Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
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If you are buying from a dealer they would have banks fighting for that paper.
GO to the dealer,let them get you done.
TMCC would probably buy you in a heartbeat.
I know the three different agencies have different ranges but I thought they only went up into the 800s.
They will be ready to sell you anything you want!
Some bureau co's have their own mickey mouse scores,which the banks don't use.
See what your Auto score is.
850 is the highest they go.
In my opinion the entire credit scoring system is predatory and needs to be looked at. There is no rhyme or reason to it.
Credit scores are nothing more then a license for banks to print money.
When I bought my house several years ago, I had scores like 820 and 799 on the other systems.
link title
" Experian does not sell the FICO score to consumers. Charges $15 for its report and its own Plus score. Also sells its own VantageScore, which evaluates consumers on a range from 501 to 990,
for $5.95."
Precisely, why share any part of the pie with Fair Isaac Company (FICO)?
Years ago, before banks were allowed to have branches, lending was pretty much a local affair with each bank developing its own lending criteria. A Fayetteville, N.C. bank had an economist develop a formula for measuring loan risk. Homeowners were better risks than renters (to no one's surprise). But the best risks lived in trailer homes! :surprise:
The bankers went back to the economist figuring that he had reversed the coding on the "home" variable. The economist investigated and found that the formula was correct.
It seems that the trailer home resident-borrowers were primarily officers and non-coms from nearby Fort Bragg and Pope Air Force Base. And these officers and non-coms were very good credit risks.
I have an TransUnion score of 529 / Equifax 562 and am having a VERY hard time getting a auto loan.
My lease on my 2005 Buick is up in a week or so and GMAC will not approve me on another new vehicle because I was late 6 times on my payments. I am TOTALLY paid up now (even late fees).
I make $24,700 a year and only have a letter of employment from my employers to prove my income. I am a Nanny and need a nice, safe car that can take on a Syracuse, NY winter.
I sent GMAC and credit app. to buy out the lease but in may take 6 weeks to hear back. I am hoping that since the residual value on my contract is $17,700 (allot more then blue book) they may let me buy it.
I finally understand about HOW IMPORTANT your credit score is and trying to pay off some of the deliquent accounts but it may be to late for this car purchase that I need ASAP.
What advice would you give me to obtain a late model, low milage, safe vehicle for me and my kids??..all THREE have to sit in the backseat.
Thank you VERY much for your time and I look forward to your response!
Michele
If you can't find financing any where you may need to check out a reputable note lot.
You might want to discuss this with your employing family. Several years ago, our nanny's car broke to the point where it was not economically the correct thing to fix it. She had no credit history so getting a loan on a car would not have happened. We helped her find a reliable used car for under $9k. She borrowed the money from us at an agreed upon interest rate and repayment schedule that we all signed. Payment was taken from her pay on a weekly basis. This may not help your credit score but it is one way to get an affordable car.
Good luck,
car_rm
How do you find a reputable note lot?
I have pretty much run out of options and need to go and at least check out a note lot.
What exactly is it? How much cash would I need, etc..
I just need to get a reliable car and then fix my credit and deposit every cash payment into my bank, so I NEVER have to go through this again!
Thank again for your help!
Michele
haselhuhn575@yahoo.com
Maybe keep them open and have the limits lowered on the ones you don't use?
I have a fair credit score and I am looking to get a new car. The car I am looking at costs about $28K, I have $13K to put down plus my trade in. The reason my score is not the highest is that I am fairly young and havenet had my credit cards for too long (about 4 years) and the credit limits are small, but nothing is on them. Also at one point in college I was late in paying them, but now those cards have had positive payment for about 18months.
I am nervous I might not be able to get a loan. Last night I submitted a loan request and was denied by Capital One Auto. Do I have a better chance of securing a loan through a dealership? Is leasing still an option?
Capital One is very tough. (or just clueless ... i haven't figured out which yet. These folks denied me a credit card several years back when my score was in the 720 range)
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
tidester, host
SUVs and Smart Shopper
With a repo and 2 CC's in default and on disability I would say only 10% down is a miracle if the dealer can really get it done.
Sorry ... but I have to be harsh here.
