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Trying to get first auto loan

Regular Contributor

Trying to get first auto loan

Hi everyone. I am new.Been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed. 

I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out.  Can I recon an auto loan app?

 

Round up

40k income

2K down

possible trade maybe 1500

borrow  15-18K

 

What can I do?

 

Thanks so much for your replies

***Nothing Beats a try but a Fail*** I refuse to fail, success is the only option.
Message 1 of 28
27 REPLIES
Frequent Contributor

Re: Trying to get first auto loan

Gonna be hard for you to get financed for that amount with your debt and income.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 2 of 28
Frequent Contributor

Re: Trying to get first auto loan

What exactly is wrong with your current car?
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 3 of 28
Regular Contributor

Re: Trying to get first auto loan

my car in car has electrical shortage, I have a grinding noise when I turn my way left it's not related to steering power steering fluid, my windshield wipers no longer work and I have a leak that no 1 can find and there's also a hole in the engine that no 1 can find. I replace a transmission 2 years ago and that was a big mistake I just can't think anymore money into this car
***Nothing Beats a try but a Fail*** I refuse to fail, success is the only option.
Message 4 of 28
Regular Contributor

Re: Trying to get first auto loan

also I was approved by roadloans for up to 26,000 at 16 percent over 72 months but I can't find the car that I like at any of the dealership that they work with any York. And also I'm trying to find a certified car just a to have that extra security for myself.


500 down
***Nothing Beats a try but a Fail*** I refuse to fail, success is the only option.
Message 5 of 28
Valued Contributor

Re: Trying to get first auto loan

Have you tried Prestige Financial? It is a subprime lender and they have a great rate reduction program.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 6 of 28
Regular Contributor

Re: Trying to get first auto loan


BKFireFly wrote:

Hi everyone. I am new.Been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed. 

I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out.  Can I recon an auto loan app?

 

Round up

40k income

2K down

possible trade maybe 1500

borrow  15-18K

 

What can I do?

 

Thanks so much for your replies


Have you tried to apply at a dealership? And what kind of car were you looking for because if I were to make a recommendation I would suggest a Hyundai Sonata, my wife currently has one and you can find a good used one for 16-18k with LOW milage depending on your area. 2k will basically cover your taxes, tags and title with a little extra, so a little more like 3k would be alot better if at all possible or just make that trade in for 1.5k. With a 602 you are going to have high interest, but will probably be approved.

 

BTW Roadloans in near highway robbery, do not go with them.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
Message 7 of 28
Valued Contributor

Re: Trying to get first auto loan

Yes she tried a dealership because Honda Financial denied her.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 8 of 28
Regular Contributor

Re: Trying to get first auto loan

I looked into Prestige financial but they don't have dealer relationships in New York area which is where I am
***Nothing Beats a try but a Fail*** I refuse to fail, success is the only option.
Message 9 of 28
Regular Contributor

Re: Trying to get first auto loan

My honda app was a consumer. First dealership appt. Is Friday. I was trying to secure my financing before going to the dealership said that I would have more leverage. But it seems now I'm going to have to depend on the dealership to secure my financing
***Nothing Beats a try but a Fail*** I refuse to fail, success is the only option.
Message 10 of 28