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Posted in Auto Loans
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Question By
Aaroncm22

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8 People Helped
Can I get a decent loan with my credit? 630
Credit score around 630. Age 24. I dont have any cc debt and no other loans. I do however have a few accounts in collections in the area of 7k from a medical bill I got the month after HS graduation. I net around 2300-2500 a month. If I could qualify for anything where should i go and what could i qualify up to? What bank lender etc... I think i could do a down payment of 3 to 4 thousand. Thanks to anyone willing to share their insight.

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It depends....

Helpful to 25 out of 42 people

 If you need a car (I am in that club too), cash is short (when you make more you spend more...) and it seems like your options are limited.

 They aren't. Min score for most sub-prime car loans is around 520. The better your score, the better your interest rate. Downpayment is not that much of a factor unless it's 15-25% of the purchase price, tax and other fees included. 

  If you have collections on your report, there isn't much you can do about the damage is done. You can try and GW them off your report. In some cases you can get these removed by constantly sending them letter. Oh before you type that GW letter out, be sure to watch Ty Crandell's video on YouTube about the automated systems all the credit reporting agencies use to even manage disputes.

 It's better to spend your time creating new positive trade lines. You can of course pay your collection accounts but it won't boost your score, only new positive trade lines will do that.

 So you still need a car right? I do too, so I look at my options. My TU score according to this site is my middle score out of the three. With this score, I can get a loan from any of the subprime lenders that are offered here as recomendations; these include Auto Credit Express, Capital One and Road Loans (Santander).

 Another option is CarMax. The reality is you will pay a little more for the cars, this is apart of th no haggle policy. It is not uncommon to spend 6-8 hours buying a car even when you know what you want. In most cases CarMax can get you financed. The lenders they work with include Wells Fargo and Capital One. The lenders of last resort are Road Loans, Exicter and Car Max's own internal lending.

 The only way you wouldn't be walking out with a car is if your income is so low (I mean litterly no income) that you couldn't even afford about $300 a month which is roughly the cost of the car + insurance. In reality it's about $400-$450 when you include fuel and maintance.

 @TBTC

 You can get a new car, don't be bashful about it. In many cases subprime lenders would rather you buy a new car instead of a high mileage used car, depending on what your approved for.

 For example on another forum a person claims they were denied a car/loan from CarMax but submitted an app with Road Loans and got approved but the car had to be a 2014 and they would give them $14,000.

 There are new cars you can get for that, but know it will be a B segment car; like the Honda Fit, Nissan Versa Note, Hyundi Accent, Ford Fiesta, etc.

 CarMax will finance indivudals post BK as well. So as I said it's hard to not get approved though them, if your not dead set on new car, I would look there way.

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Most Helpful Response

How long post-BK should I wait?

Helpful to 13 out of 19 people

Hi there,

I need to purchse a new vehicle.  I declared BK last FEB (2014) and it was dismissed in NOV 2014. My credit score is 663.  I have 12 derogatories, but, they all have zero balances because of the BK.  I also have five Hard Inquiries since the BK.  Oh, and I'm self-employed.

Any feedback would be GREAT, thanks!!

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13 People Helped

PURCHASE A NEW CAR

Helpful to 13 out of 20 people

We filed bankruptcy 1 year ago and now need to purchase a new car for work. We have a vehicle that we could trade it, but we are giving it to a family member for work.  My CreditKarma score is 585 and my husband's is 586. We both have a decent income now. He is retired after 41 years and I have been on my job almost 1 year.  Should we wait longer to try to purchase a new car? We are not trying to purchase a new car just to have a new car, we need one.

Regards,

The Baldwins

Florida

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Reply by
DjFourmoney

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Helpful to 9 out of 18 people

If you need a car more than a higher score, I would get the car. As long as you don't get a car too old with too many miles on it, you can re-fi at a much lower rate in 6 months to a year. 

 At 580 both you qualify for the majority of subprime lenders including Capital One.

 Capital One Blank Check is easy and no ridicluous fees like Road Loans where you'll be searching for a dealer to work with. It's so bad Road Loans has put a dealer location search on it's own website! 

 Auto Credit Express is another option and get high marks from reviews and the BBB.

 The leader of last resort seem to be Road Loans/Santander, so a word of warning.

 If you are the type to not be on-top of your bills and pay them on-time, keep your insurance policy updated,etc. I would think twice about getting a loan from them.

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Helpful to 9 out of 16 people

First off do your home work on Credit Pro or any other company claiming they can help you with your credit. Next I would work on taking care of your collections on your own. Then after taking care of what you owe I would then apply for a loan.

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183 People Helped

Helpful to 3 out of 5 people

@AceofSpades 

 Try Car Max for used cars, they will help you post BK. Capital One will also help you post BK but your interest rate will be double digits. 

 That's not an issue, pay on-time for six month and re-fi.

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0 People Helped

New car!

I'm 20 years old. My credit score is 586. I have one car loan and one cc that are both up to date and have been for about a year and a half and I missed a few payments back in 2014 for both my car and cc but haven't missed one since then. I'm going to pay off my cc that is $277 and I got an estimate credit score from credit karma after I pay that cc off and it said it will be about 646 (which again is only an estimate) my car loan is about 14,000 left but I'm going to get a new car either December 2016 or January 2017, after I pay off my credit card. I have 0 hard inquires, 0 collections, and 0 derogatory mark. I believe my credit score is high because my cc and loan have only been open for about 2 year, my credit limit is $300 and I used $277 (yes I know I shouldn't use all of it but I had a low paying job before this current job) and I only have two credit accounts open (I don't plan to get anymore besides my new car) and also because I was late on my payments back in 2014 my credit payment history is 83%. Those are the negative things I have on my credit based on my credit report from credit karma.  Basically I want to get a 2016 jeep renegade and those run between 17,000-30,000. I'm only looking into getting one that is about $17,000-$25,000 the max and I don't want to have a high interest rate or payment. My current car loan is $450 a month for a 09 Toyota. I have a very high interest on that loan which is about in the 20's I beileve. I was hoping to get any advice from anyone or what you would think I would get as an interest rate and payment for the jeep renegade would be. Any tips or advice helps!!! 

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0 People Helped

New car! Part 2

Also my mom will co sign for me and she has about a 700 credit score 

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Helpful to 4 out of 15 people

Your score is decent to get you what you need. For those collections, Give these guys a call 1  877  235  0324  Credit Pro's they can help.  They also have a preferred mortgage lender program also. Good luck my friend..

Reply by
AceofSpades715

2 Contributions
16 People Helped
Helpful to 3 out of 8 people

I don't have anything in collections.  Was this an automated reponse???

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