550 FICO (TU)score - need auto loan

[Anonymous]

Even if you got the score from myFICO, auto lenders use a different flavor of FICO.  See this thread for more details:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

Also, inqs for car loans within a 2-week period count as a single inquiry in your FICO score, although all of them may show up on your report.

Paying the judgment probably will not increase your score.

Good luck, and let us know what happens!

[fishbjc]

I have RoadLoans only because I wanted a loan online.  I found them to be easy to work with, but our scores were in the mid/high 600's.  The interest rate was very favorable.

[fishbjc]

Sent you a private message.

[niecey89]

(fishbjc ..did not receive private message). 16% is really steep for a $25000 loan from Roadloans. HSBC actually lower the loan for new car so i am happy.

[niecey89]

Well CitiFinancial approved me for 13.25%. I am shocked that I am getting approved after the credit union said "no". Well i should be in something by the weekend. Thank the lord.

[CreditDrama85]

awesome, citi is a good company.

[niecey89]

Well i got the car i wanted yesterday but last night and today (migraines and stomach aches). Buyers Remorse as they say. I am not sure if i made the right decision or just pulse shop as usual. I still have the title to my old car that they have. Which i have to turn into them tomorrow. I will talk to the Finance guy (something just does not feel right). I have not driven it since i took it off the lot.

[booboo]

Let me know what your not comfortable with. I am on the inside of the auto industry and I could maybe shed some light on your concerns... Or just make sure you have received a fair shake.

[niecey89]

One of the major things was letting take the car off the lot without finishing the paperwork. I have the registration and the initial paperwork (i was only going to look and test drive). They have my old car without the title (which i have to turn in tomorrow). I think I think i was charged more then originally bargain (2000 more). Me like a idiot signed it. I NEVER SIGN ANYTHING WITHOUT READING IT FIRST. but me getting excited i moved on. (crying since yesterday). I can afford the car and $136 increase in my auto insurance on my salary. I just not sure of the dealer anymore, i feel i should have looked some more. Now that i signed the papers i have a feeling i can not return the car.

[Anonymous]

I had my car stolen last June and was bummed when I had to purchase a new one(It was already paid off and I have a REPO on my CR's)  At that time I was not into monitoring my credit as I am today.  When I started to look at cars I didn't even know my scores going into the process, all I knew was that it was probably low.  I found the car that I wanted and currently own, and crossed my fingers that I would get approved(parents wouldn't co-sign due to my lazy pay history).  Finance manager came back to me with a few offers.  I asked him what my score was out of curiousity(512).  The first 2 offers were for between 14-17%(Can't remember which lenders) which I thought were not to bad considering my past history.  He searched a little more and came back with HSBC Auto with the exact APR as you were offered(11.99%), so obviously I jumped on it.  Only catch was they required a significant down payment($5000).  This was not a problem because I had collected $10,000 from my insurance company which left me with another 5K to put towards credit cards.  Other than currently having to make monthly payments, having my car stolen was the best thing that ever happened to me.  It opened my eyes to  how important having good credit is.  It gave me an AUTO loan that is currently 1.5 years in good standing and has helped raise my scores between 115-160 pts.  Can't wait until it comes time to by a new car and get the lowest possible rate(Not for a couple more years I hope).

As far as buying a car and wanting to return it.  I had a friend that purchased a new car a month ago.  She signed the papers and drove it home that night.  When she got home she cried that the dealer forced her into a car she did not even really like.  The dealer is obligated to take the car back within the first 7 days without a fight(even know they may not like it).  She took it back and they hassled her at first, but after meeting with the GM that took the car back.  She then looked around for a car she really loved and then purchased it.  Never let them pressure you into buying a car that day if you're not ready.