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Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
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Re: Need help getting financed with a score between 400-500!


MattH wrote:

Schoolbuskid wrote:

I have a friend who is trying to buy a car she has had no luck thus far. She will be trading in a 01 Camry and carrying over about 2k in neg equity. Do you all know of any places besides roadloans(Already Tried), that will be more willing to approve her?

 

Roadloans reasons for Denial "Age of Auto Trade Financed, Too many new collections"

 

Thanks!


She ain't gonna get financed, but why does somebody in her position think it's a good idea to trade in a 2001 Camry on which she is upside-down?  I'm driving a 2000 Camry which is long since paid for, and it still is very reliable and comfortable as any Camry of that vintage which has been given regular maintenance should be.  It needs about one major repair per year, but replacing it would cost me a lot more than maintaining it does.  I might replace it in 2010 or 2011, but certainly not this year.  My wife and I could buy a new car tomorrow without going into debt, but in this uncertain economy we don't think it would be prudent to spend such a big chunk of our cash reserves on something we do not need.

 

Frankly, this sounds like precisely the kind of thinking that in the past got your friend where she is now.

 


 

She actually wants a SUV, thats why she is trading and she did try drivetime they approved her but i dont know on what terms! She carries alot of stuff and her trunk is slam full!
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Need help getting financed with a score between 400-500!


jdsays wrote:

Im in MA and I got financing last year.  My FICO was 492 and I was approved through Toyota Motor Credit Corp.

 

 

Good Luck


Are you serious? What kind of down payment did you have? what was the interest rate given? How many months were you able to finance and what was the purchase amount?

 

 

That is comparing apples and OrangesI got financed by Toyota about 18 months ago with bad credit (since much improved) for 2 cars in 10 days for a total of 45K with 2 trade in that were both break even trade ins and a total of 2500 down.  Now, even with much better credit, i would be lucky to get either of the cars with less than 10% plus tax and license down and could not get approved for both due to DTI.  The market has changed drastically in the last 12 months.

 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Need help getting financed with a score between 400-500!

I got financed with Mazda and my score was right at 500.  No trade in and nothing down.

 

 

Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Need help getting financed with a score between 400-500!

when was this with Mazda?

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Need help getting financed with a score between 400-500!

Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Need help getting financed with a score between 400-500!

I am curious... Was income high.  There have been very few stories of people getting approvals with low down and low FICO's recently.
Established Contributor
Posts: 545
Registered: ‎03-20-2009
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Re: Need help getting financed with a score between 400-500!

[ Edited ]

I was approved in Dec 08 with no  money down & no co-signer with FICO scores in the mid 500s.  It was through a finance company that is a division of General Motors or GMAC (I forget which it is a division of exactly).  The interest rate is awful.  (21%)  I'm hoping in a couple months to try for a re-fi through my CU I recently joined.  My EQ score is now in the lower/middle 600 range. 

 

ETA my income is not what I would consider high at all.  About 30k for 2 people to live on. 

Message Edited by mt2va on 06-08-2009 08:13 AM
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Need help getting financed with a score between 400-500!

Regular Contributor
Posts: 151
Registered: ‎06-16-2009
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Re: Need help getting financed with a score between 400-500!

Breakthe cycle2, how did you get your scores to jump that high in swuch a short time? That is impressive.

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