decemberkitty02 asked:


Has anyone got a bad credit auto loan? I need one, and can’t seem to find one. I’ve tried applying for a bunch, and can’t seem to get one.

I’ve worked at my job about 10 months, rented for about 1 year 2 months, and make about 1500 a month gross. My credit has been awful since June when I stopped paying on about 8 different credit cards. So it’s definately rated at BAD.

Any feedback would be great! Thanks in advance!

Lauren

kevandcambria asked:


I’m 22, been working at my full-time career-type job since July (just graduated college in May)…my credit score is about 730, and I have had a coupel credit cards for about 2 years, been payign rent for a couple years as well…basically what I’m getting at is do you think I have enough credit history to get approved for an auto loan (without being burned with an inflated interest rate)? You can rule out a parent as a co-signer because my dads credit is probably much worse than mine.

Amber

suzann gilliland asked:


Has anyone got a bad credit auto loan? I need one, and can’t seem to find one. I’ve tried applying for a bunch, and can’t seem to get one.

I’ve worked at my job about 10 months, rented for about 1 year 2 months, and make about 1500 a month gross. My credit has been awful since June when I stopped paying on about 8 different credit cards. So it’s definately rated at BAD.

Any feedback would be great! Thanks in advance!

Steven

Emma Becker asked:




People with bad credit face a lot of issues in getting a car loan. Even if they get it, the rate of interest is very high. People wonder if they can get a better deal in spite of their bad credit score. The fact is that you can have that luxury provided, you make a planned approach. Given below are some tips that would help you negotiate with the dealer:

o First of all, you must know your credit score. This is important because in some cases it has been observed that the dealer does not have an interest in your requirement. They often lie to finish the conversation.

o Now, if your credit score is below 600 but you have taken a car loan in the last 3 years, you stand a chance to get a good deal.

o If the numbers are below 550, you must try to improve the score by 50 points that is, around 600. Applying to several banks with a low score would only give you rejections. This would further decrease the score.

o In order to improve your FICO score, you should read the report carefully and check if there are any mistakes. Some times, talking to the lender and working out a mutual settlement also helps a lot.

o In case you are carrying 6 to 8 credit cards, select couple and surrender the rest. This would boost your credit ranking. You may also choose to go for debt consolidation.

o For a smooth approval of the application, the borrower must have an income of $ 1600 per month or above.

o Usually people who have a stable job, stand a better chance to get an auto loan at low interest rates, even if they have a bad credit score. The self employed people have a tough time, as compared to them.

o If you have just bought a home or shifted in to a new accommodation, do not apply for the auto loan. Wait for at least 6 months.

o Buying a second hand car costs less. This way you can get the loan rather easily.

o You may try applying for some monetary help under the 2009 Obama Stimulus Package. This is especially advisable for those who are buying their first car. This is also applicable for those who do not have a car for past three years or more.

o This package not only helps you with the loan. They also allow some grants. You do not need to pay back the grant money to the Federal Government. You may use this money to pay the first installment. In a regular practice one has to pay 10% of the cost as the first payment. When you have a bad credit history, paying little more towards the down payments can reduce the interest that you pay in the long run. So, you can try utilizing the amount to pay at least 20% as the first payment.

Neil

ceazon22 asked:


i went to an Acura dealer today to look at an Eclipse i want for $4995. I have bad credit because of 2 credit cards, 1 bounced check with Wal-mart and some unjust charges(to me) from Key bank. But I have a paid off auto loan through Chase. Before i went on I talked to the dealer on the phone and he said they dealt with banks who financed good credit and bad credit applicants. I went in filled out the credit app. and he Said he’ll contact me on Monday with an answer( I guess because the banks aren’t open on the weekend?) but I’ve done the math with the price of the eclipse, my trade-in, and what I make. And I would easily be able to afford payments on a 5- year loan. The thing is I’m still in school and only work part-time and make around $9000 per month. Will they look at that as too low? And what do you think my interest rate would end up at? more than 15%? thanks for the answers
I meant I make $900 per month not $9000, sorry.
tmladenka, STFU prick, I’m halfway trough my college degree and upon graduation I’ll be making more than your sorry ass will ever dream of. And I guess I have to wait till Monday because there was only about 45 minutes until they closed. BTW I just looked up my credit score and it is 548. It’s kind of bs, because my paid off car loan is by far more in numbers than any of my debts.
and 1 more thing, read the details added people I MAKE $900 A MONTH NOT 9000! THAT’s WHAT WE CALL A TYPO
also, I should’ve mentioned that after doing the math ie. trade in, interest, income, My payments would be under $100 monthly on a 5 year loan.

Douglas

Carrie Reeder asked:




Getting the best interest rate for your automobile loan may require effort on your part. Many car buyers seek a low rate. A low interest rate may conclude whether a particular car is affordable. In fact, an interest rate reduction of 2% – 3% may lower your monthly car payment by $50, which will save you thousands of dollars on a 60 month term. Here are a few tips to help you get the lowest interest rate possible.

