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Hi all i might not have a ll info needed but this just a few;
I am trying to purchase a used car for $13000 out the door..tax and title included
I am putting down $2000.
Credit Karma has my TU at 542 and Equifax 566.
Now no one wants to finance me the $11000.00
Am i asking for too much looking at my score?
Please advice
First, you need to get your real FICO score to know where you stand (CK are vantage scores). That being said if your FICO scores are in the 500's it's going to be a challenge to get an $11k loan at a reasonable rate. You have 3 basic choices here: #1 buy a cheaper car, #2 work on your credit (see rebuilding forum) to get your scores into the 670+ range and #3 make a larger down payment say 20 to 25 percent.
All three of these choices will get you a car loan but investing 4-6 months into improving your scores will see the best overall result as far as interest rate and terms.
There is a 4th choice, go you a buy here pay dear (here) used car lot where they will finance everyone but fair warning, the cars are overpriced, generally not the quality mechanically that you'd want and the interest rates will be very high - strongly advise against using a repo-lot car as an option.
@mikey_willorwile wrote:
Ok a couple of things;
1. Where can I get a reliable FICO score ...
If you have a dollar to spare, go here. Don't forget to cancel before the 7 day trial is up. Good luck.
@mikey_willorwile wrote:
Also I don’t mind paying 17-20% APR but no luck on those; am a bit lost
Just throwing my two-cents out, however I think you should mind. At that interest rate, you are going to be paying dramatically more for the vehicle, very likely much more than it is worth. I know sometimes we have to do what we have to do depending on circumstances, however I would do everything possible to avoid an auto loan in that range.
@mikey_willorwile wrote:
So it turns out my FICO is a lot worse than I thought 478 for FICO
Is this the main reason am being denied?
I would say that it likely is. At 478, you would probably have to go talk to Guido The Loan Shark, who will not present favorable terms.
@mikey_willorwile wrote:
So it turns out my FICO is a lot worse than I thought 478 for FICO
Is this the main reason am being denied?
Yes I would think so.
I don't think you will find a lender to fund a loan with your score
I would suggest buying a used and inexpensive vehicle and work on your credit. If you post your credit profile and what your negatives are, people will be able to help you with your reports.
I agree with jnbmom. Head over to the Rebuilding Your Credit area and post as much about your profile as you can and you will likely get some very good advice, from some excellent contributors. Everyone there is non-judgemental and in many cases, been through the same thing (including myself...), with some excellent advice. If you spend a few days reading many of the threads, you will gain a ton of knowledge about how to raise your scores. Some elements will take quite a bit of time, however there are often elements that can make some quick score improvements.
Best wishes!