Need help finding a lender

[adam_h63]

I'm trying to help my mom find a lender that will work with her, but don't want her to end up with unnecessary inq's.

She has scores of TU 627, EQ 596, EX 621.

She wants to buy a new Jeep Wrangler, base model, cost 15,900.  She will be putting 5,000 down.

She has a few collections, a judgement, no recent lates, but high dti due to cosigning on 3 HELOC's.

Any advice on a lender that will work with this?  Roadloans? Cap One?

[Anonymous]

Well, thats a tough question. I had a score of zero, and it took two dealerships and six pulls to find me a lender. My reports were clean except for two paid in full collections. Her scores are not the bad part, it is the DTI and the few bad things she might have a problem with. The main reason I got my loan was my DTI was next to nothing.  

Has she tried a local CU? They give the best rates I have found out.

Message Edited by Pappy214 on 10-23-2008 01:45 PM

[MizzB]

Roadloans will work with her. My mother's lowest credit score is 510 and she has a high DTI and she was able to get financed three weeks ago.

Good Luck!

[adam_h63]

Thank you guys for your help.

She ended up getting approved by Cap One @ 7.25%, so she's pretty happy.

[Anonymous]

Im going to need some help. 1st of all, we dont know our credit scores yet, but when we had them checked last time, they were lower 600's. We have lots of older stuff (2-4 years) on our credit that we are working to get off but we need a second vehicle. The car we want is very affordable (smart car), but custom made and will be delivered to us around February. When we tried to get a loan for a similar car, for about 18,000 we were denied up and down by the dealer (Mercedes Benz and the banks that work with Park Place Motors) and our credit union. Funny thing was that we tried to get the same loan through the toyota dealership hoping they would loan us the money for the smart, and they approved us up to $40000 on a prius. We dont want something that expensive and the smart gets better mpsg, but what do I need to do here to get this loan?

[Anonymous]

First off, with those issues, and a high DTI, don't buy a Jeep Wrangler, especially a new one.  These are for off-roading.  Unless it's required by her job to go off-roading, it should be avoided. Get a good 2-4 year old car with a warranty.  Find one with a low cost of ownership.  Put 20% down, and use the rest of the $5,000 to pay off other debts. 

[Anonymous]

Do you really need this car?  How about keeping what you have, or getting something in the 2-4 year old category?   Or, since it's your 2nd, get something in the $500-$1,000 range, and pay cash.

Pay off debts, and eliminate ALL of the collections and judgements and such - then, and only then - should you consider a 2nd car.  Take the bus.  Take a taxi.  Rent a car for long trips.

For 6 months, we had only 3 (yes "only" 3) old cars, which were 14, 11 and 11 years old, with no less than 110,000 miles - all paid off.  None were worthy of taking a trip, so we rented cars for trips.  Then, I found a good deal and bought a newish car - 2004. 

My scores are around 780-800.  My income is ok (lower-middle), but my spending habits are what does it.