Hi, I'm looking for a car loan. i'm been working for about 8 months now, and i have a steady job. Here's my problem, i ruined my credit when i was in college, i have 5 late payments on discover card, no collection or anything else and my credit cards are maxed out. last time i checked my score from equifax was 584, a friend of mine has agreed to co-sign the loan for me also, but when i called bank one yesterday, i was told that i'm not even qualified for a co-signer because the late payments on my discover card. now i'm really discouraged, i don't want to just walk into a dealer and have them take me for a ride, and i don't know if i should apply for more loans. i called harris bank today and spoke to a loan officer, and i was told that if my debit to income ratio is good, then it can be done. i make 39K a year, and i have 20K in student loan that i've been paying back for 4 months now, and i have 4K in credit card debits. what's the chance of someone getting an auto loan in my situation?
Well, I can't answer all your questions, but I can tell you that you don't want to get a loan through bankone at any price. They are terrible to deal with in my experience. Their customer relations stinks and they will repo a car at the drop of a hat. Stay away from them. They are bad news You might try Americredit. They are pretty good. And you might also try Mercury Finance.
Jim, You wouldn't happen to be from Pittsburgh, would you? I just bought a new car from a reputable dealership and my credit is much worse than yours (529 FICO). Find a large volume dealer that promises "Guaranteed Financing". I think going on the last day of the month also helped me get the loan. I was at the dealer at 7:00pm on a wednesday and by 10:00am Thursday, the loan was approved. Believe it or not, even if you have bad credit, you can still negotiate!
actually i'm in chicago, well a suburb little north of chicago. i just thought since i have a co-signer it shuold be relatively easier than try to finance the loan by myself, i mean i probably would need a co-signer anyhow since i've only worked for 8 months, but this just sucks.
This has nothing to do with cars,however I see you're from Pittsburgh. When you try to dispute on-line with Experian, do they tell you that you have to go through The Credit Bureau? If so, is there an address to contact them on-line? By the way,where is the best car dealership for bad credit in or near the 'Burg? I guess it had a little to do with cars.
