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Need help getting financed with a score between 400-500!

Valued Contributor

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!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 11 of 19
Senior Contributor

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.

 

Message 12 of 19
Epic Contributor

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.

 

 

Message 13 of 19
Senior Contributor

Re: Need help getting financed with a score between 400-500!

when was this with Mazda?

Message 14 of 19
Epic Contributor

Re: Need help getting financed with a score between 400-500!

Message 15 of 19
Senior Contributor

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.
Message 16 of 19
Established Contributor

Re: Need help getting financed with a score between 400-500!

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)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 17 of 19
Epic Contributor

Re: Need help getting financed with a score between 400-500!

Message 18 of 19
Regular Contributor

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.

"A bank is a place that will lend you money, if you can prove you don't need it"
Message 19 of 19