Auto Loans

[slyon777]

Hello all,

I need a little advice on getting an auto loan.  My current car is a champ 1989 Toyota Celica with over 200K miles.  It been a great little car but it is on it's last leg and really wants to be retired.  My problem is that I have little credit.  My info is as follows.

TU Fico: 669

EQ Fico: 665

Income: 45K

Report is blank besides a low limit ($500) partially secured credit card (6 months old with no late payments) and two old tax liens (2007, 2009).  The card is zero balance now but my report shows it as 50%.

I was approved by Roadloans for 15K @ 22%.  This seems completely crazy to me with my Fico being where it is.  Is this what I am to expect with having minimal credit and the tax liens or should I keep looking?  Any thoughts would be greatly appreciated! 

Thanks!

[pizzadude]

So are you saying that you only have one account showing on your reports, and no previous installment or auto loans ? If that's the case then your credit is thin which will make it harder to secure a low interest rate. I would recommend talking with a few local CUs or banks to see if they can work with you as a first time buyer. Also if you can make a larger down payment it should help as well.

[slyon777]

Yeah that is exactly the case.  The secured credit card is the only thing on my report.  No other loans ect.  Only that and the tax liens.  I was attempting to get a real (non secured) credit card thinking it would help build up my report but I kept getting declined.  I tired BofA and Chase. I will do some research and find some CUs around me, I am in Los Angeles.  I am guessing there are many!    Thank you for the advice.

[slyon777]

Also, I forgot to mention.  I was hopeing for a used car loan for between 15 to 20K.  I could put down up to 5K if needed.  Although I would prefer to put down less. 

[9warloc9]

Capital one gave me a much better rate than roadloans and I have a lower score than you do. You might want to give them a try. Good Luck