Does this sound fishy?????

[Anonymous]

Hubby's credit score 580...went to dealership looked at chevy 1500 $27,000....put in credit app, hubby told them credit was not that great, called Thurs sales guy states waiting to hear from bank, heard that 3 times, finally 7pm...was called told that they had a guy the use at a certain bank that they were going to give info too, told us not going to put in for what we want, they were going to see what we coud get.....never ran credit etc... told us we should here something monday....has anyone else had this done? I thought they ran you through a system? I just feel like this is wrong... do you think we ould get aloan with a 580...we have a co-signer if need be...

Thanks

[SCF]

Dealers will usually shop around to different lenders that they partner with.  It sounds to me like they have been having trouble finding a lender for your husband based on what he needs and his score and that they are moving on to either a lender of last resort or just someone they couldn't get in touch with before closing that day.

I think that with a 580, getting a loan would depend on your down payment and your history with auto loans.  If your lender pulls what's called an "auto enhanced" FICO score, any positive auto loans will increase your score, possibly enough to get a loan or a better rate.  Overall, I think with a 580, you're looking at some trouble finding a lender and probably a high interest rate when you do find a loan.

If your dealer can't do anything for you, have you checked into local credit unions (CUs)?  CUs often have the best rates, and you can usually meet in person with a loan officer, which gives you a chance to explain and account for some of the negative information on your reports.

Hope that helps, and welcome to the forums!