Subprime line approval odds

[Anonymous]

So I’m finally turning my credit around at 30. Was never taught and after a repo in 2016 my credit suffered and so did my life. I went down to about 408 in a credit score. Couldn’t get into a new vehicle. Bought a car cash after saving and now need a need one. I have been working on my credit only thing negative is an old light bill for $85 which I sent a pay to delete a month ago still waiting. My 2016 repo and an eviction which I’m also trying to work out. I have an nFcu secured card at 50% utilization I have had for 2 months, a self lender account in good standing, and a finger hut account in good standing. My credit score is now 577, 563. I would love to go with Navy fed Scared to try and be denied. I have about $1000-$2000 that I can comfortably put down and make $4000/m help 😩

[Anonymous]

Our dealer works with a lot of subprime people and every situation is different. It will depend on lots of factors for an approval. More money down the better. Be prepared for a high interest rate if they can get you financed. Also the dealer will pretty much dictate what vehicle you can get into. This is going to be based on what the banks will be willing financed based on LTV, rebates and how they can structure the loan.

So don't be picky. You may need a cosigner and I hate having to ask customers for this, personally I wouldn't ever cosign for anyone. But this may be required. Bring in all your stips you will need it.

I'd say your recent repo will be hard, however we managed to get someone financed with six repos in eight years. Still scratching my head on that one. Either way good luck.

[Anonymous]

Unfortunately co-signer isn’t an option for me. And my repo is almost 2 years old. If I’m approved through navy fed or DCU would I not be able to select the car based on the terms of the approval

[Anonymous]

Yes, if you can get outside financing you're open to more selection. I would seek an approval with NFCU of you can. Otherwise when it comes to it the dealership will shoehorn you into whatever works best with your approval.

[Anonymous]

Thanks for the info I applied with NFCU this morning waiting for response keeping my fingers crossed. I in no way want to work with a dealer and sit in there all day for them to give me the run around!

[Anonymous]

Trust me, when I was a salesman it was hard working with subprime customers because of the time involved. However, sitting behind the desk and seeing what goes into making the sausage, so to speak, I understand the reasons for taking so long.

I will say this, if NFCU or another outside lender isn't able to get you financed, just go into the dealer with am open mind about which vehicle you will leave with. It won't likely be your dream vehicle, but it will get you from A to B. I went through a long credit rebuild myself and I'm finally at the point where I can walk in and buy what I want with a great interest rate, but I started out with a 25% rate in 2012 and went down as my Credit healed. I just financed at 2.49% for 75 months.

It hurts at first. I wish you the best of luck.

[Anonymous]

My biggest concern is really down payment and monthly. I don’t really want to put more than $1000 down and pay more than $300/m