Auto Loan - Current 563 Credit Score

[Anonymous]

Hello All,

I have attempted searching for an answer here before having to post separate question, but found no similar situation.

I received an auto loan through Dealer Funding LLC of GA in Aug 2008, 48mth loan, will be paying off this month, have had 4 late payments in that I am attempting to get removed through GW letter. My vehicle will not be worth much as a trade in, as it is in need of a few repairs, so I am currently set on keeping it.

Now, I want to get another vehicle, have been attempting to get my credit score increased lately and being patient till then but still would like to know my current options, if any. Same job of 4 1/2 years, same residence 3 years, $35k yearly income, $2k debt left of $22k installment loans, $500 debt left of $1800 revolving, 4 total late payments on installments(GW letters sent), 6 total collections/negatives(PFD letters sent for all), O late payments on revolving.

What direct lenders deal with bad credit customers and require the least amount of a down payment? Or is it even possible to get preapproved, then go to dealers with check, with my credit score? Also, what would be major deciding factors in being approved as far as the car type, dtv, etc...

Basically, if no lenders would deal with me directly, I would like to know how to make myself look more favorable with picking a certain vehicle at a certain price, and certain year, etc? Because I know lender approve bad credit customers often, but I seeking to have the least amount of down payment.

I.e. A dealership in GA I've been watching has a best wholesale prices of their cars, many between $9k-$12k, very low miles, 2005s-2007s. Would attempting to be approved for a $10k loan on a car that is valued at $13k be favorable and require a little down?

I know I'm all over the place with my questions but the bold writing are the questions I want answered. Thanks.

[CreditGuy03]

 1. Wachovia Dealer Services6.90%2. Capital One Auto Finance5.70%3. Toyota Financial Services5.60%4. Chase Auto Finance5.50%5. GMAC Financial Services3.70%5. Ford Motor Credit3.70%7. American Honda Finance2.90%8. Nissan Infiniti Financial Services2.10%9. CitiFinancial1.50%10. Credit Acceptance Corp.1.20%

Read more: http://www.autonews.com/article/20100127/ZZZ_SPECIAL/301279994#ixzz22sxoQK1g

[Anonymous]

Thanks! good info!

Also would be interested in hearing from people with personal experiences of bad credit approvals?

Tried looking at the approvals section but its confusing and not very informative with specifics.

[Anonymous]

Also if anyone knows which makes or model years have the best chance at being approved I would appreciate the info!

Thanks Again!

[Anonymous]

Must be why Wachovia fell and Bought out by WELLS FARGO, giving WF headaches.

Find a better mechanic, squeeze a couple more months out of that car.

Pay down those accounts.

I had a Revolving account that added interest and charges on the 4th of the month.

Paid it off on the 3rd, will not report till the EOM to CR.

Yet, previous months always paid, so 3 days means an extra Green Month on that account.

I went from 689 to 532, just opened extra accounts and large balances, paid them down,

hit 700, and JUST received $26,000 available for My Next Vehicle, NO DOWN PAYMENT at 8.9%.

Shopped around and bought at $19,000 - to $21,600 TT&L.

Paying that down is my goal.  GL.

[DCole3g]

I had a very similiar situation credit score 567 and got approved with NFCU.  The interest rate wasn't that great, but I really needed a vehicle. So if it's possible for you to try them, I would.  

[Anonymous]

Under what terms were your approval? Down payment? Any derogs, negativs?

Thanks