About car buying and Credit score.?

a really good finance manager can get just about anybody financed with 50% down. that doesn't mean they all can. i personally can. but i would be careful putting that kind of money down, try 30% first and go from there. i can do it for just about anyone with 30% down. so try it and find out. then if they say no. go to another dealer. until you find one that has the relationships with the lenders. also with that kind of money down, be careful not to let them sell you the car for more than its worth. they will sometimes over price the car to make up for the work. not fair but i have seen it done. i wouldn't, but that doesn't mean they wont.

good luck!

No is the proper response. However, it does put you in a much better position to get approved. If your credit is sloppy, you will still have to pay a high interest rate and you still have to qualify for the remaining balance due. Money down helps but is not necessarily a fail safe mean of getting a car loan.

If you have enough to put 1/2 down on a car, then you have enough to pay off the collections, charge offs and so forth that are bring down your score. Most of these places are willing to accept a lesser amount to clear the account, so you may not have to use all the money in order to help your credit. Why not use that money to do that and wait 60-90 days to check your score, and see about getting a car loan then? Still come to the table with some money down say $2000+.

That is an untrue statement. Regardless of the amount of down payment money you have, you still need to qualify for the loan based on the total price of the car. If your credit score is low you won't qualify.

I've seen guys with $20,000 cash get turned down for a loan.

Like the others said, it is not true. However, most people don't put down 50% so you would attract their interest pretty easily if you did it. And even though your credit score is a big factor the bank is not obligated to assess your situation based on your credit score. If they want to they can make a judgment call.

Your credit score will determine if you are approved for a loan, regardless of how much down payment you make. If you have a somewhat low score, you may be approved but you'll be required to make a substantial down payment. You'll also have to pay a high interest rate.

For more details, see the following article:

http://www.leaseguide.com/Articles/bad-credit.htm

.

No. Your credit score, debt to income ratio, credit history. All these factors play into your ability to buy a car or truck.

I've never heard that, and I doubt it would be true. A loan is a loan, so even if you put $7,000 on a $14,000 car, that's $7,000 you could default on if you have too much debt.

Do what I did and fix your credit before applying for an auto loan.

no