New Member
Foreman500
Posts: 8
Registered: ‎09-14-2012
New member here, need autofinancing

Hey all, ill be honest, my score is horrible at high 400's. But my wifes car has had it. Does anyone know who would finance someone with no money down witH my score?  Thanks for any info

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: New member here, need autofinancing

Likely none. There might be some places out there that can finance you with a very high down payment and a high interest. But in the end you might end up paying 30-40% more than the car is worth. I'd take the $3000+++ you'd have to fork out for a down payment and use that for a used car. Then I'd focus on repair. In 3-4-5 months or whenever then you can get financed at a lower rate with less down.

Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
Re: New member here, need autofinancing

llecs wrote:

Likely none. There might be some places out there that can finance you with a very high down payment and a high interest. But in the end you might end up paying 30-40% more than the car is worth. I'd take the $3000+++ you'd have to fork out for a down payment and use that for a used car. Then I'd focus on repair. In 3-4-5 months or whenever then you can get financed at a lower rate with less down.


I agree 100%.  Sell your wife's car for whatever you can get for it (provided you don't still owe), scrape together whatever money you can, and buy a used car that will get you from point A to point B.  Then, work on your credit until you are in a position to take out a loan.  This site is WONDERFUL at helping folks get their credit cleaned up.  With some hard work, a little luck, and a lot of persistence, you can do this!


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
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Goal Score: 720 (for starters)


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