Need bad credit auto financing...

[DurocShark]

Volvo died a sad death. Cracked block due to dead water pump. I pour water in now and it pours right back out of the engine.

I have a miserable FICO, 515, with nothing added to my credit report in 5+ years. Good or bad. Just living on cash.

Wamu won't give me a loan with that credit, and I'm not having any luck with regular dealers. I applied at 800barnone.com but haven't heard back yet. I have next to nothing for a down which makes it even more difficult.

Anybody in a similar situation do this? Without a cosigner? Who did you go through? And what did you buy?

I'd rather find a $500 beater but the wife needs something dependable when pulling the kids around. That means financing (ugh).

 

[CrackRabbit]

I was in the same situation a few months ago, if you do find anything your intrest rate will be sky high and some companies will require a 36 or 48 month loan instead of the standard 60.
I ended up just buying a cash car.

 

[todpod]

I don't know what my fico was, but I applied through eloan, they denied it but sent it to a bunch of dealers in the area, and they approved it. I got a 2001 focus, decent little car. I am guessing fico was about 600. Interest rate was 6.5% I think.

 

[y2kc]

There are lenders out there but be prepared to pay outrageous interest rates. can u do a semi beater (3-4 thousand) for a year while you try to raise your scores a bit?

Are you allowing these dealer to run your credit? that's fine but if you space the inquiries out too much (time wise) it'll drop your score even lower. as long as they are all within a certain span time span (14 days i think) they won't bring your scores down.

good luck.

 

[tm37]

You are going to

1. pay way to much for the car
2. pay really high finace rates

Look for EZ finacing or somehting of that ilk.

 

[KMurphy]

If you've already applied and been turned down, then it's too late for now. If you would have asked for advice first, some dealerships could have gotten you financed at astronomical interst rates.

If you can, wait a while until the inquiries fall off your report.

If you must finance, then your only option is one of the shady auto lots that offer financing on their own. Go here for more information:

http://creditboards.com/forums/index.php?showforum=17

 

[mugs]

Originally posted by: CrackRabbit
I was in the same situation a few months ago, if you do find anything your intrest rate will be sky high and some companies will require a 36 or 48 month loan instead of the standard 60.
I ended up just buying a cash car.

60 months is standard? 😕 It's most common, but only because people buy more car than they can afford.

 

[Reel]

Originally posted by: todpod
I don't know what my fico was, but I applied through eloan, they denied it but sent it to a bunch of dealers in the area, and they approved it. I got a 2001 focus, decent little car. I am guessing fico was about 600. Interest rate was 6.5% I think.

I just got 6.6% from the Nissan financer on my new car. I thought that was high but then I looked at a couple banks that I have access to and saw at least a point higher everywhere. Short of using my father's contacts and having him secure the loan (which wouldn't help my credit as much), I had to deal with 6.6%. I fell under Nissan's lowest rate besides incentives too due to being a recent college graduate.

 

[DurocShark]

I don't mind buying a $2k-5k car. In fact, that's my target. I understand I'll get raped on interest, but that's because I never bothered to do anything about my credit.

I am hoping to find a place that will consider my wife's credit. Last I checked it was a 620. But since she has no income, it's unlikely. 🙁

 

[CrackRabbit]

Originally posted by: mugs

Originally posted by: CrackRabbit
I was in the same situation a few months ago, if you do find anything your intrest rate will be sky high and some companies will require a 36 or 48 month loan instead of the standard 60.
I ended up just buying a cash car.

60 months is standard? 😕 It's most common, but only because people buy more car than they can afford.

What you say is true, I was just trying to point out that some low end finance companies require shorter term loans.
Longer the loan term = lower the payment.

 

[compuwiz1]

Try this There are other subprime out there too, if you search. You might look up Capital One auto finance too. You can get preapproved before you go car shopping. If you wife is stronger, put her on line one and request that the dealer CUDL your deal to a credit union, if it's available where you are. GL. 🙂