Auto Loans

[wpdnomad]

Hi,

   Brand new here and trying not to make a mistake in getting auto financing. I am on SSDI disability and get $1809/mo. My TU score is 507. I have had one repo in the last 7 years and have a number of medical bills that are in collection. Getting married to a woman who has a TU score of of 572 and brings home $769/mo. We have a very old dodge dakota that is falling apart and live in a small town with no public transportation. She has a 14yo son who lives with us. I would like to get a used SUV under 100k miles so I will have reliable transportation for my new family. I would be most grateful if someone could point me towards some lenders who could work with my situation without raping me too bad. I am really hoping to avoid the Cars R Us on the spot financing route. Thanx in advance.

[TrishN]

I guess you have 2 options. 1 try to apply Santander. This will be high APR

Second. Apply buy here pay here. Private dealer. Also high APR. 

[Revelate]

While I would agree with Trish's statements (and if you're going to apply at Santander/Roadloans, might as well go the LendingTree route and see if anyone else wants to play ball too); however, do you know why your score is so low looking at your credit report, and where did you get your score from anyway?

If you're receiving SSDI benefits, then there is likely a reasonable back-story, and it may be worth talking to a few local credit unions just to see if they can help out in this case.  

I wouldn't write things off as near hopeless just yet, and welcome to the forums as well!

[wpdnomad]

Thank you for your suggestions. My score is so low because I have a number of doctor and hospital bills in collection. We can come up with about a 2-2.5k down payment and I hope that may help us find more financing options. I would really like to get the financing nailed down before we begin a vehicle search.

[Revelate]

---

wpdnomad wrote:

Thank you for your suggestions. My score is so low because I have a number of doctor and hospital bills in collection. We can come up with about a 2-2.5k down payment and I hope that may help us find more financing options. I would really like to get the financing nailed down before we begin a vehicle search.

---

Look into information regarding medical collections in the Rebuilding Your Credit forum; far from just auto loans (which is actually one of the lesser travelled forums here), there's an absolute wealth of information that's incredibly valuable in terms of building back your credit profile after issues which I highly recommend taking the time to look through.

[StartingOver10]

Consider buying a vehicle for the cash you have right now ($2000 to $2500). Yes, it probably will need some TLC/repairs, but it will give you time to repair your credit if you need a vehicle now. Otherwise, keep saving and buy a better beater for cash. With your income, having a high monthly payment is a real hardship. With your current score, there is no doubt that the payment will be very, very high in relation to your current income.

[dabrian]

I would pay cash for a car now. (Yes you can find a decent ride for 2500) Do some research into getting those medical collections removed and once done possibly look into getting a better car then.

[cwpeak]

Try Westlake financial, they have no minimum credit score requirements...call them and they will give you a list of there dealers ...let me know how it goes

[wpdnomad]

Thanx for all the suggestions. I applied with roadloans but the reply was that they don't have anybody in my area (rural NE Kansas). I'm not sure if I should take that at face value or that is just a euphemism for no.

[TrishN]

so santander don't offer for your state?. you can look for another county close to your area. why dont you try that way?