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Posted in Auto Loans
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BD8230

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How can i get an auto loan with collections on my credit report?
I have about at 530 credit score right now (which is up from the 475 it was last year) and have a few accounts in collections from a few years ago when I went through some rough times. I am working on paying these accounts off, but i am in desperate need of a vehicle to continue working (and paying off debt). I have had problems finding someone who would finance me due to the poor history, just looking to see if anyone has any suggestions. Thanks!

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You will have to go with a subprime lender, there are many out there. There will be high interest and fees and probably a limit on how much they will be willing to finance but there are lenders out there that will work with you as long as you have a provable income to show that you can pay the loan. Check your local "buy here, pay here" or dealers that advertise to deal with bad credit or 100% financing. You could also check consumer finance companies as many of them do subprime loans. As said, it will be very expensive though. If at all possible you may want to try to find a beater car for cash and wait until your scores improve to get tied into any sizeable loans.

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