I was under debt consolidation, I now need a car loan, for I have finished my debt payments. What are my chances of getting a loan?
My score was 500 and I got a loan through Ford Credit, it was just a Taurus and I had to have $3500 down, but got 10% financing, not bad considering how terrible, awful my scores are.
Do you think I should consider cleaning my Credit history first? From what I read its a pretty tedious affair with no guarantee for success
In case you did not know a 500 is pretty well bottom of the barrel on credit scores, it doesn't get much worse than that. If I can get a loan with those terms, you can also. I started the credit repair after I got the loan.
Thank you iamsamiam. I will give it a shot with my Credit union first. Do you think, If I have good reports with my phone company and utiliies I stand better chance?
No, I don't think so since most utilites only report on you when you default. I don't see any value in it, but maybe it would help your case if you presented it to your credit union. If you are just out of a Chap. 13 and all debts were paid and you have a reasonable downpayment or trade why you would get denied. I know that after a Chap. 7 that companies practically stampede you to get you to get credit with them, but I am not sure about a 13.
Oops, am confused, did you do one of those ccs things or a 13? I think the ccs things screw up your credit much worse than a 13.
I never did a bankruptcy.. I just was foolish enough to consolidate and get my credit accounts closed.. but things were getting out of hand.. 2years ago.... plus.. I did not have a stable job then... From what you say, It seems I sohuld't have a problem...
Perhaps you should order your reports and see what kind of damage was done? You would also need to make sure that the accounts are now showing as paid.
my advice: clean up your reports, accumulate as much down payment cash as possible, and then go get the car. Never let them think you are at mercy because of your credit.
Re: Getting A Car Loan- SuperShawn I didn't think scores could go that low...interesting.. Anyways, would anyone venture to guess my chances of buying a new/recently used car w/ 0 down, at a decent rate with current derogs/lates/c-offs? (I'd even put $1k if it truly helped) Scores hover around 550-580, but will working on them. Any specific lender/auto maker recommendations? Just venturing a poll....ol' bessy, although running like a top, just hit 130k miles... DB
Re: Getting A Car Loan- SuperShawn Well, here's my story if it helps... Back in Jan 01, with at least 9 charge off/collections on my file and no active good credit lines, I ignorently strolled into a local dealership (Toyota) that offered "we finance anyone"... To my credit <?> I had $2500 cold ones in hand. After a week of "we're checking"... "send us your last pay statement", "send us 5 references", I got a 96 Honda w/45k miles for $10k (which was bluebook)... my FICO *may* have been 500 at the time. So, the moral is, yes you can get financed (anyone can; sis with several 30-60-90 days late got 17% at Saturn for a 1999 model) with CASH moneies... if your CR isnt the worst (like mine was) you probably have room to negotiate.... especially now... Deb @ Mich St
Re: Getting A Car Loan- SuperShawn Thanks Guys for your help, I am now more confident that I'll get me a ride in December as soon as I have enough money to Put down, from the look of things, Though my credit is nowhere near good, it aint sooo bad either... I have apid all my debt... all I have is money sitting in my account now.. Thats good.. I was worried. I'd go and get denied.. I will pull my reports before getting a car though
Re: Getting A Car Loan- SuperShawn Thanks Deb...I'm reassured also. It's always been (and remains to be) a mystery to me what a dealer's "breaking" point is. I'm not the most financially minded individual in the world (although this site has reeealy awakened me) and I've wondered how much laughing I could endure after walking into a dealership. thanks again....I'll have to think this one through.
Re: Getting A Car Loan- SuperShawn Hi! Just saw this....Sorry, I haven't been around. I hope you got all your questions answered, if not, please feel free to email me. I will look at it over the holiday and get back to you ASAP. Thanks! Shawn
