NEED a car loan but I have outstanding collections...and no score

[Anonymous]

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@Anonymous wrote:

Thanks.

Did you have the same problems I did?  

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Not as bad but I only had 1 cc and 3 collections but only one was unpaid. I did pay it off but they at least looked at my scored diffrent than the dealer did.

[Anonymous]

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@Anonymous wrote:

WELLLL... I 'could' get a junker... but my biggest issue is that my commute is 43 miles one way and that doesn't count dropping my kid at daycare.  All in all I'm on the road about 2 1/2 hours per day and I'm just terrified of another car letting me sit.  

I know there's no guarantee with any car... but IF someone here knew of a place that would give a loan and I could get a reliable vehicle I'd feel much better about it. 

I'd prefer NOT to do the buy here pay here cause the prices of the cars are rediculous. If I can buy a car at value but pay 20% now, I'd do that because in 6 months to a year I can refinance an appropriate value (maybe a couple more bucks down) and then have a decent thing going.

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Give exeter finance a call and see if they can do anything. I got financed through them last year with ~ 500 scores. The interest is horrible at 18.99%,  but at 36 months the payments were not too bad. I'm also planning on doing a refi (or maybe a trade-in) once my scores improve.

Explain the situation with your scores, maybe they can get an auto enhanced score generated from your history.

[ErikaC1]

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@Anonymous wrote:

Yes my car is paid off, but it's literally not running.  the engine went.  Sooo to the junkyard it goes.  I don't think anyone would even want it on a trade.

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My car went out on me and I was able to trade it in at an Enterprise Sales location, they said it would sold for parts. They approved me and gave me some trade in credit not much but it did help. I'm sure someone can take it. Good luck!

[Anonymous]

I had the same problem, I had no credit and needed a car loan - I got a terrible card through CreditOne Bank - paid on that religiously for about 3 months, then managed to get one through CapitalOne - after about 4-5 months of paying on the CapitalOne card they preapproved me for a car loan through them so I went down to a dealer, and they got me a loan, its high interest, but I'm paying high payments right now with the idea of refinancing it in about 9 months when it repairs my credit. This is what pretty much everyone told me to do, and so far its working, even the finance manager at the dealer told me that this is one of the best ways to repair my credit/establish. Ultimately it really depends on you. Can you afford $500/mo car payments with $200/mo insurance tacked on as well as all your other bills? if not - then you may want to seriously consider a buy here pay here - they suck - but it gets you transportation, even if its temporary, you can always trade it back in when you're in a better position, or refinance down the road with a better score behind you.

[Anonymous]

PS my scores were low-mid 500's - Santander Bank approved me $17,500 with only $500 down and $388/mo with 18.05% interest - 70 month term though - as I said, the plan is to refinance it/trade it in IMMEDIATELY 

[J91605]

I don't know where you live but I am a body shop manager. I have worked at dealers my whole life. Look not all but a lot of privately owned dealers now a days have an in house financing company. They are a little like buy here pay here but a lot easier to work with. Call the dealers in your area. Stick to dealers with someone's name on the front. Ask if they have in house financing. They will let you know. The interest will still be high but it will most likely be a better vehicle. I have been where you are at. It sucks but if you have 20% to put down ( I think that's what you said ) then you can get financing. The rate might be horrible but most dealers have lenders just for your situation. Good luck.

[Anonymous]

Try Prestige Financial, they work with thse with bad credit/no credit.