have shown irresponsibily in the past with that kind of score so why not get a junker and work on your credit issue first.
Plus it will not look pretty to have a deliquency on a car loan when applying for another.
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