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Established Member
Posts: 19
Registered: ‎12-15-2010
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One Dealer was able to approve me...

[ Edited ]

With my recent fico scores oscillating in the 600's I could find nobody to approve me for a used auto loan.

I have been looking for something in the 15k area with a 10% down, 30k or so miles and I have so far just been approved by just one dealer.

The bad thing is.. this dealer does not have anything that I want, or has too brand new expensive cars & although the approval can afford me a 25k vehicle I am hesitant to throw myself in the fire with an interest rate of around 16%... 

I rather just get something small and well... deal with a high interest rate and pay it off quickly so it can help me better my score and commit to something larger down the road when my credit heals up a bit... 

 

 

Is there any way to find out which bank approved me and approach them directly?

 

 

That being said... which banks work with low credits!? I am desperate & DO need an affordable vehicle Quick!

 

Can anyone help???


Starting Score: 635-TU / 602-EQ
Current Score: 635-TU / 581-EQ
Goal Score: 720


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Valued Member
Posts: 25
Registered: ‎09-16-2010
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Re: One Dealer was able to approve me...

Are you a member of a credit union? If not, you may want to establish a relationship with one. They seem to be more flexible with their financing.  

Established Member
Posts: 19
Registered: ‎12-15-2010
0

Re: One Dealer was able to approve me...

 


 

Are you a member of a credit union? If not, you may want to establish a relationship with one. They seem to be more flexible with their financing.  




 

 

 

Thanks for the advice, No I have not tried a CU but I will be visiting one locally. 

I just hope that they are willing to work with new members as well.

Can Credit Unions set up an automatic deposit/draft contract to help better the chances?


Starting Score: 635-TU / 602-EQ
Current Score: 635-TU / 581-EQ
Goal Score: 720


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Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: One Dealer was able to approve me...


mescobedo wrote:

With my recent fico scores oscillating in the 600's I could find nobody to approve me for a used auto loan.

I have been looking for something in the 15k area with a 10% down, 30k or so miles and I have so far just been approved by just one dealer.

The bad thing is.. this dealer does not have anything that I want, or has too brand new expensive cars & although the approval can afford me a 25k vehicle I am hesitant to throw myself in the fire with an interest rate of around 16%... 

I rather just get something small and well... deal with a high interest rate and pay it off quickly so it can help me better my score and commit to something larger down the road when my credit heals up a bit... 

 

 

Is there any way to find out which bank approved me and approach them directly?

 

 

That being said... which banks work with low credits!? I am desperate & DO need an affordable vehicle Quick!

 

Can anyone help???


This is definately an example of the commercials that tell you how you "pay" when you do not have a high/good credit score.

 

When your score is low sometimes you can get credit on a car that a lender is willing to finance, it just so happens to be a car that you do not want.

 

No you really cannot find out who offered you financing and work with them. The dealership spends money and employs people to do that and giving you that information means they work for nothing without getting even their costs back. So no they really probably will not tell you.


And even if they did many places "lock you out" of that financing company for a period after you have been approved through somewhere else.

And also, the special finance department constructed a deal and put it together in a way that made it work to the particulars of the finance company, it is doubtfull that you have that knowledge or ability.

 

YOU NEED TO ACCEPT A CHEAPER CAR THEY HAVE, TAKE THE PENALTY OF THE 16%, PAY THE CAR OFF FASTER AND HOPEFULLY IMPROVE YOUR CREDIT IN THE MEANTIME.


The old phrase beggars cannot be choosers?  yeah well it also applys to people with bad credit, they have their choices limited.

 

AS FOR CREDIT UNION ADVICE:


Credit Unions are very good solutions for people. BUT just because it is a credit union does not mean it will automatically have lending standards more lenient then you have already encountered, or does it mean that you will be immediately showered with credit lines. DO your research before you join one. PENFED (Pentagon Federal Credit Union) is a CU, but I doubt 80 percent of the people who participate in this forum can get a loan product from them

 

 

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