Help with auto loan--(long!)

Discussion in 'Credit Talk' started by tareco, Mar 4, 2001.

  1. tareco

    tareco Well-Known Member

    Hello everyone, it's been awhile since I've posted on this board but I'm hoping that all of you very wise and experienced folks out there can give me some advice:

    I will be looking for a car loan--preferably for a new car or one nmoe more than 2 years old with very low miles.

    Here's my situation: I currently own a car (paid off) and also have a personal company vehicle. I am about to change jobs where I will no longer have a company vehicle but will be using my personal vehicle extensively for business. Because my current vehicle has almost 90,000 miles on it, I want to sell it now and use cash for a down payment on a new vehicle. I've done some research and if I sell it privately, can get about $3000 for it. I'm hoping to get a loan of about 17,000 and would be willing to go with a 5 year loan and perhaps re-finance after a year or 2.

    My credit isn't very good--it's pretty damn bad but even in saying that, it's better than it was a few years ago. I have 3 credit cards--one of which is secured with DMB. The other is through Orchard and UCNB-which is now owned by Househould as is Orchard. I have a PERFECT record with All of them. I've had the UCNB since 1999, DMB for a year (in April), and Orchard for 10 months. My salary has increased substantially from a few years ago as well--I went from 28,000 a year to 45,0000. But I still have a lot of negative items on my CR. I believe I have about 29 negative entries and 4 positive ones. None of the negatives are recent--they are all at least 3 years old. I have retained Lexington to assist but it's only been a couple of months.

    I really need a new car for this job--what are my chances of getting a loan? I just (today) completed an online application with Lending Tree. Don't know much about them. I've also thought about applying online with Auto Credit Finders. Anyone know anything about them?

    I was so stupid and irresponsible in the past with my credit and now I'm definitely paying for it! But in the last 3-4 years, I've been soooooo responsible! I thought it would get easier!

    Can anyone please help me with some good advise or insight?

    All and any are welcome! Thank you!
  2. sam

    sam Well-Known Member

    Re: try household.

    They approved me for a $18000 loan (no down) for a used vehicle up to 25K miles old. The interest was 20%.

    If you are not picky and want a very basic model. KIA,Hyundai are very very flexible on financing. Expect to pay 20% down at least plus all tax tag and title.

    They will want the basics: 1 year on job, 2+ years living in personal area, salary payslips, proof of living (lease), all of your friends names, etc. Be prepared to meet all of those qualifications, they will verify them (probably more than once!)
  3. Manny

    Manny Guest

    Re: try household.

    Hello Tareco,

    Are you a memeber of a credit union? In late 97 I was in a similar situation, although my credit was not as bad as yours (no offense). I purchased a 98 Toyota Camry LE, drove it off the showroom floor with my trade at 15% apr.

    The following day, I went to my credit union, they aprroved me at 7.7%. Needless to day the Toyota dealer's finance manager wasn't too happy.

  4. tareco

    tareco Well-Known Member

    Re: try household.

    Thanks for the replies so far! Yes, I am a member of a credit union and I am considering them for a loan. Actually, I'm looking for a Toyota as well. No offense to Sam, but I'd rather not go with Hyndai or Kia. They are rated too well as far as safety goes. I was in a pretty bad car accident a few months ago and the only reasons I'm alive are because of the grace of GOD and because I was driving a car that is built very well. All of a sudden, I'm much more interested in a car's safety record than ever before! Especially because I do ALOT of hwy driving!

    Please keep the advice coming!
  5. roni

    roni Well-Known Member

    Household,giggo, AG or Ford...

    Thanks for your kinds words above. I agree with most everyone else that is a good shot. I got my financing through them. Also if you go to a dealer, household is one of the lenders they use for those of us with less than perfect credit. I was approved with Household in the summer. I didnot have 28 negatives at that time. I had about 7 items. My scores were in the 609-619 range. I got 13.9% for up to $18K with Household auto.

    I was also approved with similiar terms with I dont even know if they are still around. Check out their website. Do a search for and Household auto finance. They both have online applications.

    There use to be a sight called They did matches for auto loans. They were much better than lendingtree. I never got any matches with lendingtree. Creditland (which isnot around anymore) matched me and preapproved me with Household auto and American General Finance. AGF had worser terms so I stuck with the Household.

    Household and had checks in the mail the next day for my auto purchase. They did not verify income or anything. I had a hard time finding a dealer who would take the giggo check in the new york area though.

    Other here had expressed success with Ford motor credit. I have heard horror stories about how they make mistakes on credit reporting, but if you are desperate they are an option. Just be VERY careful.

    So, all I can suggest is 1) 2) 3) American General Finance 4) Ford Credit.

    I do not suggest Lendingtree. I havenot heard any success stories for those with bad credit.

    I hope this helps.

  6. LKH

    LKH Well-Known Member

    Re: Household,giggo, AG or For

    Another one to try would be Wells Fargo Financial. They also cater to those who would not qualify for a "prime" loan.
  7. roni

    roni Well-Known Member

    Re: Household,giggo, AG or For

    I just tried to refinance through wells fargo and got denied. Actually I havenot heard from them at all by mail.....i guess that is a NO.

  8. LKH

    LKH Well-Known Member

    Re: Household,giggo, AG or For

    That is very interesting. I had a loan with them 2 years ago and refinanced this past Nov. I applied to Household before I did the refi with Wells and was denied. Go figure.
  9. tareco

    tareco Well-Known Member

    Re: Household,giggo, AG or For

    Thanks for all of the advice guys! I think my credit is too bad to go with any of the online agencies. I think I'll have to end up going with the dealer finance dept trying to help me. I expect it to be more effective because an actual person can work on my behalf.

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