Is financing possible ?

[Anonymous]

I have a scorer of 544. Two years ago,y husbands company stopped paying him. He hung in for several months thinking that they would make good on promises of back pay. In that time we defaulted on our credit cards and managed to qualify for a loan modification on our mortgage. All debts have been settled and the mortgage has been current for 2 years. Our household income is now in the high 100s . I have no credit and would like to reestablish my credit. I would like to buy a car but wonder if I am fooling myself. However I would like to be educated about who the best subprime lenders are if this is a possibility. I am looking at Tahoe, Suburban, or Expedtition. All advice is appreciated.

[Creditaddict]

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@Anonymous wrote:
I have a scorer of 544. Two years ago,y husbands company stopped paying him. He hung in for several months thinking that they would make good on promises of back pay. In that time we defaulted on our credit cards and managed to qualify for a loan modification on our mortgage. All debts have been settled and the mortgage has been current for 2 years. Our household income is now in the high 100s . I have no credit and would like to reestablish my credit. I would like to buy a car but wonder if I am fooling myself. However I would like to be educated about who the best subprime lenders are if this is a possibility. I am looking at Tahoe, Suburban, or Expedtition. All advice is appreciated.

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Apply at Capital One... they use to have prime Cap1, subprime roadloans.... that was then bought or sold to Santander... I lost track but cap1 is still around and Santander is... People tend to speak pretty horrible of Santander, some of which is the transition from Roadloans to Santander, many ERRORS! and you will read about payment issues and all that stuff... I never had any issues and if you find yourself in Emergency for instant payment, Satander will allow you over to 3rd party site and pay with credit card for fee.

Otherwise if you can wait 6 or so months, I would try pre-approva for Captal one and see about getting a credit card.

local credit union? secured credit card or secured loan on your own money with a credit union helps and will usually only cost you about 2-4% interest on the term which can be as short as like 6 months.

[HoldingOntoHope]

Rather than wasting time attempting to secure financing on your own I would find the vehicle i want and be very upfront with the dealer about your credit challenges. Realistically it is going to come down to the amount of down payment you are willing to put up. The greater percentage down then the better your terms will be. With an income north of 100K you should be able to put up a significant (25 - 40%) down and you will have no problem with financing.

Whatever the terms you get just consider it as an opportunity to reestablish your credit. You do not have to keep the loan for the full term. You can either make significant payments after the loan is established or look to refinance after a year or so of on time payments. I had a rebuilder loan from Capital One at 23.99% for 5 years. I sent an extra $200 per month and eventually paid it off in just over 3 years. In my opinion it was worth it to reestablish an installment history and a good trade line. It was just one step on the road to credit recovery.

[Creditaddict]

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@HoldingOntoHope wrote:

Rather than wasting time attempting to secure financing on your own I would find the vehicle i want and be very upfront with the dealer about your credit challenges. Realistically it is going to come down to the amount of down payment you are willing to put up. The greater percentage down then the better your terms will be. With an income north of 100K you should be able to put up a significant (25 - 40%) down and you will have no problem with financing.

Whatever the terms you get just consider it as an opportunity to reestablish your credit. You do not have to keep the loan for the full term. You can either make significant payments after the loan is established or look to refinance after a year or so of on time payments. I had a rebuilder loan from Capital One at 23.99% for 5 years. I sent an extra $200 per month and eventually paid it off in just over 3 years. In my opinion it was worth it to reestablish an installment history and a good trade line. It was just one step on the road to credit recovery.

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I would agree to find a car and be very upfront... but I would still apply at Capital One before, so you "know" in your mind, I have this option over here or I have no options except this dealership!

[Anonymous]

I went to Car Max and they financed me with 7.95 percent and no money down which was great. I got a 2009 suburban which was 28k. They liked our debt to income ratio. Thanks!

[Revelate]

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@Anonymous wrote:
I went to Car Max and they financed me with 7.95 percent and no money down which was great. I got a 2009 suburban which was 28k. They liked our debt to income ratio. Thanks!

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That is hugely rocking, maybe I should've gone with them haha!   Congrats!

[Creditaddict]

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@Anonymous wrote:
I went to Car Max and they financed me with 7.95 percent and no money down which was great. I got a 2009 suburban which was 28k. They liked our debt to income ratio. Thanks!

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WOW, Santander give the loan or?

60 or 72 Months?

If it's 72 I would figure out how much you need to add to loan payment to make it 60, ESPECIALLY Driving a used SUV!

I talk of 72 month experience and I would only do it again if it was a VERY reliable car and under 2%.... otherwise you just stay barried in the loan for 4-5 years.

BUT SUPER CONGRATS!!

[Anonymous]

60 months !