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New Member
Posts: 2
Registered: ‎09-19-2012
0

Bad credit options

I am trying to purchase a cheap vehicle for my teenager or a newer vehicle for myself so that I can give her mine. Equifax reported my score as 566. I have a bankruptcy 2 years ago and one medical bill in collections. I do have some credit cards that are being paid on time and my home is paid for. It is probably worth 110,000. I allowed a nissan dealership to run my credit to see what my options were and he wouldn't even tell me the interest rate. He wanted me to purchase an 08 civic with 69,000 miles for $15,000. I figured out the interest rate at 27% and they asked for $2,000 down. I don't want to spend that much on my daughter a vehicle. I just wanted to know my options. I applied for a loan through Chase because I have banked there for at least 15 years. I was denied. I don't really want anyone else running my credt report and have been getting frustrated reading about rates, tiers, etc. From what I have gathered I can get a newer car at a better rate, but that's if I am approved. Applying for a home equity loan is kind of scary to me. I recently was hired as a school social worker and I guess be able to get on with the credit union, whatever that means. I guess they have good rates, but they don't have to loan me anything. Is there any way I can find out what the legal limit on used car interest rates is in Louisiana so I don't get totally screwed? I was told by the honda salesman that it is 18% for a new car. Several websites I viewed reported interest rates for different FICO ranges, but they were all different.  I will need a new car soon because mine has 155,000 miles on it and my daughter needs to start college and get a job in Jan. Let me know if any of you have had decent rates with specific lenders, etc.  Thanks!!!!

Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
0

Re: Bad credit options

Try a credit union. We had a 495 in January (eewww) and financed 26k..but at 11%. Hello refinancing! Credit unions can be a lot more lenient.


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Moderator Emeritus
Posts: 12,939
Registered: ‎12-30-2011
0

Re: Bad credit options

[ Edited ]

JPersat wrote:

Try a credit union. We had a 495 in January (eewww) and financed 26k..but at 11%. Hello refinancing! Credit unions can be a lot more lenient.


hah, I would've given quite a lot for an 11% approval and my score was at a 551 when I bought a car.  That CU did you right JP Smiley Happy

 

To the OP: dealer financing, a CU, or perhaps something like Lendingtree that picks up a few lenders would be my recommendation.  Since you recently started the process, additional auto inquiries won't count against you if done within a month for FICO '04 and it's even longer for the '08 version.  Since you have decided to buy a car, keep shopping for a loan is my recommendation.

 

 Welcome to the forums as well!  Also as a final point, as JP suggests you can refinance later: you don't have to live with the heinous interest rate forever.

 

 

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Regular Contributor
Posts: 107
Registered: ‎07-26-2012
0

Re: Bad credit options

11% with a credit score of 495, I need to speak with this credit union myself as and see if they would be willing to finance me as well.

Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
0

Re: Bad credit options

My husband's grandfather was their third member many, many, many moons ago...I'm sure that helped..as well as our having checking, savings, another current car loan, an unsecured loan and 3 prior paid off car loans. Smiley Happy


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



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New Member
Posts: 2
Registered: ‎09-19-2012
0

Re: Bad credit options

Just wanted to give an update. I ended up getting approved for $26,000 with $2,000 down at 6.99 % for 66 months. I purchased a 2010 Honda pilot with 30,000 miles. I think the book value was about $28,000. Total price was 23,900. They offered me $2,000 for my trade in and I declined. I sold it to my sister-in-law instead! Thanks everyone for the advice!!!!!
Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

Re: Bad credit options

Congrats!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: Bad credit options

[ Edited ]

Where were you financed through? That's an amazing APR considering

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
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