Car Loan question, I'm 21, median credit score of 605, gross income of $1,800?

I'm a manager at a local starbucks coffee shop. My three credit scores average around 605. My gross a month with a low ball take home tips is a little over $1,800. I have a BOA credit card that I am working on my third month and the limit on the card is $500. I have had a previous auto loan @ 18 when my mother co-signed but paid that off in 9 months on a 48 month term. My rent is exactly $520 a month and that includes utilities. My take home is $1,200 I just want to know if I could get approved for an auto loan without a co-signer and how big of a loan and if so, how much, like a percentage, would i have to put down as a down payment. Any help that I could get would be greatly appreciated. Thanks!

1) 678 is the average credit score, the middle point if you will. 720 and above is needed to get anything approaching good rates on an auto loan. So yours is below average, you have only had a credit card 3 months, and your age is going against you also. With 20% down and a co-signer, you might get a loan. Sorry.

2) Its hard to get credit now but you may as well try to get pre approved. Try Capital one, thats what I did and then when I went in to buy my car they beat the interest rate. Until you apply you can never really know if you will be approved or denied and one inquiry on your credit report wont hurt your credit.

3) Car loans for people with bad credit score are mainly given as two options i.e. secured and unsecured. Under a secured loan, the car or any other collateral needs to be pledged as security with the lender. Secured loans often carry a lower rate of interest and are also easily approved due to the collateralcredit history are being provided with the opportunity to purchase a vehicle. A down payment is however required while acquiring these funding options. Refinance car loans are also being provided by some lenders even for those with a poor credit score.



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