topic Re: Car Loan with 542 Credit Score? in Rebuilding Your Credit

Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 02:02:19 GMT

What do you guys think?

ill need a car loan post BK discharge in February.

Right now now im at 542 (experian). I'm looking for around 16K loan. Thinking capital one auto.

Tell ell me there is hope!

Re: Car Loan with 542 Credit Score?

wallstreet177 — Tue, 21 Jan 2014 02:27:15 GMT

that was my score when i got a loan through CapOne AF. but beware of the 23% interest rate you will be getting.

I financed 15k, my payment is 390. I'm thankful I can afford it, but i am hoping that once I get some of these baddies off my report, i can refinance for a lesser rate.

As long as you have a job, you should be able to get a loan somewhere.

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 02:30:40 GMT

Thanks.

My my current car payment is/was 492 so I would be happy with 390/410 range.

Income me is fine, just the BK that's killing me.

Did is you have to send any documents in? Use a dealer or blank check?

Re: Car Loan with 542 Credit Score?

Whitneyy — Tue, 21 Jan 2014 02:47:36 GMT

What about roadloans?

I've heard of that, not sure of many details.

Re: Car Loan with 542 Credit Score?

Anonymous — Tue, 21 Jan 2014 03:12:23 GMT

Go to a dealership and discuss your options. You should be able to get a loan, are you going to be putting any money down at all? Are you trading anything in?

I'm in car sales... And I see plenty of people out of BK getting cars.

Re: Car Loan with 542 Credit Score?

lavencedora — Tue, 21 Jan 2014 06:29:53 GMT

I got my Capital One auto loan with a score around there. I had a secured card and 2 small unsecured cards for about a year before and my interest rate was 14%, horrific compared to normal rates these days ... but better than the 20+% mentioned on this thread. You can apply online & they may ask you to upload a couple of documents ... then they send you a blank check. I financed about $17k and my payment is $360. I also hope to refinance sometime this next year at a lower rate. I have a good income & can afford it without stress, but can't wait to have a normal interest rate. Anyway, it's a good route for someone who needs the car, can manage the payment, and doesn't have huge number of options. I would take the blank check to the dealership & tell them you don't want their financing -- if you do that, you have to insist because they will push to do the financing. They will shop it to a ton of banks, doing a bunch of hard pulls & they aren't going to get you a much better rate.

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 11:15:31 GMT

Yes. Putting around 1K down. And no trade in.

Re: Car Loan with 542 Credit Score?

GBguy — Tue, 21 Jan 2014 13:21:36 GMT

do they have a minimum amount they will finance?

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 13:41:27 GMT

I think it's 7500, but with Cap One, the rules are the vehicle has to be less than 7 years old/70,000 miles.

I am looking at a certifed Honda Accord for 15,850.

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 14:00:05 GMT

Well on the upside, my score went up two points to 544 today.

Re: Car Loan with 542 Credit Score?

Anonymous — Tue, 21 Jan 2014 15:11:05 GMT

You can also go to DriveTime if you have one in your area.

Re: Car Loan with 542 Credit Score?

afr4life06 — Tue, 21 Jan 2014 15:44:27 GMT

My score was similar to yours, i went with capital one and got 18k 17%. I was completely shocked but excited. Got my blank check and went to dealers after dealers. The key thing was the LTV which made it hard for other dealership to deal with me, but carmax was the perfect place b/c LTV doesn't apply. I wrote about my success here in case you want to read it. http://ficoforums.myfico.com/t5/Auto-Loans/Capital-One-Blank-Check-success-story/m-p/2490373 I would say work a little harder on the baddies, i wish i did, but i plan on refinacing in about 3 months because my credit is far from what it was so i am excited about that. Good Luck and check out the Auto Loan forum too great help there also

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 16:05:53 GMT

The problem is I can't do anything about the baddies.

It is soley due to the BK filing. I was never late prior to filing for BK, so, there is not much I can do there.

I am not trading anything in, so I believe I will be okay with the 110% LTV issue - plus I have a good relationship with a local Honda dealer that will hopefully help me out in my time of need.

I just didn't know if I was wasting my time with these scores - but seems not.

Did you have any other baddies on your CR that caused your score to be so low?

Re: Car Loan with 542 Credit Score?

Anonymous — Tue, 21 Jan 2014 16:54:41 GMT

3 years ago my credit score was a **bleep** show (avg 525) and I financed a car through Wells Fargo, then a year later I financed a second car (for my wife) with GM Auto with the same **bleep** credit. I make about $70k per year, and have always made car payments on time, nothing else, but car payments were always in good standing. Only found one dealer who could make it happen with no money down though. And it was a Hyundai dealership, I heard they tend to be more forgiving - but who knows. Good luck - you should be able to score a car loan no prob.

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 16:58:59 GMT

Do you mind sharing what rates you got?

Re: Car Loan with 542 Credit Score?

Anonymous — Tue, 21 Jan 2014 18:34:39 GMT

They were both close to 14%

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 18:46:14 GMT

In curious why the Hyundai dealer was the only one who could make it work? Sorry for so many questions.

Did you try Cap One Auto?

Re: Car Loan with 542 Credit Score?

Anonymous — Tue, 21 Jan 2014 21:07:55 GMT

I tried like 4 dealerships in one day, and they all said no. The Hyundai dealership was the only one that could get me a loan. I don't know about Cap One Auto because I don't really know what banks they tried to get it approved with Wells Fargo and GM Financial.

Re: Car Loan with 542 Credit Score?

0REDSOX7 — Tue, 21 Jan 2014 21:15:46 GMT

Sorry for all the questions - just trying to get an idea of the process.

Did you immediately tell them X credit score and then leave or did you have to go through the whole process?

I am working on cleaning up my credit report prior to my dischage so it will be accurate - just the discharge date will need to be entered and can go with my dischage papers in hand.

Re: Car Loan with 542 Credit Score?

Anonymous — Wed, 22 Jan 2014 04:08:50 GMT

No problem. I let them know off the bat that I had less than stellar credit and wasn't putting any money down if possible. I told them if they could get me a loan - I would buy a car right then and there. Not much room to haggle on price when you are at their mercy though.

I wouldn't blow smoke up their butt, tell them before you sit through a 2 hour process that you have a BK. They might have a specialist in the dealership that can help you better than they could. Nothing to be bashful about - they see people with crappy credit all the time.