Can't get a auto loan for vehicle you want

Asmodai66 · ‎07-08-2014

My credit was 580 now 574 with the too many inquires. This weekend was the breaking point for me, now I'm just getting even beyond frustrated and pissed off. I can get approved for brand new vehicles with high interest little downpayment but cannot get a loan for more a older truck in it's 10 year mark. I'm in the military, but having a secure job such as that dosen't mean **bleep** really. I don't want a brand vehicle, they are beyond my price range, and be more problem for me when I try to get rid of it. I was trying to get a diesel truck that is in 04 with barley under 130k miles even with a $3k downpayment for a loan of $13-14k. Basically one of kind type of truck, and was willing to pay the piper on high interest but refinance it later on. Now getting denied not by one but almost several and then one lender having the nerve asking me for $6k for a downpayment was the only way. It pissed me off even more. I'm just sick of this **bleep** of a f*ckin score that determines if you can be happy or not reminding yourself being a have not. How I see it, if I'm willing to go into debt, I might as well get the vehicle I want rather just getting one to get by and do monthly payments on that you don't enjoy.

I'm paying my debt such as college, and two little credit cars monthly to repair the 'being late' damage or just pay it outright. I haven't seen a jump in my score even with the monthly payments. I just want a truck, but a diesel one but average milage for one is 160k-240k. Appreantly even roadloans can't help me.

Creditaddict · ‎07-08-2014

1. What are the baddies on your credit.

2. even someone with a 700+ credit score would have an issue financing a 2004 truck with 130k+ miles

3. are you member of Navy Federal or USAA?

simi_go · ‎07-09-2014

@Creditaddict wrote:
1. What are the baddies on your credit.
2. even someone with a 700+ credit score would have an issue financing a 2004 truck with 130k+ miles
3. are you member of Navy Federal or USAA?

Navy Federal FTW with this. Also just to let you know, it will always be much easier to get financed on a brand new car than on a 10 year old car. Especially one with that many miles.

My wallet: Newest to oldest.

xerostatus · ‎07-09-2014

A sub-600 score won't get you approved for most credit cards, let alone an auto loan on a 10-yr-old car.

I fail to see the "issue" here.

Rebuild your credit (plenty of resources available, including this and other boards) then try again, or quit the game and go cash-only.

No need to take it personal when we're all playing by the same rules, here.

jim44 · ‎07-09-2014

Asmodai66, There are several subprime lenders out there that won't even look at your credit score. They are more concerned with provable income, proof of stable residence as well as monthly living expenses. The reason for the large down payment is that unfortunately right away you'll be "upside down" on value on the truck. If the lender does have to repossess your truck, they would be able to sell it for not so great a loss if you have made a large down payment.

Another factor for denial is if perhaps you burned a lender on a previous auto loan or if your credit history shows a lot of lates with car payments. Also as with my credit union, they won't lend until you are two years plus discharge. Keep trying, I'm sure you'll find a lender who will check the factors out above and will look past your FICO.

Asmodai66 · ‎07-10-2014

I got denied from both navy fed and USAA. I never defaulted on a auto loan. I have a public record that I paid off and was released of $1,300. When I was deployed I was late 120 days on my college loan. I've been in the service almost three years. I have no living expenses except for basic like phone etc..I have two credit cards that I just paid off $500 one I maxed out. Its $1k. All my college loans and two credit cards are being paid monthly. Odd thing is I did the USAA credit watch and the scores they show a far below score than fico like 517 compared to 574.