First car loan - just pulled 3b report -help please

[Anonymous]

Help guide me!

Need a car loan. I just pulled my reports via myfico. This is my first car loan.

Fico 8 exp618 trans586 eqf 599

Auto8 exp601 trans593 eqf 609

Auto 5 exp574 trans595 eqf594

My utl is very high as i just had a baby and am workingon hospital bills. I am working on getting it down but need a car before i will get there. i am at 91% utl. hav a few collections. average age is over 4 yrs on all 3 beaurs.  looking to put only 1k down if possible

Any auto dealers touch me with these rates? Would prefer toyota if possible.

I know carmax has many subprime lenders i could hope for put know i will be getting crushed on rate regardless.

i have tried cap1 for months but no luck there. 

let me know your thoughts on obtaining an auto loan and chances. Apprecaite your help.

[ls2016]

With your scores, you can try Santander USA or GM Financial, but you'll need to have stable employment and good income. Keep in mind that your interest rate will be SUPER HIGH. Over the years, I've had cars financed with both of these companies when my scores were high 400s to low 500s, but I had been on my job for 7+ years with fair income ($35,000). With Santander, I financed a new car with a $750 down payment. With GM, I financed a new car with the Santander trade-in with no down payment. But, the car payments nearly killed me. So, please consider carefully!!!  Wishing you the very best!!!

[JGGM]

You left out your income. Without knowing everything, if you want a foreign vehicle, best shot probably with a Nissan. NMAC is pretty generous with approvals on new cars, especially if you're looking for just a basic vehicle. 

[Anonymous]

I have been in your position or at least close to it.  This is a really tough spot to be in.  If there is any way at all you can work on getting your scores up first I would do that.  In fact I would rent a cheap car for a few months so I could get my scores up, utilization down and perhaps resolve some collections.  Getting approved in the subprime world sucks and the lender is going to require the dealer to kick on money to finance you which means that in addition to paying high interest you will also not get the best deal on price.  I was able to refinance a few months after I got a loan with santander at 1/3 the interest because I had a solid plan on how to rebuild going in.  I read posts from folks here all the time that have a subprime loan and can't get refinanced because they have too much negative equity so they are stuck.  You don't want to be in that situation.  In my case I saved $8,000 over the life of the loan by refinancing and that was on a basic Camry.  

I would bring your overall situation to the rebuild section and get advice as to how to get your profile strengthened.  Do all you can to rebuild so you don't get stuck with a crappy loan and perhaps a crappy car.  Again credit unions can be a tremendous benefit.  Go into your local credit union and sit down with them and you may be surprised at how willing they are to help out or at least provide you with advice.

Best of luck, I feel your pain.

[elim]

I think I would find a way to perfect my utilization first. I know sometimes life happens (you need a car right now) but having collections AND being max'd out means the pickin's are slim to none.