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Trade in a car not on credit report

New Member

Trade in a car not on credit report

I made a huge mistake and purchased a car from a buy here pay her lot. The car will be paid off in 9/13 but I really need a new car now. The payments have been on time since purchase but its not on my credit report. I purchased a home 7/13 which lowered my score so now I am at a 597 how can I show good payment history on my car to a lender to buy a car with a low score. I owe 1, 500 on this car and have my payment history I want to trade it for a newer car with about 2000 cash down payment. Any lender you know could help. I am also paying down 2 credit cards which showed help boost my score to over 600

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5 REPLIES
Valued Contributor

Re: Trade in a car not on credit report

You could go to the same buy here pay here lot. They might be able to give you a lower rate now that you have proven yourself to them.

 

Go there with a particular mindset. Don't look at them as scum. Look at them as people trying to make a living like anybody else these days. Just speak to them as a returning customer. Tell them you came back looking to get a good deal. Say you have other options, but that you would like to go to them for a good rate because you are a good customer. Don't pay more than blue book and don't except a high interest rate. Negotiate, don't be a customer they take advantage of. They like moving cars, they don't need to make a killing off every one of them and they would love to keep a customer coming back.

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


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Message 2 of 6
Frequent Contributor

Re: Trade in a car not on credit report

I've been in your situation a few times. After my bk, I only bought cars from buy here pay here lots because I knew my credit sucked. I didn't have any issues until the last place I went. I put down $4200 and the car was about $10k after taxes etc. Interest rate...30%!! I didn't know how bad that was until I realized after a year my balance wasn't going down. They wouldn't refinance either, for another year!! So I found a local cu, joined, and they refinanced it at 12%, and I traded it in a few months later. Try that, but I.wouldnt recommend going back to that same dealer. They will think you have no other.option and you NEED them to help you.
Message 3 of 6
New Member

Re: Trade in a car not on credit report

I agree I will not be going back there or to any other lot that does not report to the CRY, I have paid for this car more than 2x I am sure. I had my mortgage lender pull my credit report just to see where I am. myfico says I am at 587 with no updates and I have since paid down a lot of debt. My friend at the mortgage co says I am at a 626 on the same day myfico reported 587 so I am sure when my CRY updates next month it should be higher. My question is if I take my history of payments to the dealer for the car I have from the pay here buy here lot, which shows no late payments and only 2, 100 balance left will they factor that in to my payment history. I am also trading in this car and the kbb has it at 3700 but I know they will say its less but at least I am not upside down and I have a down payment of 10% for the car I want. What will be my chances of getting approved for a good used car less than 20,000

Message 4 of 6
New Member

Re: Trade in a car not on credit report

sorry I didn't pay attention to the spell check corrections I didn't mean CRY, I meant CR (credit report)

Message 5 of 6
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Frequent Contributor

Re: Trade in a car not on credit report

myworld1208 says:

"but I really need a new car now"

 

Why?

 

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