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Bad credit financing

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Anonymous
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Bad credit financing

I have bad credit and no cosigner. Is it possible for me to get a car loan? I have a job and $1000 for a down payment. What are my options?
Message 1 of 11
10 REPLIES 10
Anonymous
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Re: Bad credit financing

We need more information to help give you a decent answer.  What is your income, other credit obligations, actual scores and what baddies do you have on your credit profile?  I assume you want to avoid the predatory by here pay here dealers who will charge you nearly double what the car is worth with crazy interest that will sink you.

Share your details and I am sure we can provide some reasonable advice.

Message 2 of 11
Anonymous
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Re: Bad credit financing

My transition score is 507 according to credit karma. I have 2 open accounts in good standing, 3 accounts in collections for a total of 1300, and a closed capital one account. I make around 2800 a month, but I don't pay rent since I live with family. I've been paying 900 a month for rental car and I really need a lower payment than that. I doubt I can even get a car at a buy here pay here place.
Message 3 of 11
Anonymous
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Re: Bad credit financing

Transunion, not transition
Message 4 of 11
fishbjc
Senior Contributor

Re: Bad credit financing

wow $900 monthly!  I can understand why you would like to dump that!  Have you considered a beater to get you out of that monthly obligation?  Take public transportation, car pool, use Uber?  If your scores are low, your Auto Insurance may also be more expensive. 

 

I wish you luck, please let us know what you decide to do. 

Message 5 of 11
Anonymous
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Re: Bad credit financing

My job requires a reliable car. If I don't have one, I can't work. My insurance won't be that much....I have a good driving record, never had a wreck, etc.
Message 6 of 11
Anonymous
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Re: Bad credit financing

Maybe you could try a credit union?

Is the capital one account that is closed a derogatory account or is it a good account, just closed?

You can try capital One's auto preapproval to see how close you'd be to getting a loan through them. It's a soft pull and won't affect your credit if you click on their preapproval link.

Good luck!! It's hard to need a car and feel like you have no options. I hope you are able to find something soon!
Message 7 of 11
Anonymous
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Re: Bad credit financing

Thanks! I was thinking about a credit union, but wasn't sure if they'd work with me.
Message 8 of 11
Anonymous
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Re: Bad credit financing

U try carvana.com. They work with people bad credit. U have put little more dowmpayment  

 

Message 9 of 11
Anonymous
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Re: Bad credit financing

The mistake many if not most subprime buyers make is not trying credit unions because they are afraid they will get declined.  Credit unions tend to be more flexible then many banks, you may want to consider putting together your $1,000 with a personal loan from a credit union of 2-3k and get something basic while you rebuild your credit.  You should also consider investing in myfico scores as part of your rebuilding so you know exactly where you stand score wise. CreditKarma is useless when it comes to auto scores which is what you need when your shopping for car loans.

Message 10 of 11
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