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Posted in Auto Loans
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Question By
Sleiren

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0 People Helped
I need a car and am scare to even request an auto loan because my score is poor.
I don't have any open accounts other than my checkings/savings account. Don't own a home or a car. What ca I expect? How can I better my odds?

No co-signers available either.

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Top Contributor
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520 points

Helpful to 27 out of 28 people

I have very low score of 520 points. Yesterday I got RAV4 under 11% with ALLY.

I am so happy now.

Make sure you do not accept whatever they offer you right away. You will have to come and leave at least two times. Make them nervous.

My original offer was 18% with high price of the car and low trade-in value of my car. Few visits changed things drammatically.

1 Contribution
2 People Helped

HELP, FIRST CAR

Helpful to 2 out of 2 people

I have a credit score of 640, I am living in a state that requires a car. I am 60 yrs, never own a car before because I came from New York where means of transportation was always available. What are my chances for either a 2014 Toyata Camry or 2014 Hyundai Sonata. Should I get a car loan from my bank or should I use the dealership finance company.

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Reply by
Vlanson

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74 People Helped
Helpful to 5 out of 13 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. "gmorrison741 @ g m a i l . c o m" is the programmer's email address. I wish you good-luck. Y’all can thank me later. 

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87 People Helped

One option

Helpful to 87 out of 97 people

There are "second chance" banks tha will finance you but with a high interest rate of course (15-19%). You can get a car financed, make all of your payments on time for 18 months-1 year. This will build your score and you can go back and get what you want with a low interest rate. I did this and it worked out great for me. I was able to get a brand new Toyota Camry (which is what I wanted 2 years ago).

Reply by
johnv87

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57 People Helped
Helpful to 57 out of 69 people

what are some second chance banks. Im in the same boat i drive a POS and want to get a better car. My last car got totaled. My credit is very poor so im worried i wont get approved for a car loan with a bank. would a buy here pay here place be good to go to?

Reply by
Dkalas5656

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27 People Helped
Helpful to 27 out of 44 people

What "second chance" banks can I go to. I don't know what a second chance bank is. Please help.

Reply by
hodge11

2 Contributions
13 People Helped
Helpful to 6 out of 7 people

The only second chance banking centers that I know of are KeyBank US bank and Kimba credit union. I hope this helps although I am in Ohio so I'm not sure what state you live in.

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740 Contributions
828 People Helped

Helpful to 77 out of 101 people

wait 6 months take $1,000 go to your local bank apply for a cash secured loan open up a seperate checking account so your not tempted to spend it....put the $1,000 in there then fill out the loan paper work....put the money from the loan in the new checking account plus $60 for interest then have the bank do auto payments out of the new checking account for 6 months then go pay the loan off completley and go get a car loan

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24 People Helped

NOT GO TO JD BYRYDER

Helpful to 24 out of 35 people

THEY GIVE **** CARS THAT BREAK DOWN LIE AND SAY THEY FIXXED THE PROBLEM BUT JUST RIG IT TO RUN UNTIL YOUR WARRINTY GOES OUT SO UNLESS YOU WANT A CAR THATS GOING TO BREAK DOWN DO NOT GO TO THEM .......

Reply by
hodge11

2 Contributions
13 People Helped
Helpful to 7 out of 9 people

e I have to agree with you if anything I would suggest anyone to go to a buy here pay here car lot rather than JD Byrider I had a car to JD Byrider and I had to end up filing bankruptcy due to the car stopped working that they claim they fixed three times. they also do not provide any loaner car if your car breaks down so you are on your own making your car note your insurance payment and your rental car payments. please stay clear of JD Byrider.

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33 People Helped

Knowing someone in the biz helps

Helpful to 33 out of 43 people

My credit score was 600. I had just got a new job and had no money to put down. My friend I grew up with worked at my local VW dealership. He told me to see a  certain salesman.  I went in and was able to lease a new 2012 jetta Se with no money down and they paid my first payment. I could not believe what had happened when I was driving off the lot. But my payments were high $345 a month when good credit would have been $250. So these companies can approve anything if they want. Credit score just helps them gauge the habits and risk of someone they don't know. So my advice is to ask around and make a good impression. Not saying this would work for everyone but the way I see it is the dealership gets their money and if you don't pay they get the car back. So where is the risk for them? 

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24 People Helped

Choose a car and see what happens

Helpful to 24 out of 29 people

There are a lot of factors that play into getting an auto loan such as if you're going to make a down payment; the year, make, model and miles on the vehicle; the cost of the vehicle; where you are buying your car etc. Unfortunately, financing varies by vehicle, so you need to choose a vehicle and run financing before you see if you're qualified.

Roadloans (aka Santander) and American Credit Acceptance are two institutions that usually work with first time buyers or people who have a low credit score. 

You don't know what to expect unless you try.

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21 People Helped

Helpful to 21 out of 27 people

Around here some dealerships use a company called credit acceptance. It's who I got to give me a car loan. It's not my ideal car, and I had to have $1500 down ($1000 in trade then $500 cash is what I had) and the interest rate is high, but after making all payments on time for 12-18 months, and providing I have little to no negative equity, I'll be able to trade it in and get something a little better. I'm cleaning up my credit while driving this car, and hoping my credit will be better by the time I go to trade it in. good luck!

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14 People Helped

638 score

Helpful to 14 out of 26 people

Would I be able to qualified for a car loan with a decent rate with a score of 638?  I plan to put $5000.00 down.

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0 People Helped

Not the way it works lol

I don’t care how confident you think you are. Your ability to get a loan is based on income, credit score, time on job. The bank could care less how confident you are lol!!

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