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Could really use a miracle car loan!

tracirose14
Member

Could really use a miracle car loan!

Hi everyone! I'm still pretty new here but was hoping someone might know some secret or even just have more knowledge about how I can get an auto loan with no or very little money down and a 610 EXP score. 

 

I desperately need a vehicle in order to secure more stable employment. As of now, I have been consistently running an Airbnb since July of 2021 and can show that income but living in California it's impossible to survive and save on such a limited amount. I know my credit is yucky and asking for no down payment is likely incredibly silly but I thought I'd at least ask. 

 

Thanks in advance!

Starting Score: 544
Current Score: 610
Goal Score: 750


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12 REPLIES 12
Red1Blue
Super Contributor

Re: Could really use a miracle car loan!

You should talk to one of the local credit unions 

Message 2 of 13
increasingmyfico
Regular Contributor

Re: Could really use a miracle car loan!


@tracirose14 wrote:

Hi everyone! I'm still pretty new here but was hoping someone might know some secret or even just have more knowledge about how I can get an auto loan with no or very little money down and a 610 EXP score. 

 

I desperately need a vehicle in order to secure more stable employment. As of now, I have been consistently running an Airbnb since July of 2021 and can show that income but living in California it's impossible to survive and save on such a limited amount. I know my credit is yucky and asking for no down payment is likely incredibly silly but I thought I'd at least ask. 

 

Thanks in advance!


      Not enough info. It would depend on what's in your report and how much income you have from the property. If you have good previous auto history that's a plus. No down payment is tougher in this market due to the car shortage. Would depend on how the car is priced in relation to value. A lower priced new car would likely be the best choice. 


Message 3 of 13
tracirose14
Member

Re: Could really use a miracle car loan!

 


 @increasingmyfico 

 

"Not enough info. It would depend on what's in your report and how much income you have from the property."

 

I gross and net about $2400 a month on 1099 status. I have no recurring living expenses like rent or mortgage, as the rent is paid by my fiance. So my only expenses are my $36 credit card minimum payment. 

 

"If you have good previous auto history that's a plus."

 

I only have one vehicle history and never missed a payment. Had a huge interest rate and paid it on time for the entire 72 months. However, that loan was with GM Financial and it was a joint loan with my ex husband. I have no other vehicle history on my credit. No loans. No repos. Nothing else.

 

As for other credit issues, I have a total of about $3,000 in current debt owed to three creditors. One is the County of Riverside for an unpaid speeding ticket from 2015 that I just recently learned about. The other 2 are medical bills from 2017. 

 

My student loans were in default but are now in good standing and show paid in full or transferred to the Dept of Education under the University of Phoenix settlement. 

 

I have one secured card with Merrick Bank and I've never missed a payment or been late. It has a small $200 limit. I was just approved for a Cap1 Platinum Mastercard two nights ago with a $300 CL.

 

"No down payment is tougher in this market due to the car shortage. Would depend on how the car is priced in relation to value. A lower priced new car would likely be the best choice."

 

Do you have any suggestions or know of any rebates/incentives that I can leverage?

 

Starting Score: 544
Current Score: 610
Goal Score: 750


Take the myFICO Fitness Challenge
Message 4 of 13
tracirose14
Member

Re: Could really use a miracle car loan!

Just to give you an idea... yesterday I had a job interview that is actually a remote position except for the first 2 months or so while training. I had to inevitably cancel my interview appointment because I wasn't able to secure reliable transportation for that short initial time. 

 

The job paid nearly double what I'm bringing in currently and I could still run my airbnb.

Starting Score: 544
Current Score: 610
Goal Score: 750


Take the myFICO Fitness Challenge
Message 5 of 13
micvite
Frequent Contributor

Re: Could really use a miracle car loan!


@tracirose14 wrote:

Just to give you an idea... yesterday I had a job interview that is actually a remote position except for the first 2 months or so while training. I had to inevitably cancel my interview appointment because I wasn't able to secure reliable transportation for that short initial time. 

 

The job paid nearly double what I'm bringing in currently and I could still run my airbnb.


Just putting it out there, since I don't know how far it is and stuff, but you could rent a car for a few k during those 2 months or uber/bus

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $7400
Citi DC: $13000
WF Propel: $2000
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $30k
VS CC: $2100
Kohls: $3000
Synchrony car care: $5000
Message 6 of 13
tracirose14
Member

Re: Could really use a miracle car loan!

