Car loan with low Credit score

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Gerle

Gerle

Senior member
Aug 9, 2009
587
6
81
Your last post doesn't make much sense, at least you are less rude this time. Good day to you too.
 
Dr. Zaus

Dr. Zaus

Lifer
Oct 16, 2008
11,764
347
126
Gerle said:
Your last post doesn't make much sense, at least you are less rude this time. Good day to you too.
Click to expand...

Summary: you assumed he was interested in some government mandate for all employers just because he said that the military would be serving its workers better by doing something. Then he told you to have a nice day, or not, he doesn't give a dam.

He wasn't "being a bad ass" he was telling you to stop trolling political. Now you know: just incase your not-so-subtle trolling was unintentional.
 
zinfamous

zinfamous

No Lifer
Jul 12, 2006
111,720
31,080
146
kimpierce8 said:
I have a credit score of 590, and need to apply for an auto loan and am wondering my chances of being approved. My credit is low mostly because lack there of credit, but I do have a few late payments that helped to lower it, I also have a student loan that is helping to build it. My dilemma is that I cannot wait until it is higher to purchase a car. A little over a year ago I purchased a used car for 10,000 the car has cost me atleast 200 a month in parts and work for the past 6 months, and now is on its last leg. Its an 06 passat that loves to leave my two boys and i stranded. I need to purchase a reliable car. Im looking to get a loan of 15,000 or less and was just wondering if anyone has had any experience in this area it would greatly help me out!

Thanks, Kim
Click to expand...

something isn't right here. You paid $10,000 for an 06 Passat last year?
 
Gerle

Gerle

Senior member
Aug 9, 2009
587
6
81
He was suggesting the military educate itself, I told him it already does. How is that trolling? Nothing political about it.

The "bad ass" was about him saying gtfo and dumb ass, I don't expect that kind of treatment from someone I've never met before. I'm not so sure it would have happened in a face to face discussion. Most people can't back that sort of behavior up.
 
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highland145

highland145

Lifer
Oct 12, 2009
43,973
6,336
136
DixyCrat said:
Summary: you assumed he was interested in some government mandate for all employers just because he said that the military would be serving its workers better by doing something. Then he told you to have a nice day, or not, he doesn't give a dam.

He wasn't "being a bad ass" he was telling you to stop trolling political. Now you know: just incase your not-so-subtle trolling was unintentional.
Click to expand...
Is that where that where all that went? Damn.

Next thing is that you'll expect me to treat others like I want to be treated.:eek: Ridiculous, I say.

Like I said, you are a bad ass. On line.
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I'm pretty normal but I do have guns so bitch slap at your own risk.:p
 
U

UnrulyCactus

Junior Member
Nov 3, 2012
4
0
0
First of all - $10K for an 06 Passat sounds very steep. And having to put that much money into it makes it sound like you were either sold junk or you have mistreated it. I'll give you the benefit of the doubt and assume you got screwed. That sucks indeed.


As someone that has had huge ups and downs in credit score, I know ALL about this. If you don't have some sort of equity/collateral or a cosigner for a loan, it's very difficult. That and when you DO find a loan, the interest rates will be crazy high. Like....paying twice the cost of the car is very possible.

I will honestly suggest just trying to find a moderately reliable $2000 car. With some handywork, it's definitely possible. Just scour Craigslist like it's your job. If you have to, you CAN go to a Buy-Here Pay-Here In-house financing sort of dealership....but the quality of cars they sell tends to be subpar often and regardless of that, they inflate the prices because they know they have you by the (metaphorical) balls.

Buying a cheap car is exactly what I did, and it was a godsend. I only pay cheap liability insurance. I have NO car payments. I just set $800 aside "just in case" something breaks or whatever. Just keep trying hard to get your credit up until you hit around 640. That makes it WAY easier to get a loan.

Sell your car for what you can and get a nice cheap car. Like a Late 90's Japanese import. They're tanks, cheap to maintain and easy to find.

Stick in there. It's tough, but you can do it.
 
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Gerle

Gerle

Senior member
Aug 9, 2009
587
6
81
That's what I was referring to, the military is made up of people. The new joins are preyed upon by payday loan places, shitty car dealers, and other scumbags. It is up to their seniors to educate them, since some don't have a lot of financial sense and may not have received any sort of financial advice growing up.
 
highland145

highland145

Lifer
Oct 12, 2009
43,973
6,336
136
Gerle said:
Well I'll be damned, what do we do now? Hug and get along?
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Nope. I dislike everyone. Especially Exterous and zinfamous. Hell, add BommerD, boomerang, olds, Printer, stepppintrax, Perk, ElF, werepossum, manimal, slithery, craig, allisolm, esquared, motion man, jeeebus, Perk, KT, hamburger boy, jujufish, etc, etc, ..Can't wait till I own the forums and can ban everyone.


O.K., except for the fish.
 
highland145

highland145

Lifer
Oct 12, 2009
43,973
6,336
136
From this
http://forums.anandtech.com/showpost.php?p=37268883&postcount=64
to this
Gerle said:
That's what I was referring to, the military is made up of people. The new joins are preyed upon by payday loan places, shitty car dealers, and other scumbags. It is up to their seniors to educate them, since some don't have a lot of financial sense and may not have received any sort of financial advice growing up.
Click to expand...


And I agree with you on the latter.
 
Gerle

Gerle

Senior member
Aug 9, 2009
587
6
81
What's so different? Anyway, what other employers have several mandatory personal finance classes for their new employees?
 
L

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
zinfamous said:
something isn't right here. You paid $10,000 for an 06 Passat last year?
Click to expand...

That's the usual model for deeper credit used car lots. Buy a car for $6k, sell it at 10k, have them put a $2k down payment down, sell the loan to the finance company for $7.5k. Dealer makes 3.5k up-front. Finance company has a 125% LTV loan with 20% of perceived equity that is somewhat of a handcuff for the borrower.

A 590 FICO borrower probably defaults 30-40% of the time, it'll be a 60% severity on the loan (40% recovery on the vehicle) after repo/auction...etc costs.

Heck, there are some deeper subprime credit companies that have gross defaults rate in the 60% area.
 
Humpy

Humpy

Diamond Member
Mar 3, 2011
4,464
596
126
I suspect a few posters in this thread have been drinking tonight.



As usual.
 
ElFenix

ElFenix

Elite Member
Super Moderator
Mar 20, 2000
102,395
8,558
126
PlanetJosh

PlanetJosh

Golden Member
May 6, 2013
1,814
143
106
I feel a bit guilty reading about the situation in the OP when I got a new 2007 Chevy Cobalt for over $14,000 that my dad paid for in cash (wrote a check.) And I'm not required to pay him back. Car runs very good and no repairs except for normal wear parts. Only 60k miles in its 8 year life so yeah low miles helps keep repair bills low. And it was recalled by GM in the big ignition recall in the news that concerned airbags not deploying for some drivers. But they replaced the ignition for free.
 
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