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I have a credit score of 620 and make less than $25,000 per year. My spouse makes $52,000 per year but his credit score is even less. Is it even possible for us to finance a car?

Answers from the Automotive Experts

Becky Chernek, President and Founder at Chernek Consulting Inc. Absolutely! You didn't mention how long either one of you have been employed on your jobs. The bank looks for history on job and TIME AT RESIDENCE! Look for vehicles that offer incentives such as down payment or possible subvented programs. If you have a bankruptcy the bank will over look as long as it has been discharged approximately a year ago. Have you recently established ANY credit since your slow pay history. What was the reason behind the slow pay history? Was it due to an illness-divorce? The bank wants to know your story they will allow you to finance another vehicle if they believe you had poor credit because of an unexpected hardship. Shop around, many dealership offer you alternative financing options. Make sure you investigate all options before you sign the dotted line! If you have additional questions don't hesitate to contact me. Warmest regards, Becky Chernek

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