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Member
Posts: 14
Registered: ‎10-14-2012
0

CapOne or Roadloans?

Hi - have a FICO of 532 TU & EQ and low income ($1300/mo). May get some cash soon, and want to get a reliable car. If I put down 10/20/30%, what are the odds on financing a $25k vehicle? I don't drive a lot, so this car should last 10-20 years for me, this want newer (used) vehicle I really like. I know I can get a lease at that rate, but that wouldn't be good for me. 

 

I know Roadloans has published min income of $1500/mo to qualify. Does Cap One Blank Check have a min income and credit score requirement? 

 

I have no other debt, but filed BK earlier this year (discharge received June) and voluntarily surrendered leased car last year. 

 

Bad credit, BK, everything explainable due to medical issue that's left me permanently disabled.

 

What are my options? CU won't help. BofA won't give me access loan due to low credit score. No co-signer available. If I can't get a loan, will have to look at salvage/flood titles just to get a newer car with low miles. Income won't improve in time, but credit score might. Have no car now though (borrowing one that I must return soon). 

 

Any advice?


Starting Score: EQ 532
Current Score: 532
Goal Score: 760


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Established Member
Posts: 14
Registered: ‎07-22-2012
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Re: CapOne or Roadloans?

[ Edited ]

Having a 30% down payment may help but income will be a problem.  When I wanted to finance my vehicle, I was in the same situation.  I had a freshly discharged BK, but I also had $4k/mo income with a $7k down payment (about 25% down).  The dealerships could not get me approved until I had a co-buyer with no credit and an additional $2k/mo income.  Capital One bought our note but only because of the additional income.  That should give you some insight as to what you may be faced with when trying to finance a vehicle.  I would just say to buy a car outright if you are coming into a large sum of cash.

Member
Posts: 14
Registered: ‎10-14-2012
0

Re: CapOne or Roadloans?

Paying all cash isn't an option, won't be getting that much and can't tie up everything in a car. 

 

Moot now as applied today. Denied by Cap One. They said my credit score was 511. Approved by Roadloans with their credit pull EQ showing 554?! Trying to get deal worked out now...just frustrated dealership closed today!


Starting Score: EQ 532
Current Score: 532
Goal Score: 760


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Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: CapOne or Roadloans?


IndianaJane wrote:

Hi - have a FICO of 532 TU & EQ and low income ($1300/mo). May get some cash soon, and want to get a reliable car. If I put down 10/20/30%, what are the odds on financing a $25k vehicle? I don't drive a lot, so this car should last 10-20 years for me, this want newer (used) vehicle I really like. I know I can get a lease at that rate, but that wouldn't be good for me. 

 

I know Roadloans has published min income of $1500/mo to qualify. Does Cap One Blank Check have a min income and credit score requirement? 

 

I have no other debt, but filed BK earlier this year (discharge received June) and voluntarily surrendered leased car last year. 

 

Bad credit, BK, everything explainable due to medical issue that's left me permanently disabled.

 

What are my options? CU won't help. BofA won't give me access loan due to low credit score. No co-signer available. If I can't get a loan, will have to look at salvage/flood titles just to get a newer car with low miles. Income won't improve in time, but credit score might. Have no car now though (borrowing one that I must return soon). 

 

Any advice?


Leases are mostly bad ideas and If you only make $1300 a month or around $16000k a year, in my opinion, a 25k car loan is not a good idea. My advice is save up some cash and buy a cheap reliable car (oxymoron?). Try to fix your credit in time and also start saving and in a year you should have better credit and money saved and a car to trade in for a nicer one with more equity.

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