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Nobody in the world will approve my auto loan!!!!! AHHHHHH

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HectorVictorious
Regular Contributor

Nobody in the world will approve my auto loan!!!!! AHHHHHH

So... My roommate wrecked my car last weekend.  Awesome.  I swore that I would never ever ever get a car loan. Always pay in cash.  Sh+t happens though.

 

So get this. My credit is 650. I have $1200 cash.  I go out into the crazy world of pre-approvals three days ago, everyone gets back to me... negative..

 

I tried local credit unions... 5 of them! I even get told by a jerk lady that she doesn't need to bother to pull up my credit report, she can already tell from what I've told her that it is a resounding "NO!"

 

So I turn to the world of dealerships. Sharks I tell you, sharks.  I pick out a car I want.  The salesman goes to his loan officer.  Sir. Loan officer checks 35 local banks.  35!!!!!

 

He said my credit is good.  Nobody will bite though because this is my first car loan.  Seriously?!?! Doesn't that make me just SMART??? I waited 3 hours at the dealership.

 

Does anybody know what else I can do here? I'm at a loss...


Starting Score: 503
Current Score: 591
Goal Score: 700


Cards: First Progress Secured Card $600.00; U.S. Bank Secured Card $500.00

Goal: AMEX Rewards Card, Purchase House by the end of 2014
Message 1 of 15
14 REPLIES 14
HectorVictorious
Regular Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

Credit Score: 650

AAoA: 6 years

Income: 35500

Lenght of Employment: 1 Year (Previous Employ was 5 years)

Previous Loan Experience: Just credit card/student loans

Debt-to-Income (DTI): 30%

Year of Car: 2006

Miles: 104000

Purchase/Refinance: Purchased

Requested loan term (XX Months):46

Down payment amount: 1500

Other:  Turned down... from everywhere...


Starting Score: 503
Current Score: 591
Goal Score: 700


Cards: First Progress Secured Card $600.00; U.S. Bank Secured Card $500.00

Goal: AMEX Rewards Card, Purchase House by the end of 2014
Message 2 of 15
socal88
New Member

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

The year of the car and the miles. Most loans that I'm looking for specify Nothing over 100,000 miles. What is your utilization ratio? Do you have a co-signer if you absolutely need one?
Message 3 of 15
Jerry45
Valued Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

Good Advice. Co signer is the way forward.

Message 4 of 15
CJIII29
Regular Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

You need to find a newer model car.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 5 of 15
HectorVictorious
Regular Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

CJ, they told me the same thing too...

 

I just don't get it.

 

As far as co-signer, my friend is willing to sign for me, he has low 700 score.. But his income is less than mine.  Anybody know if this will work?


Starting Score: 503
Current Score: 591
Goal Score: 700


Cards: First Progress Secured Card $600.00; U.S. Bank Secured Card $500.00

Goal: AMEX Rewards Card, Purchase House by the end of 2014
Message 6 of 15
Creditaddict
Legendary Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

I'm going to scream it from the rooftops... OP you are certainly not the only one BUT SERIOUSLY... buying cars that are over 8 years old and over 100k miles when you don't have much money and don't have much credit is like buying a $500k house back in the housing bubble just because the bank changed your income to $9k a month and approved the loan.... They be doing you a favor denying you.

Buy newer, buy less miles, and buy more reliable!~

 

you have a carmax where you live?

Did you apply at Roadloans.com?

 

go apply at roadloans and say you don't know what you want to buy and you just want pre-approval... it will come back with 3 options in about 30 seconds... I 99% it will approve, you just might not like what you see... but despite what interest rate it gives you, it will lay out very clear terms of what year and how many miles a car can have that you need to look for... upon having that approval you can start shopping from approved dealers with that approval and narrow your search down and then if you pick a car that actually falls in the terms of the roadloans offer, the dealer might even be able to do better.

carmax would be my #1 choice for you if you have one anywhere near you.

 

but look at used hondas, nissan, toyota, etc... stay away from the bmw, mercedes, cadilac, etc.!

Message 7 of 15
HectorVictorious
Regular Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

Credit, you have good points, and I appreciate the brutal honesty.

 

I will check at roadloans.com. And I have never heard of carmax. 

 

I will check back with any successes or failures.


Starting Score: 503
Current Score: 591
Goal Score: 700


Cards: First Progress Secured Card $600.00; U.S. Bank Secured Card $500.00

Goal: AMEX Rewards Card, Purchase House by the end of 2014
Message 8 of 15
CJIII29
Regular Contributor

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

The banks are only willing to finance newer cars like 2009 and up.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 9 of 15
socal88
New Member

Re: Nobody in the world will approve my auto loan!!!!! AHHHHHH

Yes that should work as long as he doesn't have an insane DTI. They're going to consider both of your incomes so barring some crazy debt he has you guys should be able to secure a pretty good loan with good Apr. Best of luck!  

Message 10 of 15
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