help, dont know where to turn! low scores

[Anonymous]

Im posting here because I know you guys rock! okay so my car broke down and I need another. I pulled my scores today:

equifax 642

transunion 588

experian 617

I 3 things that went to collection all paid off but one. I will pay today and hopfully by next month it should hlp the lower two or atleast get settled.

I have about 2500 or 3000 to put down.

heres the kicker, I work for a CU, I really cant go to them because I dont want them to know my scores, they will be mad and deny me and thats the last thing I need.

Im looking for cars under 10000.

Please help where should I look?

[samy2576]

You might not be able to get a car that cheap. In my experience it is easier to get a new car than used when you have bad credit. Their logic is that if you default, they can get more money selling it. It is a stupid system.

[Anonymous]

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@Anonymous wrote:

Im posting here because I know you guys rock! okay so my car broke down and I need another. I pulled my scores today:

equifax 642

transunion 588

experian 617

I 3 things that went to collection all paid off but one. I will pay today and hopfully by next month it should hlp the lower two or atleast get settled.

I have about 2500 or 3000 to put down.

heres the kicker, I work for a CU, I really cant go to them because I dont want them to know my scores, they will be mad and deny me and thats the last thing I need.

Im looking for cars under 10000.

Please help where should I look?

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First of all where did you get your scores from? If its not FICO than its useless.

Also can you put in some more information like your income, other baddies on your CR and may be someone can help you get a better picture.

[Hammer23]

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@Anonymous wrote:

Im posting here because I know you guys rock! okay so my car broke down and I need another. I pulled my scores today:

equifax 642

transunion 588

experian 617

I 3 things that went to collection all paid off but one. I will pay today and hopfully by next month it should hlp the lower two or atleast get settled.

I have about 2500 or 3000 to put down.

heres the kicker, I work for a CU, I really cant go to them because I dont want them to know my scores, they will be mad and deny me and thats the last thing I need.

Im looking for cars under 10000.

Please help where should I look?

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- How is your auto history? 

If you have good auto history, I would contact the finance depatrment at the dealership you are looking at. I would see what type of terms they would offer you and then I would talk the interest rate down by 2-3 points. You have an advantage working at a CU. You can tell the F&I manager that you will use the CU if you HAVE too, but you would rather they not know your business. Tell them if they get "close" to the rate your CU offers, you will use them. (they do not need to know you have no intention of applying with the cu) 

Being famalier with the business, there are SEVERAL lenders who cater to the used car market. (Wells for one). I don't think you should have too much difficulty getting approved with your scores + cash down.

[Repo-ed]

I bought my current car off Craiglist for 3k and it was the best auto buying choice I've made.  I've owned more than 15 cars AT LEAST, and this one was the best choice of them all.  Paid-in-full. Cash. No payment.  Cost me $30/mo for insurance and $70/mo for gas.  Not a beater either.

[StartingOver10]

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@samy2576 wrote:

You might not be able to get a car that cheap. In my experience it is easier to get a new car than used when you have bad credit. Their logic is that if you default, they can get more money selling it. It is a stupid system.

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I disagree. Your conclusion about the system being stupid is right on point ...but I disagree with the first statement.

It is far better to get a used, inexpensive car. We don't know the real cr scores until the OP posts his FICO's.

Getting a new vehicle is the last thing he should do to rebuild his credit.

If the scores posted are actual FICO's then he should be able to get a decent rate with a dealership or another CU. In fact, it is probably better that he go to another CU. This real issue is down payment and DTI.

[Revelate]

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@Anonymous wrote:

Im posting here because I know you guys rock! okay so my car broke down and I need another. I pulled my scores today:

equifax 642

transunion 588

experian 617

I 3 things that went to collection all paid off but one. I will pay today and hopfully by next month it should hlp the lower two or atleast get settled.

I have about 2500 or 3000 to put down.

heres the kicker, I work for a CU, I really cant go to them because I dont want them to know my scores, they will be mad and deny me and thats the last thing I need.

Im looking for cars under 10000.

Please help where should I look?

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Assuming you were hired anytime in the past few years, they undoubtedly know what your credit report is anyway.

I gave this advice to another CU employee a month or so ago, I think you're doing both yourself and your employer a disservice if you don't check with them.  While I can't make the decision for you, if I were employed (directly, not this contract situation I find myself in with a major auto lender) by a financial services institution, I'd absolutely see about getting the loan through them even with my scores.  I can nearly guaruntee that they will have some employee benefits for financial services, they'd be worse than stupid not to in today's economy where every little benefit can keep your top employees to stay just a little longer.

It costs you nothing to go talk to one of your associates and see what their approval profile is for employees, and they may well cut you an absolutely sweetheart deal... heck, my current company basically gives money to purchase and finance a car through them (to the tune of 4-600/month) to many of their mid-level direct employees.