Credit Score 641. Can I get approved for Auto Loan?

Credit Score 641. Can I get approved for Auto Loan?

Postby todd » Sun Apr 17, 2011 2:06 pm

My credit score is 641 and my car motor finally gave out. I am looking at getting a used vehicle in the 13-15000 dollar range. I am wanting to trade in my old car which is only worth around 500 or so with the motor not working. I have 3 accounts open currently with one paid off as of 2 months ago and the other two going to be paid off within the next 6 months. (davids bridal, zales, farmers furniture). I applied for an auto loan about 2 months ago from Capital One Auto Finance but was declined online. Thats when i did a credit check myself and got the 641 score and that my credit history is 2 and half years old. What are my chances that I can get approved for any type of auto loan?
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Joined: Fri Jan 14, 2011 6:28 am

Credit Score 641. Can I get approved for Auto Loan?

Postby absalon » Sun Apr 17, 2011 2:07 pm

I work for wells fargo dealer services (auto finance division), I loan on cars all day long. A 641 credit score on a 13k-15k car is in our wheelhouse. I personally approve those all the time. Now there are other factors, like your debt ratios, income, loan to value(ltv), payment to income(pti), age of car and miles, depth of file, time on bureau, stability on job and at residence. Basically your ability to pay and the risk associated with your creidt history. Basically you didnt give enough info for me to give you an educated gues but i would say your chances are good. You should get approved by someone it just depends on if you like the rate and term or not. I would suggest asking the dealership if they do business with wells fargo and if so ask them to submit it to us. Worst anyone can say is no.
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Joined: Sun Jan 16, 2011 11:08 pm

Credit Score 641. Can I get approved for Auto Loan?

Postby wiellatun » Sun Apr 17, 2011 2:08 pm

Hello Brandon,

hi there, let me tell you my story. my name is Heidi and about 2 years ago I found out that my credit was terrible when I went to apply for my mortgage loan -- i didn't know what to do. the way the credit system works had always been a mystery to. FICO? Score vs report? 3 bureaus (transunion, experian and equifax, all with different info?) prime vs subprime??? I paid a service online to look at my report and couldn't make heads or tails of it. all I knew is it was going to hurt my future and all anyone's advice to me was "you should pay your bills on time". well, for the most part I did with a few unfortunate exceptions. I did have some credit card debt, but nothing extreme and I made decent money (i'm a nurse) so I didn't really know what to do.

it was scary, like there was some sort of strange contract on my head or something, a permanent file that said I wouldn't be able to finance a car, buy a home or do anything and I had no clue how to fix it. i'm a nurse, probably as far as you can get from the financial industry, lol. I felt like I was trapped in a small room that was running out of oxygen, not to be dramatic, but seriously.

okay, now that I panicked you with my sob story, let me tell you that I did find a way out of it: I'm already up 150 points on my credit score and rising. first, don't use any "debt consolidation specialists" -- I found out really quickly that they are all scammers and more interested in getting themselves paid that helping you. what i found is a credit fixing "blueprint" online at that offered some smart advice and a super easy to follow, step-by-step guide that actually worked. I could literally check back week by week and see that what I was doing was working.

the guide taught me who to call and what to say when I call them. I always pictured the financial people out there to be monsters but with the help of the blueprint I knew what to say and they were actually really willing to work with me hand help.

anyhow, I've been in my new home for about 6 months now and it feels really good :) hope this helps!
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Joined: Sat Jan 15, 2011 11:35 am

Credit Score 641. Can I get approved for Auto Loan?

Postby roderik58 » Sun Apr 17, 2011 2:09 pm

I am Mrs Amy Tommy,currently living in New florida,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by
may 2009 and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never
with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender by name Mr
Bryan Dream who gave me a loan of $35,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must
contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contact Mr
Bryan Dream.He doesn?t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to
bless him more.You can contact him through his email at
Posts: 67
Joined: Mon Feb 28, 2011 7:27 am

Credit Score 641. Can I get approved for Auto Loan?

Postby shemus43 » Sun Apr 17, 2011 2:12 pm

It seems that all loans lately been difficult to get recently. The web places are good and I have heard the are easier to quailify sometimes.

I suggest
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Joined: Tue Feb 22, 2011 4:45 am

Credit Score 641. Can I get approved for Auto Loan?

Postby collier37 » Sun Apr 17, 2011 2:13 pm

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Joined: Sun Jan 30, 2011 5:07 am

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