Used Car Loan - Minimal Down Payment and 580 credit score

[Anonymous]

Trying to help my girlfriend through this crisis

Her car died with 160k miles on it (major engine failures and would cost over $2500 to fix)

Her credit score is 580 (mainly due to almost no credit history) and only has about $1000 available as down payment

We are looking at a low mileage used car in the less than $10k range (Civic, Corolla, etc.) with a 4 year loan

She went to a dealer tonight and they said the best they could offer financing in her credit score range is 22% (the local loan shark charges less I think)

Are I correct in thinking that she has NO SHOT at using one of the more reputable places like Penfed or Capital One? Obviously I don't want to make her problem worse by having her score pulled at places that will "fart in (her) general direction".

Are they more reputable lenders you could refer me to (another thread mentioned roadloans.com) that specialize in this sort of thing?   What would be a reasonable loan rate in her score range?

Thanks in advance.

[Lyythine]

Unfortunately, Im going to say that she is obviously not telling you the whole story with her credit.  No one gets a score like that with a "short history" being the only problem.  Mid 600's, maybe, but not 580.  Most likely there were some late payments or something to that effect which are driving her score down.

That being said, for that range - thats about the normal interest rate you are looking at from a major bank/financier.  If you have a local credit union, I would suggest establishing a relationship with them and see what they can do for her.  Most likely, if she goes the credit union route, she will be looking anywhere from 12%-20%, still better than the dealership.  Also, if she is eliglble for Navy Federal Credit Union, or perhaps PSECU, she might have a good shot at getting a much better rate from those two credit unions as they deal very nicely with those with lower scores.  I believe Navy's highest tiered % is 12% - which is great considering the score.

Good Luck! 

[Anonymous]

Thanks Lyy

Unfortunately neither of those appear to be an option right now and we need financing ASAP

Does anyone have any other recommendations with online lenders with those with credit in the 580-600 range?

[daisyduke]

hello

can your gf get a co signer that has a decent score?

Ford is more lenient.

As far as online, i've heard roadloans is terrible, but ymmv.

[Anonymous]

she wants to do this on her own with no co-signer (then refi when her score improves a year or so from now)

roadloans looks like it limits you with a specific dealer and we already have a specific car and dealership in mind