topic Re: Where do I start? Who do I apply with? in Auto Loans

Where do I start? Who do I apply with?

Anonymous — Wed, 18 Nov 2009 15:02:17 GMT

I am looking to buy a used vehicle to replace my virtually dead one. I want to entertain a private lender as opposed to dealer financing so that I can look at private sellers and a dealership that doesn't finanace. Could someone provide me with lenders who might approve me. Here is my info, all scores pulled from a mortgage lender 45 days ago. Nothing should have changed since then (did not go through with the mortgage). They were all within a point of what I purchased here.

TU: 622 EX: 647 EQ: 678

I have a few outstanding collections on old CCs. I did default on an auto loan in 2004. I ended up paying off the balance through a collection agency and have the lein release as proof. Since then I have financed and paid off 2 cars through a "Buy Here Pay Here" dealership. They only reported to TU. My total debts are about $5,000 including 1 CC with a balance of $11 with a $200 limit.

Any thoughts of where to apply or how a private auto loan would work?

Thanks,

Re: Where do I start? Who do I apply with?

moondog7324 — Thu, 19 Nov 2009 01:00:58 GMT

Do you belong to a credit union? I would start there first. Or the bank you use- go in and explain that you would like "pre-approval" before you go auto shopping. It's common now to have your financing established before you shop.

Re: Where do I start? Who do I apply with?

Anonymous — Thu, 19 Nov 2009 03:40:21 GMT

Autos are not going to be just credit and scores. Your down payment, income and stability play a role.

What is your income?

How long on the job?

What is your DTI currently?

How much down and what kind of trade do you have?