My credit score is 523, which is very poor. I have saved $8000 and want to buy a new car and finance $15,000

As stated, I know my credit score is 523 from TransUnion and Equifax shows it at 525.

I have $8000 in cash, plus a car to trade worth appx $3000. The used vehicle I want to buy is $23,000. Will I be able to finance the balance, even though my credit is terrible?

If it matters, I'm purchasing wither a Ford Flex or a Chevrolet Equinox, both used, low miles, in great shape, etc… I'm unsure if GMAC or Ford credit would work with me? The only positive on my credit is the same job for 17 years, and I make a little over $1000 a week, own my home outright so no house payment. MOST of my bad credit is very late medical bills, but I also have 2 apartment evictions back in 2008 and 2009. I have no active / positive credit.

FYI, your credit "Fico" score YOU can see, is NOT your auto finance score. Your auto finance score is called a Beacon score. You can't see it.

If anytime in the past you have financed a vehicle, traded it in, got a different one ect. Your beacon score goes up. Even if you had a repo, but since the repo, you financed two cars your beacon score will be good.

With 8K down, you will have NO ISSUES getting a 15K car. You are putting nearly 50% down. What you want to do, is research the car you want. Find out the average retail price in your area, if it is new, look at what MSRP is, then automatically negotiate 10-20% off that price. Do NOT mention your credit, negotiate the price of the car first.
DO NOT say anything about payments. Payments = inflated interest. Dealers get a kickback on if they can charge you more interest.

As an example, I hadn't used credit in over 10 years. I never even owned a credit card, so my FICO score was low. However, a Beacon score looks at how many vehicles you have financed, and how many had been paid off. So I showed a total of 6 paids, and 1 return to the bank when I was young and dumb. Anyhow, they tried to say my interest was going to be 22% and through Capital One Auto. I stood, up, said no thank you and walked out the door. The sales guy chased me down and said, he made a mistake. I stood there and the finance manager came out, said they "mixed" up the deals and I was approved through wells fargo at 4.5%.

The point here is, I only negotiated Price first, then my down. When they asked about a trade or payments, I said, "NO we're discussing the purchase Price only". They will catch on quick. And don't be afraid to walk away.

Far too many people with poor credit get screwed over by car dealers. But the key here is, you will get financed through a dealer easier and fast than dealing with your own bank. I asked Wells Fargo for an autoloan and they said no, but at the dealer, Wells Fargo approved me and gave me a lower interest rate. Go figure.

I also want to mention that a Credit "score" is not directly related to payment history. For me, I refused to have credit cards or any revolving credit accounts. But because of this there isn't any "credit utilization", so the FICO score is low while the beacon is high. I now have credit cards and a tire account that is a "revolving" account. My score jumped 75 points in three months. It is continuing to go up month by month slowly now. Ironically, "credit" is just that, it is the function of Total Available Credit Limit VS Debt against Available credit, which is known as "Credit Utilization" If you don't have at least 3 Trade Lines or Revolving Credit accounts your score will never go above a 600. If you want your score to be higher, you have to have the highest about of credit limit, utilize around 20% only on a month to month carry over, and pay all debts on time with no collections. Do this and you will be in the 780 range. But to get credit, and build it up takes time and work. It isn't easy. I know from experience.

Use the trade in and pay cash for a $10,000 car.

With a credit score like that, it's not likely many lenders would be willing to take the risk.

Subprime lenders will finance you via most dealers because you have so much down.

HOWEVER, the terms will be very bad. Not just a high interest rate of 19-29% but they will jack up the price of the car you are buying by 10-20% also.

So your effective interest rate could be 35-40% or something.

The only way you will get financed will be if its a very bad deal for you.

So DON't DO IT.

You have $8000 in cash and a $3000 trade. Manage with that.

I'm a millionaire and I drive a 94 model car worth maybe $1400 and have for the last 8 years.

Driving only used cars paid for with cash helped.

http://www.daveramsey.com/article/drive-free/

With 8,000.00 in cash for a 15,000.00 car, most any dealer would finance the car for Charles Manson. Skip the lender and go straight to a dealer.