Save For a Down Payment

One way to obtain a low interest rate on an auto loan is to have a down payment. On average, the typical down payment for an automobile is 10% or $1,000. A down payment not only guarantees a lower interest rate, but you will also receive a lower monthly payment. This may allow you to pay off the balance in less time.

Improve Credit Rating

Your credit score is a huge factor in determining the interest rate for a new or used vehicle. There are two types of borrowers: prime and sub prime. Prime borrowers are individuals with a good or fair credit rating. Prime borrowers generally have a credit score of at least 620 – 660. These applicants are good candidates for low interest rates.

Sub prime borrowers, which include individuals with a credit score of less than 620, can expect to pay a higher interest rate. To qualify as a prime borrower, strive to improve your credit score. Avoid missed payments, and pay all bills before the due date.

Moreover, reduce your debt to income ratio. If possible, your credit balances should be no more than 50% of your limit. Keeping credit cards at the maximum limit will make lenders doubt your ability to repay the loan. The outcome is a higher interest rate or loan denial.

Compares Rates Online

To obtain the lowest interest rate on a new or used car, you must compare rates. Request a quote from online auto loan brokers. Ideally, you should compare rates from at least three or four different lenders. Auto loan brokers make the process quick and convenient.

Once your request for online quotes is submitted, with 24 hours you will receive an email with quotes from several lenders. Individuals with poor credit may also obtain online quotes from sub prime auto lenders. After comparing rates, fees, and interest rates, submit an official application with the lender who offers the best deal.

Elsie

JJ asked:


Right now my Fico score is at 568. On my credit report the reasons stated for my low score is because of a severely late payment 8 months ago from a student loan. The reason for this is that for some reason the lender didn’t update my account as being deferred and when I found out about it, I paid it up to current and have made all other payments on time (before and after this with them). I tried contacting them about this but they are not willing to help with the late payment reporting. I also have a large amount of inquires because I’ve been applied for loans with the “bad credit” dealerships only to be told I can get a used $10000 car for like $500 a month payments (not a very good deal in my eyes because most of the vehicles have 100k miles). Now with what fico has released as the scoring for late payments my interpretation of that would be that my score would be in the 650′s if my student loan had reported correctly. If I were to go to a bank or credit union and explained my situation with that would it help me get into a vehicle or just hurt me with another inquiry? I do have some old collections from a divorce that I have been paying off and having them removed that were from about 4-5 years ago, but now I need a new vehicle and all my excess cash went to old bills so I am limited on a down payment. Currently I have 2 credit cards with a total of $500, 20% utilized just to keep a good reporting. I have been at my employer and address for 18 months and my AGI approx 40k.

I am hoping to get some professional opinions whether it would be possible to get an auto loan through a CU or Bank. Would going to a large dealership be the best bet? Any guess on the probability to get a loan would be great.
I understand I would have a higher interest rate but I am willing to accept that. I am just trying to get into a new or slightly used vehicle and bring my score up by April 2010 to purchase a home.
People come on here for answers, not snide comments. Also, I’m asking for professional experience or people who have been able to do so in similar situations. Please, if you do not know then don’t post just to get a point.

Brent

lovemusicjunky asked:


I want to buy a Nissan Cube in the next couple of weeks. I have $6,000 to put down and the car will be around $20,000 I tried to get a auto loan from my bank and I got denied. My credit score is 601. I have no debt, I paid everything off 2 years ago, no major credit cards (bc my credit is so bad I can’t get one), I make $60,000+/year so I can afford it. My debt was no more than $3500 and I have never owned or rented a house. Is there any place that I can go in the Houston, Texas area that will approve me with a not so high interest rate? Thanks in advance. It wouldn’t be such a big deal but my current car is hanging by a thread and will cost $1500 to fix and I refuse to put that much money into it again.

Jennifer

jay asked:


I am trying to buy a car and build credit at the same time. I have almost a years worth of credit history specifically credit cards and charge cards. I have good scores, but limited history. I have been turned down applying for the loan by myself. I would like to cosign with a parent. Two questions. First, I was told that even if my parents scores are not the best, or even good, they have history. I do not have much history, but have good scores. And so, I was told that this would essentially be a match and I’d have a good chance of getting the loan. The second question is, if I were to get a loan with a co-signer in my parents, that it would primarily be in their name, building or hurting their credit? If they co-sign with me, and I make the payments, it will or will not affect my credit? I have a specific car in mind and the pricing online is attractive opposed to working with dealerships that have less then desirable cars that will work with no/bad credit for high interest rates.TIA

Heidi

Love my LO! asked:


can you negotiate the interest rates on auto loans? i’ve been calling around to my credit card companies asking for lower rates and its working can I start asking for lower payments etc. on credit cards? ? i’m trying to find ways to pay my debt off faster since I have alot of it.

Bill