If you don't carry insurance, you SHOULD NOT BE DRIVING!! All I need is for you to run into me and I am SOL! Stay the heck off the road!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
And you have no doubt already discovered why you need insurance. If you can't manage insurance you can't manage a car. Sorry if that sounds rough but that's the way it is.
As far as assistance it would epend where you are. There may well be something in your area. Much of this small loan or grant type assistance is done trough local churches and such. That's a good palce to inquire.
I agree with you on the fact that your income is absolutely steady. Those marks that your ex put on your credit have got to hurt which is why the thought of a cosigner came up.
Best of luck. I think your best shot is through local charities.
I think you are making your own assumptions here.
None of us are "rich" we all have bills to pay.
It sucks what happened to you,but thats life.
As someone noted,your best bet for assitance is probably a church charity.
A number of organizations take donated cars, fix them up and either sell them or give them to needy people.
Failing that, a buy here pay here lot would be your best bet.
And, if it were true that you didn't have any insurance, to answer your question about who I think I am. I think I am a driver on public roads and have every right to be protected against uninsured motorists. Since you say you are not one of those, then my comments to you obviously didn't apply and there is no need to get bent out of shape about it. You correct the error and move on.
As to your problem, is there anyone you can borrow the down payment from? Meaning a relative? What about the husband? No chance there?
And I do hope that you carry full coverage in the future to protect against such mishaps. The car was only 4 years old, after all, and not exactly a junker (at least, that's what I'm assuming).
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Don't judge them too harshly. They really are trying to be helpful but sometimes forget that they too were once new to asking for help in forums.
With a little luck we'll get some better suggestions for you.
tidester, host
SUVs and Smart Shopper
My advice would be to lower your sights on a used car. Not sure what the circumstances were surrounding the 2004 Saturn that caught fire, but for your situation, you need to buy a used car that costs about $5k-$6k and can be paid off in 2-3 years. There are plenty of fairly reliable cars (I'm thinking Buicks) that can be had for that money and will last you 2-3 years without major problems. A cheaper monthly payment will help you get back on your feet. Also at this price point, you may be able to get away with a $500 down payment instead $1000. It may be easier to get someone to loan you $500 (like your husband) for the down payment.
Good luck and remember not to put your whole life story out on the internet. We all have issues and situations. Believe it or not this forum is a great place to get advice.
I am looking to trade in my car for another.
Last August I received approvals from Capital One and Roadloans and bought my car from a dealership. Since then my FICO's have improved at least 20 points with each of the 3 bureau's, my salary has grown considerably, balances on my credit lines have dropped, and I have made 8 months of on-time payments to my existing RoadLoans loan.
RoadLoans flatly declined my new application because I need to make 12 months of payments before they will let me trade in my vehicle and finance another. Capital One declined too but would not say why. (Have to wait for snail mail)
Is it likely CapitalOne declined for the same reason that RoadLoans did? Am I better off just waiting until 12 months have passed or should I go into a dealership and let an F&I guy assist?
Do I need to sell my car, pay off the loan, and then wait a few months before buying?
I need some professional advice!
You could try going thru the dealer.
Or,you could wait and let your credit improve more.
20 points on a low score isn't much of an improvement.
Transunion 533 - > 609
Experian 515 - > 546
Equifax 599 -> 619
All terrible scores, no doubt. But if I got a loan offer at the before scores it seems odd that the after scores wouldn't pull some offers. Unless, of course, what you say about the 12 months thing is accurate.
Not only in jobs and residences but in loans as well.
I would wait and get your score up to where it will really make a difference.
Even if that means you have to keep your current car for another year.
Update: Without any prompting Roadloans changed their mind and sent me an approval notice contigent upon trade of my current car. It is 2% higher than my loan a year ago. Very confusing. 8 months of on time payments and they want a higher interest rate?
I'm going to wait past the year mark and then go to a dealer to try this again. All I expect is a rate equal to the one I had last year.
Not an unreasonable expectation give the fact that prime is about 3% lower than it was 8 months ago. Unfortunately lenders are not as keen on less than prime borrowers as they were even last year.
It makes me wonder if I should bother waiting past the 1-year mark on my current loan before trading in.