looking for auto loan

[Anonymous]

i'm currently at 518 EX/514TU/547EQ  looking to get into a newer car. i just had a dealership ran my credit yesterday and it came back 571 from experian, but the dealership is trying to tell me that they cannot find a lender. can someone help. thanks

[Anonymous]

What is pulling your scores down?  If you need a car now I would suggest buying a beater while you work on your credit and save a nice down payment   If you can find a lender I would think the rate will be nasty.  You'll be upside down pretty much from the start.  Check out the General Credit Issues board.  They're great at figuring out what to do with late marks, collections, etc..

[Anonymous]

Are those actual Fico scores or Fako scores, where did you get them? You do need to pull all 3 reports and see whats bring your scores down as rmily suggested above. There are other factors as I'm sure you already know when applying for any loan, such as length of employment, income, debt to income ratio. Unfortunately it's going to extremely hard to get a loan with scores in the low 500's. Do get your reports from the bureau's if you can since they are more detailed. You should be getting a letter of denial from whoever the dealer submited to for financing. You can get that report at no charge. 

[Anonymous]

thanks for the reply. i pulled my fico score through annualfreecredit.com. i'm upside down on my current car at least 2k. does anyone know a lender or a dealership that will give loans to below 500's?. i went to 2 dealership and they both ran my credit. isn't that going to put a negative on my score?

[Anonymous]

All inquiries made within a 2 week time frame are counted as one since they know you are car shopping. But yes you will lose additional points for the inquiry.You should have given them your scores and ask whats the chance for sucess? An honest dealer(not sure one exist) would have told you that it wouldn't be worth damaging your current scores.If your current car is running I'd keep it until you pay it off & improve scores. Btw those are fako scores.

[Anonymous]

The only financing that will allow you to roll in the negative equity is a dealership.....

If it turns out to be more financially responsbile to roll in the negative then do so.......if not wait till you aren't upside down or it is paid in full.

Good Luck!