Denied Denied Denied

[dabrian]

You answered your question in your post.  Also, do you have mortgage or other payments?  If so your income probably isn't high enough for a 50k car.

[creditwatcher2012]

Big Pay Back,

Thanks For the advice, 

also I hope your wife is doing ok and I am teribbly sorry to hear that, hopefully she beats cancer.

[MovingForward_2012]

With 75 inquiries, you look very desperate to lenders. For a car that much, most lenders won't approve without a reasonable interest rate. And your interest rate would be sky high. 21 late payments?!? How and why did those occur? How old are they? If they did finance you, you would be looking at a $1,000 car payment! I also make 92K and I think that is way too high for your income. These lenders know you are going to default. My last auto loan I was never late on over the 4 years I had it and there was no grace period. With all those late payments, I don't even think a subprime lender will touch you. You are better off taking that $10,000 and buying a car cash. Lenders know your $10,000 down is the auto loan payment money you saved up instead of paying on your auto loan. Lenders aren't stupid. You have work to do. I wouldn't even try to walk back into a luxury car dealership for at least 2 years. Those inquiries cost you dearly. I'm sorry for being blunt but you aren't going to get a loan anywhere right now. You need to park it, learn about how to manage credit, and begin gardening.

[tooleman694]

My guess is that they are slow pays, rolling 30 day lates every month. That is what happened to me, I made my payment monthly but always behind 30 days. This went on for like 2 years.

My last late was in May 2011 and I bought a new car that summer. Interest rate was like 16 percent.

I had a crap load of inquires too.

Then later that fall I bought a second car, score was better and got a good rate. Had about 70k total in auto loans with the second car. But the bank required my Wife be on the loan too because they wouldn't give me 2 auto loans.

[creditwatcher2012]

Moving_Forward thanks again, I am listening to your advice, read my mortgage post again, and tell me what you suggest.

Thx..

[Creditaddict]

Infiniti is pretty easy to garner an approval, so if you are being declined through them for lease or purchase you have NO reason to shop the loan around (At least when it comes to Brand New) in my opinion.  it's one thing if you have a Credit Union Pre-Approval for 10% and want dealership to beat the rate or something but otherwise if you have no options and don't get dealer brand financing you know you are stepping out of "Prime" auto financing... take yourself to CarMax and find soething for under $20k and you can probably walk out with a $600 payment at 23%... yes that's awful but that's what you have to do with 21 lates and maxed out credit cards, trust me... I have done it with BK's and actually with CarMax and Infiniti!

[creditwatcher2012]

Thanks,  sorry for the late response Im trying to read all of my posts,

I have a half decent approval with cap1 and about 6 months ago I had one with infiniti at 4.something percent but after 30 days it expired, but I need to focus on paying my cards down right now.

Thanks for The reply thou,

[BKFireFly]

Hi everyone. I am new..been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed. 

I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out.  Can I recon an auto loan app?

Round up

40k income

2K down

possible trade maybe 1500

borrow  15-18K

What can I do?

Thanks so much for your replies

[MovingForward_2012]

I would recommend starting a new thread with your questions. You are tacking on to someone else's post. You can try to go through special financing. Call different dealerships and ask if they do special financing. Those dealerships that do can shop the loan to subprime lenders to try to get an approval. Prestige Financial is a subprime lender. You can call them to see if they will approve you.

[BKFireFly]

Thank for replying. I took your advice and started a new thread. Also i applied with road loans last night and they appoved me for up to 31,000 @ 16 %. Interest is ridiculous.