OK so...I have a EX score of 489....Equifax shows all my student loans in good standing, an old apartment debt, and a negative credit card. These are all old debts. I have a repo from 2007 and one that is showing as a charge off not a repo. However, it is no longer showing on my EX report which I just pulled today. Do I have a chance of getting financed for a car?
Mt first auto loan was for a lemon!!! and the second loan I ended up falling on hard times.
My other option is to file bankruptcy, which I plan on doing anyways.....and then buying a car. I need a car now...have no family to co-sign, and do not want to go to a buy here pay here and get a lemon or loan with a 25% interest rate.
Any real sound adive would really help me. Thanks 
I would suggest saving a ton of money and buying with cash or at least putting a great deal of money down you probably won't be able to get financing...
FICO 8: 
Goal: Gardening!
Goal: Gardening!
@Anonymous wrote:OK so...I have a EX score of 489....Equifax shows all my student loans in good standing, an old apartment debt, and a negative credit card. These are all old debts. I have a repo from 2007 and one that is showing as a charge off not a repo. However, it is no longer showing on my EX report which I just pulled today. Do I have a chance of getting financed for a car?
Mt first auto loan was for a lemon!!! and the second loan I ended up falling on hard times.
My other option is to file bankruptcy, which I plan on doing anyways.....and then buying a car. I need a car now...have no family to co-sign, and do not want to go to a buy here pay here and get a lemon or loan with a 25% interest rate.
Any real sound adive would really help me. Thanks
Honestly? You have a sub-sub-prime EX credit score, a history of repo's and you are planning on declaring bankruptcy. Would YOU lend you money?
Hi helpme84, and welcome to the myFICO Forums!
@Anonymous wrote:OK so...I have a EX score of 489....Equifax shows all my student loans in good standing, an old apartment debt, and a negative credit card. These are all old debts. I have a repo from 2007 and one that is showing as a charge off not a repo. However, it is no longer showing on my EX report which I just pulled today. Do I have a chance of getting financed for a car?
Mt first auto loan was for a lemon!!! and the second loan I ended up falling on hard times.
My other option is to file bankruptcy, which I plan on doing anyways.....and then buying a car. I need a car now...have no family to co-sign, and do not want to go to a buy here pay here and get a lemon or loan with a 25% interest rate.
Any real sound adive would really help me. Thanks
Given the information that you've provided so far, finding financing is going to be very difficult, at best... for now. You mentioned that you *need* a car now-- How much money have you saved towards a down payment? I'll have to agree with a previous poster... now is the time to pay cash for a car while you work to repair and rebuild your credit.
And, speaking of repairing & rebuilding, have you had the opportunity to visit our Rebuilding Forum? I don't know if you've laid out all of your derogatory accounts here, but it doesn't really sound like your troubles are insurmountable, especially if you have a steady income. If it's possible for you to avoid bankruptcy, you absolutely should. And, the knowledge that abounds in our Rebuilding forum would be an excellent resource for you in moving forward.
@Anonymous wrote:THank you everyone. I wish I could afford a car with cash but the reality is I can't and I will probably end up with a lemon....I have 2000 max to put down.
The monthyl payment I can afford now....I just am afraid of going dealer to dealer and having credit run....even though my score is low...I dontreally have a "male" to go into the dealership with me and help out.
The latest repo is not showing on my Eqifax report at all....not even as a charge off.
My suggestion is to take the $2k, and buy a car.
Given the info that you've provided, you'd only likely find financing a "buy here/pay here" 2nd chance place that is going to pick the car for you, and saddle you with an outrageous, likely unaffordable, interest rate. Avoid that end like the plague. Take your $2k, and buy a $2k car. Believe it or not, you can absolutely find a reliable car for that amount. Just remember to get it inspected prior to purchasing. No, it's not as glorious as a new car, but it will get you where you need to go until you clean up your credit situation.
In the meantime, since you mentioned you can afford the payment, set aside the monthly payment that you can afford in a savings account. You'll have a nice downpayment when your credit can support reasonable financing!
LilMirth is exactly right.
Besides, if you go to a BHPH or some place like it they are going to sell you a $2k car but charge you $8k with an outrageous interest rate and high payments 
It does nothing for you but set you up for failure.
Don't do it. Buy the car for $2k cash. Put your monthly "payment" in a savings account each month so you have enough to upgrade when you have your credit fixed. You can do it.
I totally agree with the two posters above. I would scan the paper or classifieds looking for an older one owner car that has been well maintained. They do exist! My grandmother has one of them lol.
FICO 8:
Goal: Gardening!
Goal: Gardening!
I just looked in my local paper just to see. 2001 ford escort sedan, 98k miles. $1595 cash..
Something like that is what I would be looking for to get you by until you can let that repo get older
Something like that is what I would be looking for to get you by until you can let that repo get older
FICO 8:
Goal: Gardening!
Goal: Gardening!