New Auto Loan with 30% down?

[Joe W]

My 3 credit scores range from 520-568 and I was wondering if I could possibly get a new auto loan w/30% down? I have a very good income but my credit died when I was laid off a couple of years ago. Now that I have a good salary again, I am ready to buy a new car with 30% down. The vehicle is not expensive and that is why I have the down payment. I have recently paid off a couple of past collection accounts but I know there's more. Any assistance would be greatly appreciated and thank you in advance.

[K D]

Both HSBC and Capital One Auto have Sub-prime lending programs that may grant you an auto loan. It is likely you will be paying around 19%+ interest with low credit scores. Also, if you dont mind purchasing from a dealer, most large car dealerships offer second chance programs and will finance you with similar high rates as long as you have a down payment. It may be worthwhile to check around your area. Take a copy of your credit report if you have it, it will allow dealers to know your situation and eliminate the need for additional inquiries on your credit as you are shopping around. Avoid "buy here pay here lots" they charge rates and fees that are beyond exorbitant. The good news is as your credit scores go up you can refinance to a lower rate, so there is a light at the end of the tunnel.

[iceman]

With 30% down you have a decent chance. And especially considering your income is ok. You will still probably be charged very high rates though.