Someone has shit credit, auto loan chances??

[MustangMike]

I have a friend who's looking at a '03 Explorer Sport... $7k. Only problem is, he can't find a company to lend him money (no co-signer).

Anyone have a suggestion or two of what to do? I've never gone through a financing company when getting vehicles... usually just cut a check... so this is new to me too. Anyway, thanks in advance!

 

[MustangMike]

btw, the credit score was 600ish, plus or minus 10... don't remember the exact number he quoted.

 

[TrueBlueGT]

tell him to pay his bills on time? They don't give you a bad credit score for nothing. I'm not trying to be a dick although I know it sounds that way. If he has a poor credit score, he should consider cleaning up some of the things which put him in that position instead of saddling himself with another monthly payment.

 

[djc]

if he has to finance a vehicle purchase for $7,000, he has other financial issues to worry about.

 

[MustangMike]

LOL - Made me laugh... haha

Bills on time would work... He had something go on with his parents not paying his student loans back.... he didn't know about it until he was served papers... he promptly paid.

And yeah, he works at Checker's. Dropped out of college b/c he knocked up his g/f with twins. Bad shit all around, I told him I'd ask you guys since you are all more experienced than us.

 

[TrueBlueGT]

LOL - Made me laugh... haha

Bills on time would work... He had something go on with his parents not paying his student loans back.... he didn't know about it until he was served papers... he promptly paid.

And yeah, he works at Checker's. Dropped out of college b/c he knocked up his g/f with twins. Bad shit all around, I told him I'd ask you guys since you are all more experienced than us.

Hmmm....bad shit is only bad shit if you let it be. :beer: to him for being a man and taking care of his girl & kids. Nothing to be ashamed of in that regard. A happy, healthy family makes a poor credit score seem not that important.

 

[Kingcater]

If he had a co-signer someone like VW would pick him up. They don't give a crap who is on the second line. I have been able to get people with 580 scores but usually they get a crap rate and he will need money down.

Also how old is the car? If it's too old banks/financial institutions won't be willing to take a risk on an old car that wont be worth anything at the end of term. He might be better off trying to get a car a little newer and a little bit more money [ odd enough I know ]. Also, tell him to go into the dealership on one of the last days of the month not only the salesmen but also the finances guys will be willing to try to push a deal thru to make that extra little bit of cash. Good luck and yes......

Pay your bills on time

 

[Common]

CAPITALONEAUTO.COM

Approve most people but ironically 7k is the lowest loan you can get with them.

 

[MustangMike]

Thanks guys, I appreciate it! I went to the Capital One site and got their 800 #, told him to call them tomorrow

 

[JasonSnake]

wells fargo financed my first car (95 GT-S) back in 2000. No co-signer.

 

[ON D BIT]

and the wheel goes round.....:nonono: :bash:

 

[svtsmo]

you know where i work i get excited when i see someone with a 600 score j/k but honesty 7k shouldn't be hard for him to get financed, just look around.

**but be carefull, having your bureau run too many times can/will hurt your score**

 

[boostaholic]

I was in a similar situation about a year ago when some asshat totalled my truck. I had shit credit due to wells fargo only posting my student loan payment on one loan and not both. I had a credit score of around 570 and I was able to find a good truck quickly. I negotiated the price and then filled out the paperwork for the financing (toyota financial). Even with my terrible credit they were able to finance me at around 18% if I recall. I have since dropped it to 13% and I am about to sell it since my credit has gone up to 680-690. Auto pay bills and find a good credit union/large dealer promotion and his credit should begin to get better.

 

[thomas91169]

with that score he might be able to get in under a first time buyer loan. his apr will be outrageous though.

or he can do what my buddy did after a repo. he went to a shady dealer and bought a 95 5.0, decent condition, for $5k. he made the payments direct to the dealer on time, for 3 or 4 months. after the dealer saw he could be trusted, he worked hard and got my buddy an actual bank loan, however not for the 5.0, but he got him into a Durango. he stuck with this durango, now helping his credit score since he was making payments on time, and a year later, got into a 05 SRT4 with a co-signer. not more than 2 or so years later, his credit score went from deep 400's to high 600's. and here they said he would never be able to finance anything for at least 7 years.

in todays world, theres only two numbers that matter. Your SSN and youre Credit Score. its sad a man is measured by how much debt he owes to society.

 

[chevytosvt]

My score was at 610, I made some mistakes with credit cards when I was 18-21, Cleaned all that up, Zero debt! I Financed my truck 100% ($17,500),with no money down with a fixed rate @ 8.99% :shrug:. I highly recommend Security State bank for any of you guys in Lewis County/Southern Washington