Expert: Joe Montgomery - 5/11/2007

Question
I have a credit score of 638.  I would like to sign with a credit union to get a loan for a vehicle, is this feasible with CU or a bank.  
Thanks for your help.
JL

Answer
It is an option.  Your score is fairly average, the determining factor will be how many debts you have currently as compared to what you can pay as well as what the value of the car is compared to the size of the loan.  If you can bring/put money down on the car--even a little, it will help to get you qualified for the loan.
The best options are to either;
1. Go the a bank or C/U and get qualified for a loan amount/payment
or 2. Find a car you want get all the details, (Make year, cost) and then go to a bank or credit union with that data.

Lastly if a bank or credit union aren't being co-operative, you may want to consider visiting a car dealer for financing as they usually have established relationships with banks and other lenders that may be more inclined to help finance you.
Good luck!!