used car financing

[Luccette143]

Due to the fact that my TU is 520 & seeking a auto loan that reports to all three credit B. Who would be the best option?
Also I understand and prepare to pay a high interest rate plus 10 percent min as a down payment.

[Creditaddict]

Carmax, Chevy, or maybe ford but unless your auto fico is higher I dunno... Bring cash!!

[Remember0]

What's the source of that 520? Like did it come from this website, creditkarma, etc...? Are the other bureaus any better as far as baddies? Why is your score low? In other words, can you go into a little more detail so we can better guage your situation? It'd also be helpful to know what your current util on your credit cards is?

What does your gross income look like and how much car do you want to buy?

[Luccette143]

My best credit score is 520 with Experion. My income is 52854. I was approved with Roadloans for 16500 at a spiking 18 percent APR for 72 months for a 2014 or NEWER. I have never leased car before I always just cashed out.

Now, Im shopping for a borderline luxury car 2010-2011 lexus with under 50,000 miles between 18-21000. Basically a Toyota with leather and all the gadgets. With 20 percent down in hand and the will to drive out of my way. Im hoping to get a bargain without having to go to a buy here pay here.

My credit score is hurting me. Who can give me a loan that reports to all 3 credit bureaus? I wasnt able to get approved through my local CU either. Fairwinds and partners stated i have too many negatives and Old debt nothing new.

I will also look into carmax. Thank you so much! I appreciate the help.

[Creditaddict]

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@Luccette143 wrote:
My best credit score is 520 with Experion. My income is 52854. I was approved with Roadloans for 16500 at a spiking 18 percent APR for 72 months for a 2014 or NEWER. I have never leased car before I always just cashed out.

Now, Im shopping for a borderline luxury car 2010-2011 lexus with under 50,000 miles between 18-21000. Basically a Toyota with leather and all the gadgets. With 20 percent down in hand and the will to drive out of my way. Im hoping to get a bargain without having to go to a buy here pay here.

My credit score is hurting me. Who can give me a loan that reports to all 3 credit bureaus? I wasnt able to get approved through my local CU either. Fairwinds and partners stated i have too many negatives and Old debt nothing new.

I will also look into carmax. Thank you so much! I appreciate the help.

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If you got approved through Roadloans than you can get approved for the same or better directly at CarMax for sure.

Most likely you could also get approved at about any dealership (lexus, Toyota, etc.) because MOST will have access to Roadloans or something similar to get a loan done.

What did Roadloans show as your credit score because im actually shocked you got 18%, that isn't terrible terrible if they show your credit score in low 520 range also. but since they are asking you to buy new they are trying to help you stay out of trouble with a crappy used car on top of a loan that you will be upside down in for a while!

You could find Lexus ES300's in that range and some Is250's, especially at carmax, where is your closest?

[SamsungHDTV]

With your score 18% isn't bad. Make sure to make big down payment if you can. Also pay higher than minimum and payoff asap. Refi if your credit gets better.

[DrZoidberg]

I would check out DCU for a car loan. Their highest APR on the site is like 12% and that is for absolutely horrible credit. 

[Remember0]

A 520 is going to get outright declined at DCU. Don't bother applying OP, their minimum is like 620. OP should at least pull a EQ FICO from this site and make sure it's in the mid-600s before wasting an inquiry applying at DCU in my opinion.

BTW OP, most banks report to all 3 bureaus (including Roadloans) so you should be okay on that front as long as you go with a bigger bank and not a no-name subprime finance company.

Also given the high rate, have you considered purchasing a non-luxury vehicle? Like unless you need a Lexus for work or something it may be much wiser to buy something like a Malibu, Fusion, etc for half the price that will allow you to pay less interest. Once your credit improves you could trade in for a Lexus/the car you want?