Established Member
tiffo02
Posts: 21
Registered: ‎05-07-2012
Need help!!!!
So my.score sucks. Its a 607. Anyways I need a new car so bad and can't get one without.a huge down payment. my last car I financed the motor blew up 6 weeks after.i got it. I kept the note up over a year in attempt to get it fixed. Took additional loan out for repairs gout it fixed and a month later it broke again. I finally gave up and let it go to repossession. I just couldn't.afford a $8000 car that I drive for 6 weeks. So that has pretty much.put me where I am other than one bad cell bill for $500. I now have 2 credit cards all in good standing for the past 8 months. I also have one other credit card in good standing with a very high limit but I call and call and the store never reports to the beurea. I know there is nothing I can do about the pisst issues but when will I see change on my score? Everything from 8 months past is perfect. ...i just need a new car so bad
Valued Contributor
tcbofade
Posts: 2,297
Registered: ‎09-26-2011
Re: Need help!!!!
[ Edited ]

Ummm. A 607 FICO score should get you approved at any major dealership.  (They can finance down into the middle 500's).

 

If you have a job and a pay stub, go see a "real" car dealer....your interest rate is going to be high, but they can get you into something.

 

Good luck.



Current Scores: EX 671 (FCR) TU08: 638 Wally (TU08).10/11//14 Last app 05/29/2014.
Being held hostage in the garden until 01 November 2014.

Zero percent financing is where the devil lives...
Moderator
Revelate
Posts: 9,457
Registered: ‎12-30-2011
Re: Need help!!!!
[ Edited ]

Hey Tiff,

 

Welcome to the forums!

 

I moved the thread over here since usually you'll get more traction regarding auto loans specifically here; what tcbofade posted is correct - auto loans are the easiest type of loans to get, it's just a matter of having income and potentially some money saved for a downpayment. 

 

If you have both, it shouldn't be a problem getting financed for something, just be aware that the interest rate may not be pretty (can be refinanced down later) and it may not be the car of your dreams, but if you need transportation especially for work, take what you can get is my recommendation.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Member
tiffo02
Posts: 21
Registered: ‎05-07-2012
Re: Need help!!!!
Thats the deal...for the time being I do have a vehicle. But its on its last leg. Fifth gear is out. I seriously feel like I wilk drive it till the wheels fall off ...literally!!!! They are about to fall off. My credit union approved me up to 10000 with 2000 down....how much longer should I walk.a straight line with my credit before I will probably be approved for a bit less of down payment and better terms? Like I said I do have a vehicle but it has 300000 miles on it. I just know the time for a new car is approaching very soon and I really want to be ready
Moderator
Revelate
Posts: 9,457
Registered: ‎12-30-2011
Re: Need help!!!!

The repossesion is a major derogatory and that's going to be a problem for a while.

 

You'll probably get another bump in four or so months; my own record was steady increases for the first 7-8 months, then I flatlined till some of my accounts had a year's worth of positive history on them.  

 

Honestly I'd look at this a different way if I were you: your car is on it's last legs potentially, I'd see about getting the 2K to qualify for that loan which is sounds pretty reasonable.  I know it sucks having to do this, but credit is an endeavour which really takes the rest of your life walking in that straight line unfortunately.  If you get sloppy, you fall waaaay down the chutes before being able to climb back up the ladders.  I'm stuck in a similar situation with stupid sins of my youth and using cash for everything until now... I'm one year into a process which is likely going to take five to six, and then I have to maintain that forever (at least in my own little universe).

 

Most likely you're not going to be able to get to where you want to go in one shot, but a positive auto loan will help your recovery, so I wouldn't run screaming from the CU's offer.  Depending on your income, it might be a very, very good choice indeed, you just have to be willing to suck up driving a 10K car for a bit which may be a year or two.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
tcbofade
Posts: 2,297
Registered: ‎09-26-2011
Re: Need help!!!!

Hmmm.  I agree with Revelate, but when I was in your spot, I did it very differently.

 

I drove a 1993 Ford Escort until 462,000 miles worth of a blown head finally caught up to me.  I limped it into the local Ford dealership with smoke pouring out of both ends, literally.

 

With no established credit and a two year old BK.

 

I drove out in a used 2007 Focus (in late 2007) and a 23% interest rate.

 

Six months later, I refinanced at 18 %

 

Six months later, I was hoping to refinance down to 12% or so, and got 6.9%.

 

When you get so afraid about your cars reliability that it starts costing you sleep, I say bite the bullet, get the "less than ideal" loan and make your payments ON TIME, then refinance later!



Current Scores: EX 671 (FCR) TU08: 638 Wally (TU08).10/11//14 Last app 05/29/2014.
Being held hostage in the garden until 01 November 2014.

Zero percent financing is where the devil lives...
Established Member
tiffo02
Posts: 21
Registered: ‎05-07-2012
Re: Need help!!!!
Yes I hsve thought about the refinance option already....what about this? If I finance through a finance company to begin with can I later refinance that loan through the credit union?
Regular Contributor
coreyb80
Posts: 107
Registered: ‎07-26-2012
Re: Need help!!!!

That is definitely a viable option.

Regular Contributor
dobirdsmommy
Posts: 227
Registered: ‎02-29-2012
Re: Need help!!!!

We were just in the same situation. Our 99 explorer at 282,000 miles would just not turn over, After we got approve the darn thing started everyday!!!!!

 

Even though I have had 16 months of payments into my current car loan, and 3 credit cards reporting on my bureau all in good standing no new collections and nothing negative from 2008 to the present, the banks still wanted 2k down, Chase ended up giving us a loan with 3k down.  You need to chop down the risk for them especially with a repo. I could not comprehend how people were coming in without a USA drivers license no proof of income and they were able to drive away in a new car. Meanwhile my husband I bust our humps make a good 150k+ and still have to put 3k down. Just the way your credit report reads. You are a risk to the banks, you lessen the risk by giving your own money into it. Roadloans will take you but you will might be 15%+ interest.

2011 starting score 383 pull for Santander, EX 639, EQ 669, TU 651 (lending club pull)
Wallet:ME: 750 Cap One, 5k Quicksilver/rewards, 750 Capital one, Gamestop CC 1150, 2370 FH, Santander Car 9.6k/15k, Chase Auto Loan 12/16k, VS 1150, BH 1020, Express 1000, Avenue 750, JCrew 800, HSN 1070, Torrid 700,Roamans 800, Jessica London 940, kings direct 800, Buckle 800, OSP 1050, WW 1050, Solutions 800, Blair 750.. baddies: 2 FP CO 08,
DH: 750 Cap One 750 Cap One 750 capital one fh 2000, AU - VS, BH, HSN, QS 5k