Hey Everyone, I have a quick question....I have some items in dispute with EQ and my score is now 601 (from 510). As I've said before, I'm trying to get financing on an auto loan. Does anyone know of an online company that will finance me at this FICO score? Will the disputed items show up on the report they get? TIA LB
again: DO NOT WASTE YOUR TIME ONLINE. Take your down payment, and requirements (write down what you need before you go), and go buy that car. Online financing is b/s unless 21% is ok to you.
Remar Sutton: "Don't Get Taken Every Time..." Buy this book before you walk into the dealership!!!!! (thanks to Marie for the suggestion...)
OK.....I applied through Household Bank and was approved for 17K. Bad news: Interest Rate is 17% (I plan to refinance with my CU in about 6 months when I clean up my credit some). Question: Will Household withdraw the offer if they see that I have items in dispute? The guy is gonna mail me the loan package tomorrow, so if I get the check from them and use it, am I okay? Question 2: I have no license. My husband will do all the driving but because his credit is poor, I chose to do the financing in my name only. Will this present a problem or can I just include hubby when we go in to the dealer? TIA LB
dunno bout where you live, but in the state of georgia, it is illegal to sell a car to an unlicensed driver.. You'll have trouble getting insurance on the vehicle without a drivers license too
My hubby has the license......so although I'm doing the financing, HE"s the one who'll do the driving. Is this the same as selling to an unlicensed driver? We currently have insurance with Geico. Couldn't we just add this car on? LB
perhaps he can co-sign to make it legal. Its kinda like selling crack to a kid. Its illegal to sell it because the kid could use it and die.. Strange analogy, but if the dealer sells you a car without a license, he is aiding and abetting "driving without a license". At least in georgia. Check your local laws.
It is not against the law for a person without a license to own a car or finance one for that matter. It is however against the law to operate a vehicle without a license, reg, insurance. Not that anyone would want to purchase a car and not drive it, your case seems fine as long as the person do the driving has the license, which you state is your husband. I'm sure the Reg. and insurance will be in his name so that would be fine. I bought a car a while back from a dealership but the car was registered in my wife's name because the insurance is in her name a the car we were transfering the registration from was in her name as well. Not a problem whatsoever. As long as you are married no problem. Don't bother adding your husband as a co-signer because you don't need him you've already been approved. By adding him you risk the chance of being denied or paying a higher intrest rate. Don't do it! I know a little bit about motor vehicle laws because I am a Police Officer in Pennsylvania, own the car isn't the problem....it's whos doing the driving! Good Luck! Tac
I've heard this advice from others as well and hoped this was the case. The problem is that I'm doing online financing with Household and they want my driver's license because my name would be on the title alone. Am I stuck? My application is approved until 6/24. I don't know if that's enough time to get my learner's permit and then my license!! Direct email from Household: "Since you are the one who is going to be on the title, we will need a copy of your driver's license. As far as your husband, check with your local DMV to see if you can add him as a registered owner of the vehicle. Some states permit him to be a registered owner even though he is not on the title. " Maybe I should try doing dealer financing and use our current car as a trade-in and forget about Household. Thoughts? LB
keltexx : please share with us your approximate scores when approved at 8% with peoplefirst. Also, length of contract and amount if you don't mind. I will be applying in the next 6 months for an auto loan so just curious. Thanks
Maybe I should try doing dealer financing and use our current car as a trade-in and forget about Household. Thoughts? ^^ You should just sell the car yourself, then take the cash leftover for downpayment. but yes, any dealer will beat household's rate. You may have to beat them into it, but they will beat it
Give them your state's Identification # instead of a driver's license number. Most state id's have 8 digits like driver's license numbers. You have already told them you do not have a driver's license and that your husband will be the primary driver of the vehicle. If they give you hell, ask them since when is it not allowed for someone to purchase a vehicle in their name and allow say your spouse to operate said vehicle as long as financial responsibility is shown before you pick up the vehicle. I don't think you'll have a problem, just give them your state id # and see what they come back with. They should only be concerned with two things.... 1) You make your payments on time every month. 2) You keep financial responsibility on the car at all times while you are under obligation to them. Tac
Couple of catches in the plan that I see. You have to insurance on the car. Insurance in your name. Need a drivers license to get insurance.
i used to work for a dealership. they would not sell to an unlicensed driver. no reason given. i always assumed it was a bank requirement
Update...I bit the bullet last night and applied with my husband as a cosigner. We were only approved for 14K but we were still approved!!! So now, I'm going to look for cars in that price range and/or try to get my license by June 24th when my 17K loan expires. Thanks for all the great advice. LB
