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Help I need advice on getting an auto loan?


Help I need advice on getting an auto loan?

I wanted some advice-- We have a low credit score (580) and are getting ready to finance a car. We have leased 5 cars in the past. With a few late payments. My current lease is up and is $600 a month. I am looking to finance $20,000. Will we have any luck in getting financing? Also should I shop it myself or have the car dealers do it?

By agreeing to have the payment on auto deduction --does that help? Or that I am going to the same car make co. that we have gotten 3 of my past leases thru? 


Message Edited by annies on 01-07-2009 11:05 PM
Message 1 of 3
Valued Contributor

Re: Help I need advice on getting an auto loan?

Hey Annie,


I think you should start by shopping around yourself, if you check with banks/CUs that you already have a relationship with, you may be more likely to be approved at a lower rate.  The auto-deduction may also help there, when you are dealing with a real human being in front of you I think you get more room to make a case and prove your creditworthiness with indicators other than just your score/report.  I would also check into the standards for the company that you have your lease with to see what score you would need to qualify (GMAC is publishing this information at least, so maybe you can get a ballpark number out of your dealer).


A sizable down payment (20% or so) to cover any depreciation and ensure you won't be upside down on the loan would also help.


Good luck!

Message 2 of 3

Re: Help I need advice on getting an auto loan?

Thanks for the advice! Got denied one time already. Working with the dealer I've leased 3 cars from, they seem to want to work for me a little more.Totally frustrating! 
Message 3 of 3