what do I have to do?

[rayzah]

I've been lurking here for a while and after so much informative info posted on here I was wondering if i could get some opinions from some of the knowledgeable folks on here. I have a 545 equafax and 571 TU, but I can not get approved from anyone, I know my DTI is good but I keep getting turned down because of stuff from my past. My question is, what is a good recomendation to get approved for a auto loan. I have been turned down from NFCU, state department CU and even capitol one, I desperatly need a car but I ccant understand why I cant get approved. any help or advise would be apprecitated.

[JM-AM]

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@rayzah wrote:

I've been lurking here for a while and after so much informative info posted on here I was wondering if i could get some opinions from some of the knowledgeable folks on here. I have a 545 equafax and 571 TU, but I can not get approved from anyone, I know my DTI is good but I keep getting turned down because of stuff from my past. My question is, what is a good recomendation to get approved for a auto loan. I have been turned down from NFCU, state department CU and even capitol one, I desperatly need a car but I ccant understand why I cant get approved. any help or advise would be apprecitated.

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The truth is your Credit is in bad shape. 

The interest rates you receive will be very high IMO even if approved for anything.

You are better off saving and buying a car for cash in your situation even a very cheap used car until your situation improves in the future.

[rayzah]

I know I have been working on paying off all of my debts, my score recently went up 45 points in the last 2 weeks, so I know it's working. what is a good score range to even be considered for getting approved?

[hunter399]

Low 600's should get you approved with SOMETHING .... still a "special finance" auto candidate. You can look for a dealer with their own in-house financing, etc. Also, make sure you're looking for a car within the realm of reality .... 

[rayzah]

I'm thinking 07 acura tl around 17-18k, I make about 63k a year. is that within the realm of reality? once I get to 600's

[JM-AM]

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@rayzah wrote:

I'm thinking 07 acura tl around 17-18k, I make about 63k a year. is that within the realm of reality? once I get to 600's

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IMO I think you will have a chance. Possibly a much better chance with a downpayment.

[hunter399]

Yeah, bringing 20%+ to the table really helps. 

[Creditaddict]

I was able to get financed through Santander at Carmax with just under 600 scores... I put 1k down which paid the taxes, etc.

terrible interest rate but hopefully you can continue to repair your credit and refi in 6 months.

[rayzah]

Road loans did approve me but they wanted 5k down, i thought that was rediculous, but it was'nt with carmax maybe they're diffrent.

[Creditaddict]

Carmax had me approved through Santander in under 30 seconds for 2 different loans, originally 17k, ended up only spending 12k.

I had another dealer try running me through santander for 15k 30 minutes later and it was declined!

I quickly bought the car and drove away before anyone changed there mind! lol