Another auto loan with (insert amazingly stupid self inflicted credit mistakes) question

[Anonymous]

You are going to have to accept the fact that you are very credit challenged for securing a car loan for the immediate future.

So take this as a worst case scenario and if anything better happens then you made out

1- You will need to look at a buy here pay here place, or someplace that works with subprime auto loans, usually some place that uses Credit Acceptance Corp or similar companies for financing.

2- You will need more money to put down, closer to 25%+ the transaction.

3- You are going to have a huge 20%+ interest rate., and will probably be only financed for about 36-48 months.

4-They will be telling you what car they can get you into/financed for

5-Your $1250 a month take home is good, but you are going to have a huge car payment- do everything in your power to scrimp save and pay the deal off ASAP.

[Creditaddict]

Is Carmax an option around you. I got approved with scores in the 500's.  Your score is not to bad but with stuff still outstanding might be where you run into problems.

[ofiligrana]

Have you tried saving up for a reliable car that you know you can get a low payment on and a big down payment and maybe with the help of a co-signer get low APR pay off fast use this to show your creditworthiness and then get the car you really want at a later. Lately economy is too iffy and in my opinion if you get a house, car, or any other big purchase you need to have minimum 6-12 months worth of paymnts saved up just to cover payments to give you the time and the flexibility to recover it.

[Elitex]

Go to a dealership and give it a try, you may be surprised. I got approved for a New infiniti G37 at 3.9 apr and my scores were 646 Eq, and 650 Transunion.

I did not have a repo, 1 negative from 2.5 years ago (not paid), and just 15 mos of car payment history.

Try Toyota dealership, they have been very lenient.

[Anonymous]

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@Elitex wrote:

Go to a dealership and give it a try, you may be surprised. I got approved for a New infiniti G37 at 3.9 apr and my scores were 646 Eq, and 650 Transunion.

I did not have a repo, 1 negative from 2.5 years ago (not paid), and just 15 mos of car payment history.

Try Toyota dealership, they have been very lenient.

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Umm I really doubt they will be that lenient. But if you do decide to rush in, at least wait until your repo is showing paid on all your credit reports.

[Elitex]

all i am saying is that you wont know until you try it. My brother was able to get a car loan with low 500 credit score and two repos beacuse he lost his job. Granted interest rate was terrible, but he was able to get approved.

[Anonymous]

Even if we had a completed credit app, bureau report and a relationship with a bank we would not be able to give 100% advice here.

with the OP having just paid his repo, it probably not showing up as paid yet, current negatives showing unpaid on their report, and having less then 10% of the transaction to put down the OP has a slim chance of being approved. Yeah there is a chance as I simply cannot speak for every possible permutations of  deal- I have seen car dealerships do weird stuff to hit end of month numbers. By the same token in theory scratch off lottery players hit big life changing money from time to time.

Going to a dealership and "trying" will probably  ONLY create inquiries that will further lower their score and they will still be told to:

1- wait for the repo to show paid on all 3 burreaus

2- come up with more money down

it is not a persons right to get into a car loan, and if i could have gotten everyone financed who ever sat in front of me I would be a literal millionaire,

could the OP go into a dealership today and get approved? No one knows yes or no, but my money rides on No and like I said he would be better served to wait and aquire more cash down to help ensure any deal.

[Anonymous]

Look into PFD's for your current outstanding debts.   Moral issues aside, these companies want the money owed and could be willing to remove the tradelines for cash in full.  GW letters are geared more toward that odd 30 day late on an account in good standing for several years.