Car Loan with 542 Credit Score?

[Chrisla2077]

I don't have a BK, but I have little to no luck at dealerships. All I see to get...when I do get an offer is predatory lender after predatory lender. The best deal I got was at a Chevy dealeship for a brand new Chevy Cruze--GMC Financing- for 8% with 1K down. The payments would have been about 400/mo. Not bad overall, but with my monthly income, I didn't want to lock myself into anything that could end being pass my means and put me even deeper into a credit hole.

I decided to try and find a quality vehicle at a a no credit check lot (I was succesful with one...thought they wanted more money down than I had). I haven't purchased yet because I had to use the cash on hand for an emergency. I want to buy something nice and new....and definitely something that will help me get some more good marks on my credit, but before I'll put myself into a strenuous situation..i'l jst try to save and buy outright.

With the offer I got it'd have taken me 6 years to pay off the vehicle and I don't want to be locked in that long. I've heard good financial advice that says if you can't take care of it within 3 years. It's not a great deal.  That's not advice for everyone...trust me I know...I still don't have a vehicle, but for the good of my credit I'd like to stick to it.

[marie1981]

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@Chrisla2077 wrote:

I don't have a BK, but I have little to no luck at dealerships. All I see to get...when I do get an offer is predatory lender after predatory lender. The best deal I got was at a Chevy dealeship for a brand new Chevy Cruze--GMC Financing- for 8% with 1K down. The payments would have been about 400/mo. Not bad overall, but with my monthly income, I didn't want to lock myself into anything that could end being pass my means and put me even deeper into a credit hole.

I decided to try and find a quality vehicle at a a no credit check lot (I was succesful with one...thought they wanted more money down than I had). I haven't purchased yet because I had to use the cash on hand for an emergency. I want to buy something nice and new....and definitely something that will help me get some more good marks on my credit, but before I'll put myself into a strenuous situation..i'l jst try to save and buy outright.

With the offer I got it'd have taken me 6 years to pay off the vehicle and I don't want to be locked in that long. I've heard good financial advice that says if you can't take care of it within 3 years. It's not a great deal.  That's not advice for everyone...trust me I know...I still don't have a vehicle, but for the good of my credit I'd like to stick to it.

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In 2008, my scores were as low as yours or lower and I needed a vehicle as well. The only place that would approve me was Santander. I financed 17,000 for 6 yrs at $390 a month at 17%. I had to put $1,000 down and needed a co-signer.  It was terrible! but my only choice. I would not reccomend going with Santander, if you can find someone better. You will NEVER see the balance go down. I would definitely try to get financed before you look for a vehicle.

I would try your luck with Capital One blank check. I just used it last month for a vehicle and I have a 2013 Civic, $300 payments at 5%. My scores are a lot higher now than before, but its worth a try. The worse thing that can happen is you have to use Santander.

[Chrisla2077]

I tried Cap one too. They wanted a 7,000 down payment. For that money I could buy a car outright. Very frustrating