topic Re: In Search of a High Risk Auto Lender. in Auto Loans

In Search of a High Risk Auto Lender.

Anonymous — Fri, 31 Jan 2020 02:31:44 GMT

I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.

Re: In Search of a High Risk Auto Lender.

Jnbmom — Fri, 31 Jan 2020 02:36:29 GMT

Do you belong to any CUs? Who to you bank with ? They all offer used car loans .

Re: In Search of a High Risk Auto Lender.

Anonymous — Fri, 31 Jan 2020 02:39:18 GMT

I don't anymore. I bank with KeyBank but they don't finance older than 7 years old. I've found it super hard to finance this even though it is way under MSPR.

Re: In Search of a High Risk Auto Lender.

Anonymous — Fri, 31 Jan 2020 04:00:45 GMT

Possibly Santander. Not sure about the max-age but I've known a few people with credit in the low 500's get financed through them.

Re: In Search of a High Risk Auto Lender.

satio — Sat, 01 Feb 2020 14:15:45 GMT

@Anonymous wrote:
I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.

If you have the cash for the purchase you could put it on deposit with a lender that offers Secured Savings Loans and loan it back to yourself so you can gain the lowest interest rate and have the benefit of an active installment loan and regular payments.

NFCU is a great option if you have a way in for membership, relative with military service with or without existing membership.

Re: In Search of a High Risk Auto Lender.

Mv350 — Mon, 03 Feb 2020 10:22:17 GMT

I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.

Re: In Search of a High Risk Auto Lender.

Medic981 — Tue, 04 Feb 2020 01:17:20 GMT

@satio wrote:
@Anonymous wrote:
I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.
If you have the cash for the purchase you could put it on deposit with a lender that offers Secured Savings Loans and loan it back to yourself so you can gain the lowest interest rate and have the benefit of an active installment loan and regular payments.

NFCU is a great option if you have a way in for membership, relative with military service with or without existing membership.

Re: In Search of a High Risk Auto Lender.

recoveringfrombk7 — Wed, 05 Feb 2020 03:15:07 GMT

@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.

I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.

Re: In Search of a High Risk Auto Lender.

Brian_Earl_Spilner — Wed, 05 Feb 2020 03:17:48 GMT

@recoveringfrombk7 wrote:
@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.
I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.

You can print out your pre-approval and go wherever you want. The issue is the car is too old for cap1 to finance

Re: In Search of a High Risk Auto Lender.

Mv350 — Wed, 05 Feb 2020 21:17:43 GMT

@recoveringfrombk7 wrote:
@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.
I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.

I took my pre approval to a dealer that offers financing through Cap1, they worked out the deal and I signed the deal the next day.

Re: In Search of a High Risk Auto Lender.

recoveringfrombk7 — Wed, 05 Feb 2020 21:43:56 GMT

@Mv350 wrote:
@recoveringfrombk7 wrote:
@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.
I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.
I took my pre approval to a dealer that offers financing through Cap1, they worked out the deal and I signed the deal the next day.

But was the vehicle in the navigator? I swore I read here that it has to be available through the site. Totally possible I'm mistaken.

Re: In Search of a High Risk Auto Lender.

Brian_Earl_Spilner — Wed, 05 Feb 2020 22:56:50 GMT

@recoveringfrombk7 wrote:
@Mv350 wrote:
@recoveringfrombk7 wrote:
@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.
I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.
I took my pre approval to a dealer that offers financing through Cap1, they worked out the deal and I signed the deal the next day.
But was the vehicle in the navigator? I swore I read here that it has to be available through the site. Totally possible I'm mistaken.

The dealer doesn't have to be in navigator, they just have to work with cap1. If they don't, you can't use the pre-approval there.

Re: In Search of a High Risk Auto Lender.

Mv350 — Wed, 05 Feb 2020 23:17:48 GMT

@Brian_Earl_Spilner wrote:
@recoveringfrombk7 wrote:
@Mv350 wrote:
@recoveringfrombk7 wrote:
@Mv350 wrote:
I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan.
I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go. CU is definitely the best bet.
I took my pre approval to a dealer that offers financing through Cap1, they worked out the deal and I signed the deal the next day.
But was the vehicle in the navigator? I swore I read here that it has to be available through the site. Totally possible I'm mistaken.
The dealer doesn't have to be in navigator, they just have to work with cap1. If they don't, you can't use the pre-approval there.

+1 on this

The vehicle I went with wasn't even listed on the dealer's website yet, or the auto navigator. I was shopping at a couple dealerships. As long as they work with Capital One Auto financing, I think you will be good.

Re: In Search of a High Risk Auto Lender.

recoveringfrombk7 — Wed, 05 Feb 2020 23:29:06 GMT

That's really great to know, thank you both!