Hope someone out there has some experience with this situation!! I'm thinking about buying a new car and am looking at online financing. All three of my reports have 2 negs each, with one being a repo from Aug 97. I have between 11-13 positives on each report, including bank cards, department store cards, student loans, and an auto loan current for 2 1/2 yrs, then refinanced to household. I also have been paying on a mortgage since Aug 2002, but Citimortgage will not report to bureaus at this time. Credit utilization is just 10%, with limits of around 20k total. Scores are EQ 636, EXP 690, TU 640 and I live in state of Missouri. Has anyone had any luck getting financed with any online financing with similar scores and tradelines? I'd really like to get under 6% but not really sure if that's realistic. Thinking about buying a new Ford, so I will also be considering their financing. PLEASE HELP!! Thanks everyone! gilmores
That repo is gonna kill your finance as far as getting a good rate on an auto. Has the repo balance been paid at least? Have you tried disputing the repo or questioning the legality of the repo with the lender? I think until the repo is cleared you might have a problem getting a good rate with an auto loan. Have you tried a local credit union? Most are more understanding and personable in my opinion. I will continue to use my local credit union for any big finance purchase. I currently have 2 used auto loans with them at 5.59% and no derogs on any of my reports. When I had derogs and my score was 550 across the board I was still able to qualify for 9.9% on a used vehicle which was lower the the lowest intrest rate at my bank! Give a CU a try. Tac
Thanks for the info.... I tried several times to dispute, but it always comes back updated. Haven't really looked into legal issues regarding repossessions. Bought the car in Illinois and it was repossessed in California. Nothing really odd stands out in my mind regarding the process. I stopped making payments and they took the car. Obviously since then, I've made it a habit of paying my bills on time!! I was able to refinance my current auto loan from 24% down to 9% two months ago using Household Auto. EQ negs were in dispute during approval process. I'm not a member of a credit union at this time and did try to refi with CU a couple months back and was denied due to repo. gilmores
