Getting crappy loan offers. Advice?

[Funk-O-Meter]

I'm apping for a used car loan and getting some pretty crappy offers (to me at least). My car started dying last week and I need to make a move.

Road loans offered 16% for 72 months with 12% down. No. Way.

Capital One offered 12% for 60 with no money down. Nope.

Up 2 Drive declined me because of no previous auto loan showing (last one was 15 years ago.) I understand.

Blue Harbor offered 5.94%  for 72 with 25% down. Now where talking.

My bank Suntrust has declined me do to thin file cause all my credit is recent. My officer is going to try a recon Tuesday. It would put me around 6% for 72 nothing down.

Thats my best scenario but man I was hoping for something better. If I don't get the Suntrust loan I may have to make the 24% down payment happen and sign with Blue Harbor and refi down the road with a CU maybe. It's not a bad deal just not what I wanted. I was actually surprised that Suntrust had the best deal.

Advice?

[Hammer23]

Have you tried using the dealerships F&I department. They have access to banks you don't.

[Funk-O-Meter]

I'm going to when Im ready to buy a specific car but I want to secure decent financing before I app with them. 

[pizzadude]

Unfortunately with no auto loans showing on your credit it will probably be more difficult to secure a lower interest rate.     6% isn't a bad rate at all, if you can swing the 25% down payment then I'd go that route.     But even if you do have to deal with a higher interest rate now, you should be able to refinance the loan into a much better rate after you have established positive payment history.

[germaine47]

Why not go directly to the dealer, that is what I did and your score is much better than mines.  They pulled Equafax 652 and Transunion 720, I was approved with Toyota Financial for 63 months at 1.9%.

[Creditaddict]

What about a lease?

I have gotten terrible offers to flat out denials for purchasing on less than $20k with lease approvals int he Tier2 range with little issue and for far more than $20k

[Shogun]

You might want to see if shortening the term of the lease will improve your rate.  If you can afford it the shorter the term the better.