hello all, my name is Rich, first time posting on here.
ok background 10 santander (repo)
febuary 10 new loan with new city funding for 5000 for 2 years 25%, paid in full in late 2011, NEVER LATE, ONLY REPORTED TO TU
july 2011 new loan with regional acceptance (had a cosigner) 19% 4 years, never been late
february 2013 new loan with credit acceptance, had to buy a van, family expanded 18%, been on time for 5 months now
currently paying on two autos in my name and both reported to all three bureaus.
ok i want to trade in cavalier, extended service contract up and has 100000 miles.
i have a ton of inquiries on my bureaus which im disputing most of them.
i have 3.5 years solid car payment history, everything shows up as 1s, never late on all my bureaus.
have been turned down by
and a few others
i dont have a solid co signer any more.
does anyone have any suggestions on where to go who to turn too?
my experian score is 569 tu 589 and equifax is 550s i think.
Please any advice would be greatly appreciated
Your score is low, but they will most likely pull an auto-enhanced score, so it might be a little higher with those othe auto loans. However it will not be with a top tier lender or a low rate. Do you belong to a CU or have a good financial relationship with a local bank? They might be a better route.
I have read mixed reviews on what credit unions will approve.
What are your thoughts on that?
Plus im confused becausr i do have 3.5 years of excellent car payment history
Even though you have some good auto history there must be some large negatives that are holding your score below 600. In addition with the debt obligations you listed there could be a problem with debt to income ratios unless your income is very substantial.
I believe that you can probably secure an auto loan if you really need to but trying on your own with blind applications is not the way to go. I would look around major auto dealerships for the car you want and then find out if they have financing for troubled credit. Depending on what your trade in is worth you will probably have to bring substantial cash to the table to get to a down payment in the 25 -30% range. And the APR is likely to be mid to high teens again. With that in mind you may want to reconsider another vehicle purchase until you straighten out your credit.
The Rebuilding forum on this site has a massive amount of information and help from people who have made solid gains in their credit scores in relatively short time periods. Best of luck to you in whichever direction you take.