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Looking to get approved from a lender


Looking to get approved from a lender

Hey; I currently have a EQ of 575, but  I am having trouble getting financed through any lender. I ran my credit recently, and I have 26 late payments in the last 5 years. Wells Fargo Finanical said that was the reason they could not approve me. My son has two cars in his name, one that I am driving. The car I am driving I am trying to get that car out of his name.


Does anyone know lenders that can probably approve me with so many late payments?



Message 1 of 5
Valued Contributor

Re: Looking to get approved from a lender

I think Ford Motor Credit is pretty EASY

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU

Take the FICO Fitness Challenge
Message 2 of 5
Regular Contributor

Re: Looking to get approved from a lender

I would try Capital One, Americredit, Roadloans...those three seem to be somewhat easier than most banks to approve loans.
Message 3 of 5
New Member

Re: Looking to get approved from a lender

To bruin21

My advice to you is fivefold. 

1)  Today, start looking for a credit union in your local area that you can join then join it.  If you don’t know which one you can join, look up the Credit Union League in your state, call them, they will help you find one.

2)  Stop worrying about getting a car at this point, unless you can pay cash for one.  Use your son's car for the time being...he is your kid, he probably owes you for some of the things he did when he was a kid anyway.  (I am sure he owes you for the things you don't know what he did) 

3) Quit looking at these banks, they will suck you in deeper and make it very difficult to get out of their hole.

4)  Start working on improving your credit situation.  Review the how credit is scored on this web site.  It is the best source of credit information you can find and the price is right…it is free.  Then implement a plan that will insure you will never be late on a payment again…ever.  Open no new credit in the next 3 – 5 years; close no old credit accounts in the next 3 – 5 years unless you start to get charged for them for being dormant in the future.  If you have credit cards…pay them off.  Start paying cash for everything.

5)  Start saving $$ to put down on a car…hopefully you can pay cash and not worry about borrowing money.  (This should be your long term goal (over the next 5 – 10 years)

Good luck!

Message 4 of 5

Re: Looking to get approved from a lender

Thanks for the advice everyone. Does anyone know any good banks that does private auto loans with my situation?
Message 5 of 5