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angie819
Posts: 1
Registered: ‎11-12-2012

Auto Loan Options

I'm trying to rebuild my credit after a discharged bankruptcy back in 2010. I'm looking to get a small auto loan ($10-$15K) to purchase a used vehicle. My score is very low (around 607). I have tried to get fiancing in the past through my bank JP Morgan and was denied. my desperation lead me to the RoadLoans website where I applied and was approved for around $20,000 for a purchase from a private seller, the only setback was the interest was $14.99%. I'm just wondering if a subprime lender is my only/best option with such a low score.

 

Thanks

Established Contributor
sccredit
Posts: 770
Registered: ‎09-14-2012

Re: Auto Loan Options

I bought a car a couple years ago with alower score (580-ish) through a dealer and it was financed through Wells Fargo Dealer Services at 10%.  Have you tried looking at a dealer?

Mortgage $299k/$310k
Autos Loans $49.5k/$60k
Unsecured Lines $157.2k

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Established Contributor
guydiver
Posts: 534
Registered: ‎08-30-2007

Re: Auto Loan Options

Have you tried a credit union?  Since it's a private seller I think that rules out Well's Fargo Dealer Services.

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