car loan help

Discussion in 'Credit Talk' started by Jim L, Oct 2, 2001.

  1. Jim L

    Jim L Member

    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?
  2. bbauer

    bbauer Banned

    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.
  3. Andrew

    Andrew Well-Known Member


    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!
  4. Jim L

    Jim L Member

    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.
  5. anna

    anna Well-Known Member

    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.
  6. KristyW

    KristyW Well-Known Member

    Have you tried a credit union? They are usually easier to deal with and will go the extra mile.

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