11-28-2008 02:17 PM
I was approved through Roadloans, but at the price of 18% financing with a $2500 required down payment and they only approved me for $8600. SUcks! But I have to start somewhere. I have a repo on my credit from 2005. My plan was to keep the cash car that I bought until the wheels fell off or my scores improves and the repo fell off, whichever came 1st. Well, the wheels fell off, or rather someone rear ended me and knocked them off. Somebody help! Any suggestions on another company I could try. Lending Tree referred me to road loans as well.
11-29-2008 10:23 AM
11-30-2008 07:34 PM
I know how you feel....I bought a 06 accord at 18% in sept and my scores at that time ranged from 620-650, with $600 down. I tried a cu but denied. Times are rough and lending insit are cutting back, lowering credit lines and unless your in the 720+ scores you can expect to pay more.
Bottom line...like myself, if your options are limited...you do, whatcha gotta do...work on your scores and paying your bills on time. Its gonna be a while before the economy change for the better so, take this opportunity to try and improve on your situation as best, as you can.
11-30-2008 09:10 PM
Yeah, thanks for the words of encouragement. That is exactly what I plan on doing. just pulled my annual free credit reports and it's looking better than where I began. Still got a lot of work to do. I know that a car loan, no matter what the interest rate will do good for my credit mix. I'll keep you posted Grib. Let you know what kind of ride I chose
12-01-2008 03:36 PM
It is normal in the market place to have high interest loans depending on credit ... but you have to start somewhere esp if you have a recent repo on record ...
I would say put some money down to make your payments affordable and do not buy anything more than just transportation (no sense in paying 18+% on something just for looks etc) that way the high interest wont be that much because the amount financed will be fairly small ....less than 10k .....depending on how much is financed and length of term I would consider gap insurance also in case what happened to you this time happens again...
12-01-2008 08:40 PM
12-01-2008 10:04 PM - edited 12-01-2008 10:08 PM
12-01-2008 11:08 PM
Going... you did exactly what I told the poster not to do ... do not get anything that is going to have you financing a large amount of money ..of course 20k is not that much now a days but you can definitely get away with finding a lower priced auto to finance ...especially just to re-establish your credit otherwise you just have to be able to afford it and swallow the high interest rate .. it sucks ..but what other choice do you have?
You are right though after re-establishing then definitely look around for a dealer that can help you with your financing ..carrying in your credit score will only help if the dealer that you are working with can see a recent (1 wk old or so ) credit report ....even then a solid approval will only come with a good deal structure on the car and the right term and down payment. I wont bore you with details but the credit scoring is only a part of it .. with bad credit down payment is key ...its a wonder what a chunk of down payment on the right car will do....
One thing after a BK you must stay clean ...derog after BK is a killer ..you do not understand how many peoples credit I look at daily and see bad checks to pizza places ...collections from smud/pge/phone companies/cell phones/ etc ... and they expect a bank to give them money for a car they cannot tie down and repo if necessary? Its terrible ... the government should teach credit starting in Jr. High School and pound it into peoples head thru high school ... but then no one would make money lol since it seems like the banks prey on people with bad credit
Anyways poster stick with your plan or find someone to co-sign with you and whatever you do do not have any late payments to any creditors showing when you go get your car.