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Should I try to wait to see if I can a better interest rate or do it now? Do you think the intrest’s rates will get better or does it matter when your score is only 655? I would try to fix my car but I will be lucky if I get 1000 dollars for it. It would cost around 1300 to fix it for the winter time. I was looking online and with my score my interest rate would be around 11 to 12 %

4 Thoughts on Credit score is 655 I really need to get a new car. Should I hold on to what I have until it breaks down? ?
  1. Reply
    October 30, 2011 at 1:22 am

    655 is towards the top of the “fair” ranger, Good starts at 660 and the top score at 750. To get any decent rates you have to be 720 or better, so chances are you’d need a cosigner.

    Even with repairs being more than the current worth of the car, it’s often cheaper to fix than to buy new, considering the tax and license fees you would pay for new, plus the increase in insurance premiums.

    Do you have a mechanic you trust? Ask his opinion as to what it would take to get yours in decent shape, and whether or not it’s worth it.

  2. Reply
    October 30, 2011 at 2:20 am

    With a credit score that low and with creditors really only making loans to those they do not consider a credit risk about the best you might be able to do is make a deal where your new car is worth more than the loan. What i’m trying to understand if your car is running ok why would it cost $ 1300 to get it winterized.But if you have a couple of thousand to put towards another car and not be up side down in your loan and you feel you can make the payments and insurance go for it.But i wonder why your credit score is so low unless your just starting out in life or it means you’ve had problems paying bills before or your income is very low.Good luck but keep common sense in your decision and your emotions out of it and you will make the right choice.Oklatom is giving you very good advice except i do not agree with his credit score calculation but i might be wrong but i believe mine is in the 800’s last time i checked.I was wrong not 800’s but just checked it and it is 732.

  3. Reply
    October 30, 2011 at 3:03 am

    You don’t buy a car based on the interest rate you’ll receive. You buy a car when you need a car.

    I would limp my car along through the winter, work hard to fix my credit score and buy a decent used car well within my budget sometime later next year.

  4. Reply
    October 30, 2011 at 3:10 am

    Your present car will cost more than it’s worth to winterize it. That will be money wasted, flushed down the toilet. But buying a new car is the same thing, as soon as you drive it off the lot.

    What you need to do is decide if you can take on a new car payment at this time. Will it be affordable, within your budget? How secure is your financial situation right now?

    If you’re on firm ground, then buy the new car. Get the factory warranty to cover any repairs needed instead of throwing new money into an old car that may need even more repairs later on.

    But if things are not so safe and secure, fix your old car until your finances get better. But set a limit as to how much you’ll put into it. If it continues to break down after that, let it sit and find an alternate way to get around.

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