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HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

New Member

HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

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

 

12 REPLIES
Senior Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

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. 

Message 2 of 13
New Member

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

Ok a couple of things;
1. Where can I get a reliable FICO score
2.I am now looking at a cheaper car preferably 10k so I put down 2k and finance 8k;
Also I don’t mind paying 17-20% APR but no luck on those; am a bit lost
Message 3 of 13
Frequent Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566


@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.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (7/17/2018): FICO 08 EXP: 691; TU: 684; EQ: 728
Goal Score: 720 across the board


Take the myFICO Fitness Challenge
Message 4 of 13
Established Member

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

Try financing through a local credit union. You can get your scores through credit check total. Think it's $1 for a week long trial then just call to cancel. I would say also consider a cheap cash car like a Honda or Toyota. Lastly I urge you, DO NOT sign off on a loan where your paying 17-20% APR. Just read all the horror stories on here. That is the absolute worst thing you could do.
Message 5 of 13
New Member

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

So it turns out my FICO is a lot worse than I thought 478 for FICO
Is this the main reason am being denied?
Message 6 of 13
Valued Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566


@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.  

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
July 2018: EX8: 748; EQ8: 740; TU8: 798; FICO 9 Scores 800-ish
In My Wallet: Discover $70.2K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Citi Costco $10.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $18K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $231K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 7 of 13
Valued Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566


@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.  Smiley Sad

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
July 2018: EX8: 748; EQ8: 740; TU8: 798; FICO 9 Scores 800-ish
In My Wallet: Discover $70.2K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Citi Costco $10.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $18K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $231K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 8 of 13
Established Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566


@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 scoreSmiley Sad

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.

Carecredit 12K
Penfed gold 10k
Penfed Promise 10K
Home depot AU 7K
Wayfair 10500
NFCU Amex 8K
Macys 8K
Amazon prime 6K
Walmart 6K
Citi simplicty 2800
NFCU rewards 5K
Discover 2100
AMEX 1K
AMEX hilton AU 1K
FICO 8
TU 724
EXP 724
EQ 719
Message 9 of 13
Valued Contributor

Re: HELP TRYING TO GET A CAR WITH TU 542 EQUIFAX 566

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! 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
July 2018: EX8: 748; EQ8: 740; TU8: 798; FICO 9 Scores 800-ish
In My Wallet: Discover $70.2K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Citi Costco $10.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $18K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $231K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 10 of 13