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Posts: 1
Registered: ‎04-18-2013

Seeking Auto Loan | Great Job, Great Pay, Bad Credit

Hello myFico Peeps,

   I'm 28yr old seeking for a Auto Loan, I have bad credit very bad last time I checked.

I have financed 2 auto loans with in the last 7yrs, First was easy amazing credit. Problem with that loan was that my parents took over the car and loan but it was still under my name, parents at the time were not doing well needed in divorce problem was that they didn't make payments on time or non at all.. Car was repo but I took it out and then paid it off. Then back in 2011 end of Dec. I got my self another car my dream car at the time a Is350 Smiley Happy, problem there I had a truck T-Bone me car was totaled. But car had gap insurance. And was paid it off. Because of that incident I was stuck with a crappy 96 Honda Accord... 


I really need a better safer car I have a son that means the world to me as its just me and him. I do have a great job and salary is 70K a yr so I know I can afford a payment I just need to find a lender to help me out.. My score I believe is 600 or so. May be worse.


So heres where you guys come in, does anyone know of a lender that is willing to help out and aren't scammers. I live in S.Cali

Regular Contributor
Posts: 177
Registered: ‎10-02-2012

Re: Seeking Auto Loan | Great Job, Great Pay, Bad Credit

Go to a dealer and see what they say. You can probably get financed, but you may get beat up a bit on the rate. If a new car dealer comes back with a ridiculous rate, go to a bigger dealer. I did this last October...small VW dealer came in with 22.9...big VW dealer 24 hours later came in at 8.9.

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012

Re: Seeking Auto Loan | Great Job, Great Pay, Bad Credit

Go talk with a local credit union first. See what kind of rate thet can give you, then have the deal try to beat it.


Having a good down payment can help.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    

     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

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