HELLO everyone, I have 3 negative items on my equifax report(everyone loves EFX here in Georgia) Bellsouth $234.00 in collections since like 2000 or 1999 i think MCI $222.00 in collections since like 2000 Emory Hospital $ 40.00 in collections since march 2004(went to emergency room in Oct 2003 and didn't pay the co-pay) I have 2 live accounts Stewart Auto Finance $16K loan start 12K balance payments monthly $375 paid on time since 07-2003 Verizon Wireless Balance $96.00 I paid the balances on the MCI/Bellsouth&Emory accounts on 04/27/2004 called Equifax 4/30/04 to dispute items as paid(after i noticed the money was withdrawn from my account) Paid the Verizon Wireless balance on 05/07/2004(even though i've NEVER owned a verizon cellphone!!!) I haven't had an inquiry since Nov or Oct 2003... UNTIL 05/03/2004 this used car salesman convinced me that i could get the car i wanted(BMW 528i 1999) for 0 to 500 down based on what i told him about my credit i explained to him i really didn't want anymore inquires and i even brought my equifax and fico reports in(i was just window shoppin') to make a long story short he ran my credit with Equifax and it came back with a score of 568 i told him i had a 580 because that's what FICO said... so then he's saying to me yeah we shouldn't have a problem at all but we're gonna try to get you financed at 16% or lower... he hasn't called since!!!! its been 4 business days... when i called him the first time he kept me on hold the second time he did the same thing... but i wasn't calling to ask the status i just wanted my Equifax stuff back(it had my confirmation numbers on it and you can't even talk to an equifax agent without one) I was irresponsible in the past but now at 25 years old i'm trying to turn things around i'm finished with school have a job been there 18 months and i'm making over 40,000 a year after tax... i don't think i'm THAT much of an undesirable but last year when i tried to get a car no one would finance me... after 20 hits to my credit report later i was financed for a vehicle at 29%( i know i know but i had to get around) now that i've established good credit with my finance company i've asked them to refinance my loan... their response "we don't do that here these are fixed rates you can try to refinance outside of our company" to add insult to injury the car that i financed has a blue book trade in value of about 6,000 that means that i financed the car for almost TEN THOUSAND dollars more than its worth I really REALLY need to get AWAY from this finance company i don't want to continue this madness I appreciate them for taking a chance on a first time buyer with damaged credit... but its time to move on... I would like a different used car... my first step is to try to convince my brother to take over the payments(he loves the car) because if i don't the $3,000 dollars i planned to give as a down payment would get sucked up by the trade in value(the balance on the car is 8,700) 2nd is to find financing... that's where my questions come in... Oh and i want this car by early July Should i try to secure auto finance BEFORE i visit the dealership? Any of you have suggestions of places i should apply for an auto loan? Anyone ever try EBAY financing... How much of a loan do you think i'd be approved for? Should i do anything else with my credit? Is my credit really THAT bad? what's up with these people i;ve heard of people with worst credit than me and less time on the job have better luck securing an auto loan... there is a credit union, in New Jersey, available through my company... should i join and try to get a loan through them? THIS IS THE best lil website ever
I dont even know where to start. Ok ummm bad decision to take a car loan at 29% , and a BMW at age 25. geez. If i were you i would try to get a few of those deogs removed, and then try to refinance the current loan down to something more reasonable. then maybe try to buy down some of that neg equity. basically why do you need another car loan. i would put all my resources into getting rid of the one you got, learning and moving on. raise the score then try to refinance. If you try to go any other way you wil end up in even more trouble.
I second Sahlegian's thoughts - unless you NEED another car because this one is busted, I'd focus on getting out from under that loan alive - either through refinancing to a lower interest rate and continuing to make the same loan payment, or just putting any extra $$$ into the loan. Once you have it paid for, drive it for a few years, so you can save some of your money and work on your credit score. Then you can go out and put a great downpayment on another car plus have a paid-for trade in PLUS have a great score to qualify for a competitive rate. You'll be in a much stronger position than you are now. 586 is gonna be tough to get financed - although 16% is better than where you are now it's still going to give you another 3-5 years of high interest payments. Good luck to you! Poochie
