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Need auto loan fast with poor credit

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Lemonsquare
New Visitor

Need auto loan fast with poor credit

Car needed ASAP. Applied at local cu and denied.  Have mortgage in my name and 4 accounts in collections. Earn 10,000  monthly befor California takes their 50%. where do I apply? No cosigner available. Multiple Late payments as going through divorce help!

Please post in a new thread:

Credit Score:598

AAoA:

# of positive trade lines:

# of negative trade lines:

Income:

Lenght of Employment: 6.5 years

Previous Loan Experience:

Debt-to-Income (DTI):

Year of Car:

Miles:

Purchase/Refinance:

Requested loan term (XX Months):

Down payment amount:

Co-borrower/Co-Signer:

Other:

 

Message 1 of 6
5 REPLIES 5
Shogun
Moderator Emeritus

Re: Need auto loan fast with poor credit

In your current situation, you would most likely not qualify for any mainstream lending.  You may be able to do one of the buy here/pay here car lots, but that's about it.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 6
DevotionToU
Regular Contributor

Re: Need auto loan fast with poor credit

Seems like your best bet would be to save a little bit of cash and buy a beater somewhere.  With collections/lates/etc you are unliekely to be financed by anyone except at an insane apr (25+)

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Message 3 of 6
Remember0
Valued Contributor

Re: Need auto loan fast with poor credit

How many positive accounts do you have? Like are literally all the accounts on your credit report currently delinquent?

 

If you are not going to go the save a little cash and buy a beater route, at least try a place like Carmax first. You'll definitely get a high interest rate, but it'll be FAR better than a BHPH shop. In fact, I'd highly recommend you buy a beater before buying a BHPH car...BHPH places are generally terrible for the most part (there are exceptions, but those are few and far between).

Message 4 of 6
Lemonsquare
New Visitor

Re: Need auto loan fast with poor credit

I was actually at carmax today and loved them! They were low pressure and when I found a used car I liked put my info on computer and got my 3 loans! I accepted the loan from wellsfargo at 10%. I know it's high but in one yearvim going to refinance!
Message 5 of 6
haveus33nm3
Contributor

Re: Need auto loan fast with poor credit


@Lemonsquare wrote:
I was actually at carmax today and loved them! They were low pressure and when I found a used car I liked put my info on computer and got my 3 loans! I accepted the loan from wellsfargo at 10%. I know it's high but in one yearvim going to refinance!

That is actually an excellent rate for your score

EQ 616 TU 638 EX 642 - MyFICO 4/2015

previously: EQ 578 TU 613 EX 614 - MyFICO 2/2015
Message 6 of 6
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