Hi everyone.... My scores: EQF - 560ish EXP - 587 TU - 629 I am 4 years removed from a CH7 BK with a current auto loan that had a single 30-day late back in June 2000. My income is now almost $70K/yr and I've got a half dozen low CL cards since 12/2000 that have never been late. Anyone familiar with any lenders that will take $3K as a downpayment on a $10K car? I don't want to go applying everywhere and kill myself. Thanks
First dispute all your bad stuff away. Chase financial pulls TU only, but they only like to finance new cars. I'm afraid you might get stuck in subprime lending on such a small amount of car (i assume used).
Thanks Sam. Actually, I don't mind the sub-prime stuff because I can always refi later. My car is becoming too much trouble and unreliable. Tom
Tom, I second Chase. When I got my car 2 years ago I had horrible credit. 8-10 unpaid collections on my reports. I'm sure my scores were sub 500. Put 2K down on a 17K car and I got the loan. Terrible rate though 15.7%. Never an issue with Chase besides the bad rate. EdG
tmitchell, there's a caveat with refinancing a used car that I ran up against recently (see thread "I am SUPER pissed!"). If you are paying a lot of interest on the original loan, then less of the principle is being paid off and you end up with negative equity. I just found out I owe $10K on a car only worth $7800. Depending on the bank, the lender you apply for a refi with may or may not approve a loan for the entire balance including the neg. equity. In my case I will need to put the difference on a CC in order to refinance, although in the long run it'll still be worth it. Just something to think about!
Last May I bought a 2001 Kia Rio, $11,000 through Ford credit. No BK7 on my report but pleanty of other things. Had to pay more interest than I wanted but have a new car with a great warrenty. On, and only a $500 dollar down payment.
