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bad credit auto loan help needed please!!!


bad credit auto loan help needed please!!!

hello all, my name is Rich, first time posting on here.


ok background 10 santander (repo)


febuary 10 new loan with new city funding for 5000 for 2 years 25%, paid in full in late 2011, NEVER LATE, ONLY REPORTED TO TU


july 2011 new loan with regional acceptance (had a cosigner) 19% 4 years, never been late


february 2013 new loan with credit acceptance, had to buy a van, family expanded 18%, been on time for 5 months now


currently paying on two autos in my name and both reported to all three bureaus.


ok i want to trade in cavalier, extended service contract up and has 100000 miles.


i have a ton of inquiries on my bureaus which im disputing most of them.


i have 3.5 years solid car payment history, everything shows up as 1s, never late on all my bureaus.


have been turned down by




gm financial

cap one



and a few others


i dont have a solid co signer any more.


does anyone have any suggestions on where to go who to turn too?


my experian score is 569 tu 589 and equifax is 550s i think.


Please any advice would be greatly appreciated






Message 1 of 4
Moderator Emeritus

Re: bad credit auto loan help needed please!!!

Your score is low,  but they will most likely pull an auto-enhanced score, so it might be a little higher with those othe auto loans.  However it will not be with a top tier lender or a low rate.  Do you belong to a CU or have a good financial relationship with a local bank?  They might be a better route.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 4

Re: bad credit auto loan help needed please!!!

I have read mixed reviews on what credit unions will approve.


What are your thoughts on that?


Plus im confused becausr i do have 3.5 years of excellent car payment history

Message 3 of 4
Valued Contributor

Re: bad credit auto loan help needed please!!!

Even though you have some good auto history there must be some large negatives that are holding your score below 600. In addition with the debt obligations you listed there could be a problem with debt to income ratios unless your income is very substantial.


I believe that you can probably secure an auto loan if you really need to but trying on your own with blind applications is not the way to go. I would look around major auto dealerships for the car you want and then find out if they have financing for troubled credit. Depending on what your trade in is worth you will probably have to bring substantial cash to the table to get to a down payment in the 25 -30% range. And the APR is likely to be mid to high teens again. With that in mind you may want to reconsider another vehicle purchase until you straighten out your credit.


The Rebuilding forum on this site has a massive amount of information and help from people who have made solid gains in their credit scores in relatively short time periods. Best of luck to you in whichever direction you take.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL

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Message 4 of 4