 


@micvite 

 

"Just putting it out there, since I don't know how far it is and stuff, but you could rent a car for a few k during those 2 months or uber/bus

 

All very good ideas. Unfortunately, Uber would cost me around $30 each direction and if I had the money to rent a car I would be able to afford a down payment ☺

 

It's a rock and hard place and to be honest, with gas prices still climbing, the last thing I want is to buy something that relies on fuel. Lol. The only upside to that aspect is that it would only be temporary and then I wouldn't be working just to put gas in my tank. I was just watching all these videos on YouTube where people claim to know how to get loans and credit cards without credit checks or down payments but they all just seemed to be doing a lot of talking and no teaching. So, I thought, what the heck, I'll ask the folks I trust in the forum

 

Starting Score: 544
Current Score: 610
Goal Score: 750


Take the myFICO Fitness Challenge
Message 7 of 13
micvite
Frequent Contributor

Re: Could really use a miracle car loan!


@tracirose14 wrote:

 


@micvite 

 

"Just putting it out there, since I don't know how far it is and stuff, but you could rent a car for a few k during those 2 months or uber/bus

 

All very good ideas. Unfortunately, Uber would cost me around $30 each direction and if I had the money to rent a car I would be able to afford a down payment ☺

 

It's a rock and hard place and to be honest, with gas prices still climbing, the last thing I want is to buy something that relies on fuel. Lol. The only upside to that aspect is that it would only be temporary and then I wouldn't be working just to put gas in my tank. I was just watching all these videos on YouTube where people claim to know how to get loans and credit cards without credit checks or down payments but they all just seemed to be doing a lot of talking and no teaching. So, I thought, what the heck, I'll ask the folks I trust in the forum

 


No down payment is definitely possible on a cheap car, potentially used, but credit check and proof of income at your score will 100% be a thing.

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $7400
Citi DC: $13000
WF Propel: $2000
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $30k
VS CC: $2100
Kohls: $3000
Synchrony car care: $5000
Message 8 of 13
increasingmyfico
Regular Contributor

Re: Could really use a miracle car loan!


@micvite wrote:

@tracirose14 wrote:

 


@micvite 

 

"Just putting it out there, since I don't know how far it is and stuff, but you could rent a car for a few k during those 2 months or uber/bus

 

All very good ideas. Unfortunately, Uber would cost me around $30 each direction and if I had the money to rent a car I would be able to afford a down payment ☺

 

It's a rock and hard place and to be honest, with gas prices still climbing, the last thing I want is to buy something that relies on fuel. Lol. The only upside to that aspect is that it would only be temporary and then I wouldn't be working just to put gas in my tank. I was just watching all these videos on YouTube where people claim to know how to get loans and credit cards without credit checks or down payments but they all just seemed to be doing a lot of talking and no teaching. So, I thought, what the heck, I'll ask the folks I trust in the forum

 


No down payment is definitely possible on a cheap car, potentially used, but credit check and proof of income at your score will 100% be a thing.


         Harder on used with those scores to ride with no money down. Especially now when dealers are asking for all the money on every car. 


Message 9 of 13
increasingmyfico
Regular Contributor

Re: Could really use a miracle car loan!


@tracirose14 wrote:

 


 @increasingmyfico 

 

"Not enough info. It would depend on what's in your report and how much income you have from the property."

 

I gross and net about $2400 a month on 1099 status. I have no recurring living expenses like rent or mortgage, as the rent is paid by my fiance. So my only expenses are my $36 credit card minimum payment. 

 

"If you have good previous auto history that's a plus."

 

I only have one vehicle history and never missed a payment. Had a huge interest rate and paid it on time for the entire 72 months. However, that loan was with GM Financial and it was a joint loan with my ex husband. I have no other vehicle history on my credit. No loans. No repos. Nothing else.

 

As for other credit issues, I have a total of about $3,000 in current debt owed to three creditors. One is the County of Riverside for an unpaid speeding ticket from 2015 that I just recently learned about. The other 2 are medical bills from 2017. 

 

My student loans were in default but are now in good standing and show paid in full or transferred to the Dept of Education under the University of Phoenix settlement. 

 

I have one secured card with Merrick Bank and I've never missed a payment or been late. It has a small $200 limit. I was just approved for a Cap1 Platinum Mastercard two nights ago with a $300 CL.

 

"No down payment is tougher in this market due to the car shortage. Would depend on how the car is priced in relation to value. A lower priced new car would likely be the best choice."

 

Do you have any suggestions or know of any rebates/incentives that I can leverage?

 


     I don't know what the market is like in California. Rebates and incentives are region. Most are non existent right now. I would shoot for a new Nissan Versa, Kia Rio or Hyundai Accent. Something under $20k. Another question. Would your fiancé be open to applying with you? 


Message 10 of 13
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