Hello,
I have a 620 credit score with a few charge-offs that are now paid in full, as well as a collections account I am still paying on (balance is at 1,200). I make 65k a year gross, and no expenses, other than student loan payments and the formentioned collection payment.
My parents have a vehicle they cannot afford to pay for anymore due to medical bills. As I am in need of a car, I thought it would be a win for both sides if I could obtain a loan to buy the vehicle from them. They currently still owe 22k on the car, which also happens to be the fair market price for the car (a jeep wrangler). The jeep is a 2014 model with 90k miles on it.
I have tried several online auto loan sites and a few local banks to date. I have been rejected by all of the online sites, without them even inquiring about any information other than what I provided. Its like their system algorithm automatically rejected me. I firmly believe I have been rejected by on of the local banks, as all I recieved from them was a email stating the status of my application has been updated, and I would receive further info by mail.
Places ive tried:
Wells fargo - Pending App
PNC Bank - Rejected
Myautoloans.com - Rejected immediately
Carsdirect - Do not finance private parties
Roadloans.com - Do not finance private parties
Open-Roads - Do not finance private loans?
My questions are:
1. Has anyone in a similar boat as me been able to obtain such a loan? And if so, who did you obtain the loan from?
2. I have been doing all my applications online, is it better to meet in person with local banks/credit unions to discuss the situation? Currently it feels like Im not even getting any human interaction or feedback with my rejections, just a computer system auto rejecting my apps.
Thanks in advance,
Golfer515
