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Regular Contributor
Posts: 163
Registered: ‎11-12-2013
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Re: Help! 23yo trying to get auto loan with no luck!

Apologies to mreynolds for the tangent that myself and Luscher just went on...please see my response above though and hopefully it is helpful.

FICO - TU: 806 | EQ: 775 | EX: 805

New Visitor
Posts: 1
Registered: ‎12-07-2013
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Re: Help! 23yo trying to get auto loan with no luck!

I would HIGHLY recommend reading some books or audio books on credit repair/ improving your credit score.  Anything by Liz Weston, specifically her books "Deal with your Debt" a book for anyone who wants a successful strategy for managing finances... mortgage, car, retirement, student loans, how much to pay on each and what to pay off first.  Also her book "your credit score: the 3 digit numbe that defines you"    


Another amazing resource, "Hidden Credit Repair secrets" by Mark Clayborne, a Certified credit consultant and #1 best seller.  


On a personal note, after surviving a devastating financial blow 3 years ago, I applied for an auto loan with a dealership that really went to bat for me.  They did all the hard work and I was denied over and over until they secured a loan for me at 5.99%  .  Now I was savy, despite driving across multiple states and a 10 hr drive, I quickly changed clothes and I went in wearing a suit (not the sweatpants I wore for the roadtrip), ready to place hardball... nice... as a woman, never ever be unprepared... And did NOT agree to the first thing they offered.  I asked LOTS of questions (what's that?  I don't understand, could you please explain that?  Now, what's the interest I'll be paying ove the life of the loan?  Why do I want to pay for that extra package when that's something I will not be abe to use?  etc)  , and made the loan officer explain EVERYTHING and got my 12.99% loan reduced and got an extended warranty package to 110,000 miles plus freebies.   While not forthcoming at first, He was extremely helpful and did answer all my questions.  but I walked in with a nice leather organizer with paper, pen and calculator! And would ask him to recalculate things and explain things, benefits.  It worked.  I was in there for hours... not the "20 mins" they said, haha, but that was all to my benefit to be a savy shopper and ask questions!  My plan is to make excellent payment history for 18 months and then refinance with my credit union:-)



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