Auto Financing with bad credit history and a repo

[Anonymous]

I have read the thread on dealerships using the FICO auto option and was wondering if I could get fianacing from my credti union. I have the adddition of 2 new mebers to my family and was inquiring about purchasing a larger vehicle. I have spent the past few months paying off all of my debt except for an old auto loan, which is incollection with the original lender.  The auto was repossed in 2003 and I have been making partial payments (150 below original monthly cost) afor the past 3 months.  I am looking to purchase a vehicle in the approximately $27,000.  My credit score is between 580 and 611.  I was wondering if:

A) I could even get financing for any vehicle no matter the cost

B) If I could get financing for the vehicle I want

C) If it would be better for me to try to get finaced through my credit union or if a dealership could still finance me.

I want to make a purchase this fall if possible.   I am really scared, because I know my score really can't afford to have a lot inquiries added since my score is so low.  Does anyone have any experience with a situation like mine?

Message Edited by elronte on 07-12-2007 06:25 AM

[sl]

I would contact your credit union (go into the office and speak with a loan officer) and explain your situation and ask what options they can offer you.  It is sometimes easier to get what you want when you sit face to face with someone and they can read your body language and see how sincere you really are.

Good luck and keep us posted.

[Anonymous]

I think you would have better luck financing thru a dealer but at a higher interest rate. A bank or CU would likely, if at all, require a co-sign. You may also want to consider a less costly vehicle, especially with the interest rate you may be dealt. Unless I misread your words, it seems you are paying for a vehicle that was repossessed. Was it not auctioned and did they recover the loan amount (reserve met) at the auction sale? In tath case why are you paying for it again and to a 3rd party?

[Anonymous]

Forgot! Most dealerships have many sources of lending programs to finance thru from A credit to C credit ratings. I noticed of all my transactions with auto loans that the dealer approved financing thru a bank at the desk, and that the bank pulled my credit the following day. If I didn't like the rate, I would leave and they would call me later the same day with a better rate. Go in there with some feeling of negotiating power. Remember that they want to get that car off the lot to make way for the next models. This is your leverage regardless of you history. Good Luck!