Car Loan with 542 Credit Score?

[Anonymous]

You can also go to DriveTime if you have one in your area.  

[afr4life06]

My score was similar to yours, i went with capital one and got 18k 17%. I was completely shocked but excited. Got my blank check and went to dealers after dealers. The key thing was the LTV which made it hard for other dealership to deal with me, but carmax was the perfect place b/c LTV doesn't apply. I wrote about my success here in case you want to read it. http://ficoforums.myfico.com/t5/Auto-Loans/Capital-One-Blank-Check-success-story/m-p/2490373 I would say work a little harder on the baddies, i wish i did, but i plan on refinacing in about 3 months because my credit is far from what it was so i am excited about that. Good Luck and check out the Auto Loan forum too great help there also

[0REDSOX7]

The problem is I can't do anything about the baddies.

It is soley due to the BK filing.  I was never late prior to filing for BK, so, there is not much I can do there.

I am not trading anything in, so I believe I will be okay with the 110% LTV issue - plus I have a good relationship with a local Honda dealer that will hopefully help me out in my time of need.

I just didn't know if I was wasting my time with these scores - but seems not.

Did you have any other baddies on your CR that caused your score to be so low?

[Anonymous]

3 years ago my credit score was a **bleep** show (avg 525) and I financed a car through Wells Fargo, then a year later I financed a second car (for my wife) with GM Auto with the same **bleep** credit.  I make about $70k per year, and have always made car payments on time, nothing else, but car payments were always in good standing.  Only found one dealer who could make it happen with no money down though.  And it was a Hyundai dealership, I heard they tend to be more forgiving - but who knows.  Good luck - you should be able to score a car loan no prob.  

[0REDSOX7]

Do you mind sharing what rates you got?

[Anonymous]

They were both close to 14%

[0REDSOX7]

In curious why the Hyundai dealer was the only one who could make it work? Sorry for so many questions.

Did you try Cap One Auto?

[Anonymous]

I tried like 4 dealerships in one day, and they all said no.  The Hyundai dealership was the only one that could get me a loan.  I don't know about Cap One Auto because I don't really know what banks they tried to get it approved with Wells Fargo and GM Financial. 

[0REDSOX7]

Sorry for all the questions - just trying to get an idea of the process.

Did you immediately tell them X credit score and then leave or did you have to go through the whole process? 

I am working on cleaning up my credit report prior to my dischage so it will be accurate - just the discharge date will need to be entered and can go with my dischage papers in hand.

[Anonymous]

No problem.  I let them know off the bat that I had less than stellar credit and wasn't putting any money down if possible.  I told them if they could get me a loan - I would buy a car right then and there.  Not much room to haggle on price when you are at their mercy though. 

I wouldn't blow smoke up their butt, tell them before you sit through a 2 hour process that you have a BK.  They might have a specialist in the dealership that can help you better than they could.  Nothing to be bashful about - they see people with crappy credit all the time.