Got a lease that's up in a couple of months. We have 4 credit card charge offs that are over three years old. Even with all of the "poor credit no credit no problem" ads that i hear and see, is it even possible to get a loan with charge offs? Other than those accounts, I have a number of other credit accounts that are and have been in good standing, mortgage, car loan, lease, 4-5 dept. stores. I'm a memeber of a credit union but don't have enough for a secured loan from them. I have a second car that i now own, just paid it off. I'm worried about loosing it if anyone should get a judgement. I'd like to trade it in but also will need financing. I can borrow from my 401k but that give me a vehicle with no liens. Ideas? Advice?
There are lenders who will finance an automobile for you even with the charge-offs. The rates will be predatory, however, you can secure financing probably in the high teens to twenties contingent upon your auto-enhanced scores. Given that fact, I'd work on resolving the issues on your reports before seeking financing.
