Credit score 440, will I be able to get a car loan?

I want to get a new car but my credit score is 440, I had a family emergency and had to max out my credit cards and it s taking a while to pay them off but I ve gotten a better job and I m making around $3000 a month now so I can afford a cheaper car (under 10k). I have $2500 for a down payment, does anyone know if

I want to get a new car but my credit score is 440, I had a family emergency and had to max out my credit cards and it s taking a while to pay them off but I ve gotten a better job and I m making around $3000 a month now so I can afford a cheaper car (under 10k). I have $2500 for a down payment, does anyone know if I have a chance at getting an auto loan? I want to be sure before I add credit inquiries to my already bad credit.
@Andy L, I'm not sitting on money owed to credit card companies, I paid them all off already. I meant it "took" a while to pay them off. I just want to get a newer car. I'm not asking for credit advice, I know how to improve my credit and I already took care of that. I just wanted to know if I

@Andy L, I'm not sitting on money owed to credit card companies, I paid them all off already. I meant it "took" a while to pay them off. I just want to get a newer car. I'm not asking for credit advice, I know how to improve my credit and I already took care of that. I just wanted to know if I have a chance at getting an auto loan. Goodness you guys are rude, it was a simple yes or no answer. smh

Best Answer:

Ellie: The thing about your credit score is that it measures the RISK of you defaulting on a loan. The lower the score, the greater the risk.

Lenders use the credit score to set the interest rate you need to pay: the lower the score, the greater the interest, plus the greater the need for some security on the loan. So, they are likely to ask for a guarantor or some asset as security (which includes the car, which is your main asset).

SO, yes, most lenders will consider you for a loan, but it will cost you extra, and that might make the loan more than you can afford.

Other answer:

Ellie:
For Finance and credit solutions I recommend this site where you can find all the solutions. http://personalfinancesolution.info/inde…

RE :Credit score 440, will I be able to get a car loan?
I want to get a new car but my credit score is 440, I had a family emergency and had to max out my credit cards and it s taking a while to pay them off but I ve gotten a better job and I m making around $3000 a month now so I can afford a cheaper car (under 10k). I have $2500 for a down payment, does anyone know if I have a chance at getting an auto loan? I want to be sure before I add credit inquiries to my already bad credit.
Update: @Andy L, I'm not sitting on money owed to credit card companies, I paid them all off already. I meant it "took" a while to pay them off. I just want to get a newer car. I'm not asking for credit advice, I know how to improve my credit and I already took care of that. I just wanted to know if I have a chance at getting an auto loan. Goodness you guys are rude, it was a simple yes or no answer. smh
Follow 23 answers

Ismael:
1
Never:
440 is very, very bad.

A traditional car loan is impossible.

A subprime loan is very possible because of your down payment.
A used car, not new.

But the rate and terms would be very poor. Such lenders charge way more than retail for cars and also very high rates. Often times that translates into below par cars.

The smart move is to avoid a loan and either buy a $2500 car or wait until you have more cash and pay more.

Subprime loans are really bad deals and your score is terrible.

Donald:
No.

With a 440 credit score, you will not be able to get a car loan. No chance.

Work on improving your credit.

AlCapone:
I think you already know the answer. A credit score of 440 is as bad as it gets. No lender will be willing to take a chance on someone who has already proven they can't handle their personal finances.

If you are desperate, you can go to a local "buy-here-pay-here" used car dealer who finances his own loans and doesn't care about your credit. However, he'll sell you an over-priced junky car at a super-high loan interest rate. Just know what you're getting into.

Judy:
With a 440 score, you couldn't get a loan for a pack of gum from any legit lender.
MadMan:
No. Your credit is very bad so you will not be able to get a loan any time soon. A high utilization on credit cards will not make your score this bad so you must address whatever it is that has wrecked your score.
Ann:
with a score that low and high credit utilization you won't qualify for a loan, it might be a better idea to use some or all of that 2500 to pay off the credit cards as you are probably paying very high interest rates.
Ryan M:
If you have a 440…..I wouldn't loan you a dirty sock! That is about as bad as a score can get. You had better have a good sucker/cosigner on the line to help you out. Simple answer…….NO!!!
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