car loans w/ insufficient credit? Is there any loan lenders that are a little more flexable in extending loans to those with not enough "sufficient" credit. I want to get another car, in im fining my self getting denied for not having enough sufficient. Would a deposit help? And how much would I need for a loan around 9000-10000? What other options, if any, do I have. Ive tried ford motor credit, lending tree, household automotive finance.... Nothing! Help, psugirl
Re: car loans w/ insufficient credit? How long is your credit history? Also, don't you have derogs? I think if you have a short history and derogs, it will be difficult.
Re: car loans w/ insufficient credit? Hi thanks for replying, My trans union file is clean...with 11 inquies in 12 months. Im planning to use my trans union file only. Banks will tell you what file they pull if you ask! Psugirl
Re: car loans w/ insufficient credit? I've never had a car loan where all three reports weren't pulled. But I've never had a loan through a bank either so I don't know if the practice is any different.
Re: car loans w/ insufficient credit? Well, around march i went to a dealership to see if I would luck with ford motor credit. I told the guy.....who asked me out on a date, he was cute!....that i only wanted transunion, its my cleanest report. He was the business manager there and he did EVERYTHING to get me financed. I had a trade in but no down payment. He finally said that I needed around 1500-2000 and I would have gotten financing, but i didnt have it. he told me that when i get it to go back to him and he will get me a car! So, im waiting for the end of summer and around end of august, ill go to him with a 5000 down payment to make it worth it. Hopefully! Psugirl
Re: car loans w/ insufficient credit? If he really wanted to get you financed he could have. All he had to do was apply 2000.00 down on paper as a down payment and taken some off the car or jack the price of the car. They do this all the time. there must be a reason for his denial. A car loan is one of the easiest things to get with no credit. It may be at a higher rate but you will get it.
Re: car loans w/ insufficient credit? He didnt deny me, the banks did. I received letters from all the banks he used, and the reason for denial was all the same "insufficient credit" He is not the underwriter for the loan, the banks are....but a down payment would have helped strenghen my insuifficent credit. I cant blame him, if i would have had the money i would have gotten the car. I cant blame the banks either....They see a credit report with no negatives, couple new credit lines, and 14 student loans not in repayment. I would want a down payment to make my creditworthiness stronger too! Psugirl
Re: car loans w/ insufficient credit? Try a credit union.. they tend to be a bit more lenient. They however have different requirements based on where you work, live, etc. There were a few in the same city as my university and the only requirement was to be a student. You are a student, right? perhaps look for credit unions and go from there..
Re: car loans w/ insufficient credit? thanks, good idea. Ill try the penn state federal credit union. let you know how it turns out! psugirl
