Here is a breakdown of Credit Score Rating:

& I personally Have found LendingTree to be a quality option for pursuing a loan. This site essentially shops multiple source. The lenders compete for your business, hence giving you the best option

most cases, they are REALLY bad deals.

You will often get a car that is worth (At wholesale) not much more than your down payment yet you will owe many thousands more plus a high rate of interest.

For example, if you put $800 down, you might get a car with a wholesale value of $700-1200 and your balance to be financed will be $3500-3900 or more. Plus interest at 21-29%.

On somewhat nicer stuff, say $1500 down, you might get a $2500 wholesale unit
Yet owe $5900-6900 more plus interest. And at 21-29% that interest can REALLY add up.

Most cars are sold as is. Any “service contracts” they sell are usually worthless too.

More often than not, the car will break down sometime before its paid off and many buyers stop paying. The dealer repos it and reports the repo on their credit which ensures continued bad credit for another 7 years.

So, TRUST me when I say your best bet is to save up $1200-2000, shop around for a really good deal from a private party, have an independent mechanic check it out only AFTER you are sure you want it and have agreed on a price. Then have him make sure its a good car.

There is no such thing as a “good deal” at a buy here pay here car dealer.

If you pay as agreed, you are making up for all those who do not. If you do not, some other guy is making up for you.

And BHPH dealers often know nothing or do nothing to their cars. They go from Auction to their lot to you. They have no idea whats wrong or might go wrong soon. And they don’t really care.

With bad credit, you simply cant afford to borrow….for ANYTHING.

They also consider income, time at job, time at current address, downpayment, length of credit, etc.

So you could have 800 score and still not qualify.

Your score is very low. I doubt you would qualify unless you have a large downpayment (50%). You may still qualify at Buy-Here-Pay-Here but they will screw you over with 29% APR.

If you want a reasonable rate, you will need to raise your score to above 670. The only thing that can get you there is time.

- Go to your local credit union and get pre-approved for a loan. Interest rates are usually very low and they will work with almost any credit history (with the exception of < 2 years bankruptcy.

- Get a ‘Blank Check’ loan from an internet source like. This allows you to shop for a car and buy it like it was cash.

- Ask your dealership if they deal with sub-prime financing. Although I don’t recommend this solution as you get a poor selection of cars and a high interest rate, alot of people prefer to use this method due to convenience.

Tips: Look for cars that are less than 5 years old, and less than 65,000 miles for the best rates.