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Lender For Older Vehicle

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incognitony
Frequent Contributor

Re: Lender For Older Vehicle

Probably have to be a finance company like One Main. That's what I had to do for my first auto loan, paid on it for 3 years and owed more than what I originally borrowed. They kept letting me refinance it and pay 30%.

Message 11 of 15
Mdowning30
Established Contributor

Re: Lender For Older Vehicle

You can try Lightstream, they finance older vehicles, you can use a personal loan.

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Experian FICO 8 : 700
| TransUnion FICO 8 : 688 | Experian FICO 9 : 665
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Message 12 of 15
Zosimus
Regular Contributor

Re: Lender For Older Vehicle

We got an adverse action letter from Capital One Auto Finance.

 

Score: 790

Range: 253 to 893

Source: TransUnion

 

Reason for denial: "There are excessive obligations in relation to income."

 

Specific FICO reasons:

Length of time accounts have been established.

Lack of recent installment loan information.

Number of established accounts.
Lack of recent auto loan information.

 

I'm pleased because that's secretly what I was hoping to get — an independent entity telling my son he's not making enough money. I'm stoked because now I get to sit him down and seriously talk to him about the necessity of working full time.

 

What scoring system has a range from 253 to 893? 


Message 13 of 15
pizzadude
Credit Mentor

Re: Lender For Older Vehicle


@Zosimus wrote:

 

Score: 790

Range: 253 to 893

Source: TransUnion

 

What scoring system has a range from 253 to 893? 


Per this thread it's the TU FICO 04 Auto score

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 14 of 15
Harvey26
Valued Contributor

Re: Lender For Older Vehicle

@Zosimus A thought. Cosign for you son to get a personal loan with CU for full amount and then have him pay 1000 on the loan up front. Do it for 36 months or less. Thus building him credit and also the way that allows him to keep some savings. Payment will be very afforable for him and teaching him the important of working full time which will allow him to get things he needs. 

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Message 15 of 15
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