I have gotten some great advise and will start with a local credit union for a loan- we are looking to buy a used car. Any advise with our scores. What interest rates should I expect with these scores? DH: TU- 620 EQ- 570 FICO EX- 623 Me: (only part time weekend income, SAHM) TU- 806 EQ- 650 FICO EX- 723 DH has one paid collection (in process of dispute, then I will do a Nutcase letter); one charge off, many lates, we are on CCCS for the CA with the charge off and 4 other accts. Only one acct lists CCCS, the others just say paying partial payments or the like. All say acct closed by credit grantor. I really just started repair, but DH got a new job over an hour away and needs reliable transport. so we really cant wait. Oh yeah, good car loan history: DH: Wachovia Bank of Delaware (for a truck loan, I don't know if this counts as it is a bank not an auto lender)---paid, never late TU & EQ list as for AUTO, EX does not ME: Charter one Auto finance- 3 times 30 days (currently being disputed- lates are 2000 and 2001 with EQ only- good acct on other 2 CR GMAC- paid, never late, lease Thanks for any help you can be in getting me the best loan for our situation and letting me know what to expect.
ask the cu which bureau they pull, then dispute anything (especially if its efx) and go for it! If it is equifax, i suggest moving any debts to a single account and disputing that acct's balance as incorrect. If you know what you are doing your 600's score can skyrocket to 700's and put you in super prime territory and most cu's are not so bright "The score is all that counts". lol
I may not be much help but we just got a car over the weekend and I'll tell you my experience. We went to Ford first, and found out our auto score is 458-(Loser!) Ford said it needed to be at least 520. He only ran my husband's report also because he is the only one working. But they also said if you have very high scores (auto) that some banks hardly even care if you have a job, becuase your score shows that you will pay your bills- -somehow. We were able to get approved through "Auto-loan spcialists" - they did an awesome job, the most painless and quickest place I have ever dealt with. $1,000 down, approved for up to 22,000 with 18.9% interest. Yes that is high, but our credit is horrible. payments are $477. So this might give some insight, even though our scores aren't in the same range, you know you could get better than mine. ) Good luck! Missi
I don't know if there is a way over the net, but Ford told us ours, it's printed right there on our credit report from the dealership.
What worked for us once was: my husband *had* the awesome credit and I *had* the awesome job. The car was bought in his name, with my income listed as "additional income" Maybe a route to go??
Thanks all. Local CU gave us 6.4% on 98 or older 4 yr loan, 6.75% on a newer 5yr loan she said 4.9% for good credit, forgot to ask what score that was, I will find out tomorrow. Since hubby is main income, his crappy score prevails. They pull EXP & EQ- and use FICO score.
You have no idea how happy I would be with those rates! I'm so scared to apply, but I really need a new vehicle. I'm going to have to bite the bullet one day I guess. Any way, congrats, and I guess its car shopping for you? anything in particular you are looking for?
Kelcol, believe me I was almost in tears when DH said we would have to get a loan for a car, his truck was dying. I thought we would be paying 25% and with all my newly acquired credit knowlege I knew that was the kiss of death for financial prosperity along with all the other people we owe! I was quite happy with these terms and am so thankful I found this board and others like it- I have learned so much and will never live the way we did 2 yrs ago when the $hit hit the fan financially for us!! I would never have thought to look into a local CU either. We need something good on gas (an hour plus commute) but DH is a big guy so no compact models for us, plus 2 kids. We wil be looking into Honda's or Toyota's for now- suggestions are welcome on used car choices!! Have to start looking now that we know we can get a loan. Thanks everyone!! =O)
Go for a Honda Accord. They are very reliable, very safe, get great gas milage and last forever. My DH used to work on Honda's and Acura's and they thought nothing of seeing these come in with over 400K on them and still in great running order. BTW I'm not suggesting you look for one with over 400k MI. LOL
Congrats!! I have a Saturn....but no compacts for you so maybe not the choice for you. I am so happy for you. I also love this posting forum!!
That is what we need, something that outlasts the loan on it and doesnt spend as much time in the shop!! The Mazda Protege and the Toyota Rav4 looked good for him, havent really looked to much, but now that I know it is do- able, we will pound the pavement. Honda's are the consumer reports best bets for used cars. I will start with their list as I don't know much about car performance!
We bought a Chevy Astro - it's not a Toyota, but you can't beat the room. I've been in the Sequoia's (which I love) but the Astro's beat them for room by far. I carried 7 grown adults and myself in my other astro with the tallest being 6'4". wouldn't recommend doing that on a long trip, but it could be done. and it drives great. the kids love sitting in the way back - and they are very reasonable price wise. my 2001 we got this weekend with 35,000 mi. was 17,000, fully loaded - minus leather & dvd. have fun! Missi
I would personally love to be able to buy a honda or toyota, but being overseas our Military car sales place is unable to order them right now?? or get them delivered? To buy one you need to pick it up in the states. I'm looking at the chevy venture....hope to order it in May! *fingers crossed*
One thought of something to try. I have terrible credit, and went to eloan.com, filled out the loan application, and in 30 minutes had approvals and paperwork to print out to take with. Then when the guy in the credit department of the car dealership gave a higher rate as the "best" they can do, I told him I would then use ELoan, at which point he matched the rate. You could apply alone, showing hubbie's income as other income, and then see how low you can get it. May be plenty worth it since you have the better scores.
What were your scores when you did this? I'm so afaraid to stick my neck out with my low scores, but I need a car in May.
Ohh great idea! I don't think it will work with the CU, but if they come back lower, mabye a dealer will match. Cool! How long is a Eloan or other online financer's approval good for? Is there a use by type of situation with it??
I just thought I'd share my experience today. I was approved for a new lease with GMAC, a Chevy Venture, no money down, just the first month's payment. They were having a "Credit Rebuilders Event" this weekend and the requirements printed in the paper said Fico of 550 or above, no tax leins, or previous gmac losses. My fico was only 546 so I called the finance manager and faxed him my info. I told him I didn't even want to come in if I wouldn't get approved for anything. Well, they approved me. I'm in the process of getting out of a previous jeep lease that is up in the next 3 months and when I asked jeep to approve for something else, they said no. But GMAC was able to work with me. I'm not sure if this offer was available in all parts of the country (I'm in NY) or if its still going on, but it's worth checking out. Luke
