Auto Loan with Bad Credit

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gretchenhill
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Auto Loan with Bad Credit

Postby gretchenhill » Mon Sep 08, 2014 9:44 pm

Wondering if anyone else ran into the same trouble, I am applying for an auto loan but the problem is I have a bad credit. Has anyone here got car loan for people with bad credit? What did you do to get around this?


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Xorand
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Postby Xorand » Tue Sep 09, 2014 9:51 am

gretchenhill wrote:Wondering if anyone else ran into the same trouble, I am applying for an auto loan but the problem is I have a bad credit. Has anyone here got car loan for people with bad credit? What did you do to get around this?


We went through Lending Tree back in 2001 when our credit score was probably in the 500's (not sure, but it was bad). They qualified us for a blank check loan of up to $16,000 at 15.99% interest (sucks, but that's what we did).

Avoid your local "Buy Here, Pay Here" lot. The cars will suck and you'll need a pretty good-sized down payment.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
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otter
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Postby otter » Thu Sep 11, 2014 8:29 pm

Yeah, you can almost always get a car loan regardless of your credit as long as you have income. Of your credit is bad, expect bad rates. And as the previous poster said... avoid buy here pay here places. The amount of the down payment will likely exceed what they paid for the car.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

OldMan
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Postby OldMan » Fri Sep 12, 2014 10:17 am

You might try Capitol One 360, they were able to get us financed with me not having any credit history at all (not able to generate a credit score). Have you talked with you local Credit Union? They sometimes can help out.
My Wallet:
Discover IT - $4000;
AMEX BCE $12000;
Citi Double Cash - $6600;
CHASE AARP Visa - $5000;
Banana Republic $1200;
NFM - $20,000;
Sears (Citi) MC - $6000;

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sicasun
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Postby sicasun » Fri Sep 12, 2014 11:55 am

Based on what my dad's told me, and my experience shopping with him for my car, you can get a car loan even with bad credit. The problem with bad credit on car loans is that your interest rates are probably going to be high :( Car loan interest sucks cause you can avoid paying it like APR on CCs.

Definitely shop around for loans and don't use the dealership unless it's your last option. Dealership loan are usually the worst from what I've been told. They also try to tack on all these unnecessary additions to your loan amount. And yes, avoid buy here pay here places. Just go to a dealership no matter how annoying they are. Good luck!

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

gretchenhill
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Postby gretchenhill » Sun Sep 14, 2014 9:55 pm

Guys, someone help me regarding my problem. Take a look at this website badcreditresources.com it say’s that “If you can wait until your personal credit improves before acquiring a loan, then you will certainly be in a much better position to negotiate. However, if you really need a loan at this point, then you need to be a lot smarter to avoid being scammed or ripped-off. “

Here some tips that they gave to me:

Check your credit report. - Order a copy of your personal credit report from each of the three major credit bureaus.
Consider your qualifications. - There are lenders who are willing to extend financing to customers with bad credit but they need to meet other requirements.
Compare loan rates. - You can request for free auto loan quotes online to get a better idea as to how much the rate and monthly loan payments would be.
Request for a lower rate. - Even if you have bad credit, it is still a good idea to try to negotiate for a better repayment term.

Now, I am trying to re-apply again and hopefully they will approved my card loan.



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