Hello everyone--I need some advice--quick! Due to some health issues which resulted in me having to take a lengthy medical leave from my job, the mortgage I have for my new home is extremely delinquent! The lender has been working with me and I have found an investor who is going to help me out. But in the mean time, this has wrecked total havoc on my already poor credit score. I looked at it last night and it is actually under 400!! I'm so embarassed! My dilema--I am going to be changing jobs. My current position includes a company car--new one doesn't but I have to get one because the job is in sales and I need a vehicle in order to work in the field. Does anyone know of any lender that I will work with me with this kind of a credit score??? My income is good. I need to have something secured within the next couple of weeks. How about AmeriCredit. Do they go that low???? Please advise, and suggestions!
well I have bad credit and CNAC worked with me.. Its the finance company for jd byrider.. I dont know if there is one in your area but it might be worth a shot.
You mentioned your income is good. Is there any way you can borrow a car from someone until you save enough to buy a decent used car? That way, you will still have wheels and not get into another loan with a high interest rate, and possible repo if your life takes another downturn. You can always upgrade later.
Did you go through them directly or did you have to go through JD By rider? I'm not familiar with the finance company. Do you know what those initials stand for? If you went through byrider--how were they to work with and how does their service work?
Unfortunately, that's not an option for me. I don't have any family here and the car usage would be pretty heavy. This is not just for a daily commute--I'd be traveling around the state several times a week.
if your travelling aroung the state several times a week, unless its Rhode Island, you are gonna destroy and run any car you get into the ground so fast. Your scores if anyone finances you will dictate an astronimacal interest rate 24 % probably. You will run thru the car in a year and a hlaf, and then u will have soooo much negative equity you will have to drill up to see China. Re think what your getting yourself into, I implore you..
If your scores are below 400, you don't have may options in terms of financing. Whatever options you do have will be undesirable at best. This should come as no surprise. There is a work-around solution you might consider. Check out Avis and Enterprise for their long-term corporate rentals. These rentals usually last months, and you get a substantial break on their rates. You'll pay more than you would for a typical car payment (although not much more than a super high-interest car payment based on low scores). If you're going to be traveling on company business, I'm sure that you'll be reimbursed for travel expenses. This will help offset the higher payments. In fact, you might even want to discuss this with your new employer, and see if they'll lease a car for you. When you get your scores in better shape, THEN go out and buy a car at a MUCH better rate. There is NOTHING worse than dealing with a predatory lender for a car, and at all costs, avoid these "buy here, pay here" places that you hear about. They're the scum of the earth!!! Good luck!
Suggestion: Go to a "Buy Here, Pay Here" or "Tote-the-Note" lot that sells later models. They aren't the norm, but there is one near me. Get a 1 to 2-year old that's still eligible for the extended warranty. Nissan, for example, used to keep a vehicle eligible for an extended 100,000-mile warranty until it reached 36,000 miles or 36 months old. Just a thought.
