Used Car Help

[FlaStorm]

I unfortunately have a credit score of around 470 last time I checked. I am working on getting it fixed but I am in need of a automobile. I take the bus 3 hours from work and back everyday and it is getting excessive. I have a good job that pays me over 50k a year but I do not have the credit to get financed. I have about $2,000 saved for a down payment and have heard terrible stories about DriveTime and am weary about buying a car from there. I also hear that CarMax might be able to finance me through one of their banks through a high rate.

I am not worried about the high rate since I have a good job and I can pay. However, I do not want to be totally taken which is what DriveTime does to their customers. Any advice?

[Anonymous]

With the current input... I would suggest buying a beater car for under $5000.  Make it last for 2-3 years while you rebuild your credit and save some cash.

[Anonymous]

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@FlaStorm wrote:

I unfortunately have a credit score of around 470 last time I checked. I am working on getting it fixed but I am in need of a automobile. I take the bus 3 hours from work and back everyday and it is getting excessive. I have a good job that pays me over 50k a year but I do not have the credit to get financed. I have about $2,000 saved for a down payment and have heard terrible stories about DriveTime and am weary about buying a car from there. I also hear that CarMax might be able to finance me through one of their banks through a high rate.

I am not worried about the high rate since I have a good job and I can pay. However, I do not want to be totally taken which is what DriveTime does to their customers. Any advice?

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Welcome to the forum!

Unfortunately it will be hard to get a auto loan with that FICO. Do you know if you can get a co signer? are you part of any credit unions, if so that will help some. I dont know of anyone who has used Drivetime so i couldnt tell you on that one. However, you are on the right board to pull your FICO up, stay on, read up. ask questions and before you know if that score will work its way up. If you absolutely need a car now, you can check with road loan. I've heard some people getting approved through them with FICOs in the 4 to 500 score range.

Message Edited by Kylan1234 on 02-22-2010 07:59 AM