auto loan help Hi does anyone have a idea what kind of fianceing you can get with these scores and a repo 4 years ago, paying on a auto loan now for over a year never late one auto loan showing paid 16 times late that was due to 2 derferments they did. Score eq 676 ex 596 tu 603. Have a Gm certificate that would take about 6,000 off the price and they have a 2002.00 rebate on the truck would come out to around 24,000. Do not want to waste inquiries, Thanks
Re: auto loan help With a repo you're probably looking at 19-25%. I think you may have a hard time trying to find financing for a lower interest rate. Dani
Re: auto loan help Not trying to be holier than thou, but why not get a less expensive vehicle? That way you're less vulnerable to predatory financing.
Re: auto loan help Hello, I'm new to this board and have been reading the posts for the past couple of months. I've learned a lot...Thanks to everyone. My husband has really really bad credit with a foreclosure in the proceedings and also 9 other negatives and 8 positives. A couple of days ago he applied online through a ford dealer and they responded back. We ended up doing a red carpet lease through Ford, which is alright for us because we are always changing vehicles. The interest rate was 7.25%. We would have ended up paying 21% for a regular loan. My husband is really happy with his explorer.
Re: auto loan help I believe the lease option, Red Carpet with Ford or Smart Buy with GMAC always offer lower interest vs regular financing. My mother was able to get 3.9% with GMAC Smart Buy but for a regular loan it would have been 18.9. GMAC was very lenient on her, she had quite a few negatives at the time.
Re: auto loan help You probably can get GMAC to work with you...... take in a recent copy of your credit report, copies of your recent scores and talk shop with them prior to signing the papers. Talk is Free.....don't sign anything. You might take some of the other suggestions in this thread.....go with a lease for a couple of years and then buy it at a possibly lower interest rate later. Once you prove to a dealership that you can pay your bills on time with them they will give you a break than if you were a stranger walking in and never have dealt with your before. How does your credit report look besides the repro? Paying your bills on time is the number one item that all credit people look for.
Re: auto loan help I always thought that it was much harder to get a lease versus a buying outright. Does it depend on which company you try to get a lease through?
Re: auto loan help I leased a 2001 Honda Passport through American Honda Financing with a score in the low 600's. I dont recall the score exactly. Then while doing the paperwork, I was able to further negotiate for a lower rate to fit my payments.
