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Posted in Auto Loans
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Question By
blsalter1

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ChexSystem and Auto Loans
I am a college grad wanting to buy my first car. My mom had complete control over one of my bank accounts. I didn't use it for myself at all. She over drafted that account about $300 to pay for medical attention she needed. Well unfortunately, she decided not to cover it and it got reported to chexsystem. I don't want her to get in trouble so I am giving her a chance to pay the debt but I know that they may still not take me off. Is there any chance of me getting an auto loan anyway? My credit is in the mid 600s, I bring home $2000+ a month, I have no late payments, or any other negative things on my report.

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Yes, you can get a car loan

Helpful to 1 out of 1 people

Hi Yes, you can still get an auto loan if you have a chexsystem bad mark. Chexsystem is mostly used whne you try to open up new bank accounts, so assuming you have a bank account or you don't need one before you get your car loan, you can still get a car loan. 

Please be aware that a score in the mid 600s will  not get you the best inteerst rates though. But, this isn't your question. You can still get a car loan if you have a bad chexsystems mark. The loan creditor will check one or more of the credit reporting agencies (experian, equifax or transunion), chexsystmes is usually not part of the loan process.  

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mgo

how do i find out if i am on chex systems so i can open a checking account?

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goodberry

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Enter Your Replyi know its not part of car loans but i was hoping someone would know how to find out before i go and get shot down.

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not exactly, correct.

Not entirely correct. Say, that person, wants a bank loan, but the bank needs you to get an savings account with them. Guess what. Can't get it, because Chex system!

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