In Search of a High Risk Auto Lender.

[Anonymous]

I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.

[Jnbmom]

Do you belong to any CUs? Who to you bank with ? They all offer used car loans .

[Anonymous]

I don't anymore. I bank with KeyBank but they don't finance older than 7 years old. I've found it super hard to finance this even though it is way under MSPR.

[Anonymous]

Possibly Santander. Not sure about the max-age but I've known a few people with credit in the low 500's get financed through them. 

[satio]

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@Anonymous wrote:
I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.

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If you have the cash for the purchase you could put it on deposit with a lender that offers Secured Savings Loans and loan it back to yourself so you can gain the lowest interest rate and have the benefit of an active installment loan and regular payments.

NFCU is a great option if you have a way in for membership, relative with military service with or without existing membership.

[Mv350]

I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan. 

[Medic981]

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@satio wrote:

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@Anonymous wrote:
I've cleaned out all collections and had them removed via settlement or PFD.

I've been approved for newer cars. However I've found a used one I'd like to NOT pay cash for to get my credit built back up as I haven't used cards in several years.

Who here had luck and who was the lender? Loan would be for 10k.

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If you have the cash for the purchase you could put it on deposit with a lender that offers Secured Savings Loans and loan it back to yourself so you can gain the lowest interest rate and have the benefit of an active installment loan and regular payments.

NFCU is a great option if you have a way in for membership, relative with military service with or without existing membership.

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+1

[recoveringfrombk7]

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@Mv350 wrote:

I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan. 

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I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go.  CU is definitely the best bet.

[Brian_Earl_Spilner]

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@recoveringfrombk7 wrote:

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@Mv350 wrote:

I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan. 

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I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go.  CU is definitely the best bet.

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You can print out your pre-approval and go wherever you want. The issue is the car is too old for cap1 to finance

[Mv350]

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@recoveringfrombk7 wrote:

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@Mv350 wrote:

I would try the Capital one auto navigator tool. It should be able to prequalify you on a loan. 

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I think you have to buy through their auto navigator though, so if the car OP wants isn't listed there it would be a no go.  CU is definitely the best bet.

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I took my pre approval to a dealer that offers financing through Cap1, they worked out the deal and I signed the deal the next day.