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New Member
Posts: 7
Registered: ‎03-23-2011
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Desperate - who will give an auto loan out to bad credit score? Help!

My husband and I are in our late 20s and have made credit mistakes in the past that we are still paying for. My score is about 528 and his 545 per freecreditreport.com. Is there anywhere we can get pre - apporoved for an autoloan? We are in a situation where his truck is falling apart and he needs to trade in...the  pay off on his truck is about 14,000 and its worth maybe 13,000. Please let me know! Would lending tree? Thanks!

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Posts: 16,447
Registered: ‎07-14-2009
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Re: Desperate - who will give an auto loan out to bad credit score? Help!


aimcat wrote:

My husband and I are in our late 20s and have made credit mistakes in the past that we are still paying for. My score is about 528 and his 545 per freecreditreport.com. Is there anywhere we can get pre - apporoved for an autoloan? We are in a situation where his truck is falling apart and he needs to trade in...the  pay off on his truck is about 14,000 and its worth maybe 13,000. Please let me know! Would lending tree? Thanks!


Hello and welcome to myFICO.

 

None of the scores you get at FCR are FICO scores. They are what we call "FAKO" scores because they are not based on FICO scoring formulas and these FAKOS are not used by lenders to make credit decisions. Your real FICO scores might be much higher or lower that these FAKO's.

 

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it.

 

So you'll need to pull your real FICO's eventually (or let a lender do it) to see where you actually stand.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

New Member
Posts: 7
Registered: ‎03-23-2011
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

I dont want to pay extra for that....just baed on this info what lenders would let me by with getting a loan?

Moderator
Posts: 16,447
Registered: ‎07-14-2009
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Re: Desperate - who will give an auto loan out to bad credit score? Help!


aimcat wrote:

I dont want to pay extra for that....just baed on this info what lenders would let me by with getting a loan?


Those numbers you got at FCR are useless.

 

Eventually you will have to apply which means a report and credit score pull. Until then no one can give you an informed answer.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

New Member
Posts: 7
Registered: ‎03-23-2011
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

I just went ahead and pulled my FICO through this site - I did the Experian and it says it is 586....? So hopefully this will help you guys help me!?

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

Where to begin?

 

1- A truck cannot be at the same time both falling apart and worth $13,000 and owing $14,000. Your truck will be appraised when you go to trade it in and you will see wha ti tis worth. That number is going to effect a deal more then your credit score.

 

2- Does he need a truck, can you guys use a car?

 

3- Your/his income and time on job may help make up for your bad credit history.

 

4- Welcome to the world of special finance- to get any deal done you are going to have to work specifically with a dealership and their special fiannce guys. You may not get much choice in vehicles to finance, and you will have to do it under teir terms.

 

5- do you guys have any income tax money left to put down?

 

 

 

 

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Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
New Member
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Registered: ‎03-23-2011
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

What I mean the truck is falling apart is that it is just having issues and he wants out from under it and also to get a mid siz instead of a full size. He HAS to have a truck due to him owning a heat and air company and needing to haul things.

 

Between the both of us we make around 80,000 a year and we are not in a position where we get ANY taxes back - actually we owed 1400 this year!

New Contributor
Posts: 91
Registered: ‎01-12-2009
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

I'm not sure what kind of financing your going to get, the good news is though, all American manufacturers are offering really good incentives that you could take advantage of being you wouldn't qualify for promotional financing.

Amex Gold, Capital One VentureOne & Platium Cards, AAA BoA Signature Visa, Barclays Airtran & Frontier Airlines Cards, Paypal MC, Best Buy RewardZone Mastercard and Chase Speedway Mastercard....and I FINALLY Welcome to Discover...thank you and have a great day!!!!
EX: 667 (8/6 Amex App) - EQ 700 - TU 697
New Member
Posts: 7
Registered: ‎03-23-2011
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

can anyone else help?

Frequent Contributor
Posts: 474
Registered: ‎09-12-2010
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Re: Desperate - who will give an auto loan out to bad credit score? Help!

your best option is probably a buy here pay here or maybe capital one with a very high interest rate.

FICO scores - 727 TU(Walmart)/ 727 EX(Amex app)/ 721 EQ(Discover app)
In My Wallet: BankAmericard Cash Rewards($2,000), Discover More($3,000), Chase Freedom($2,000), Fidelity Amex($1,000), Sam's Club Discover($4,400), SallieMae 5% Mastercard($5,000), Amex BCE($2,000) ,Citi Simplicity($2,000), Paypal SmartConnect($3,100), Walmart Store Card($2,350), Chase Amazon Visa($700), Target RedCard($500), Capital One Cash Rewards($750), Best Buy Store Card($1,900), HHGregg($2,000), Amazon Store Card($1,250),Newegg Preferred Account($2,000), Park West($2,000), BankAmericard Travel Rewards($5,000)
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