How Did You Finance Your Car?

The online services will probably approve you, but it will be at 20+ %. CU is always your best bet. If you can't do that, try the dealership, they will have more options for you. Expect a hefty downpayment requirement.

 

What would you say is hefty? LIke 20% or so?

My scores are in line with lbowmans & I'm going to finance in 2-3 months (hopefully).

Thx.

 

20% should get the deal done. 10% might be an option if you can find a cooperative F&I manager.

 

Do you have a trade in? If so, then try to get the dealer to "bump" up the value of your trade in, instead of lowering the price of the car.

For ex: Car is $20,000/Dealer paid $19,000 for the car. Your trade in is only worth $1,000. So for this example the dealer has $1,000 to work with.

Instead of him selling you the car for $19,000 (In which case your trade in is only 5.3% downpayment) have him sell you the car at 20k, but have your trade in be worth $2,000. Now your downpayment is 10%.

If the dealer is having a "cash-back" sale (Usually during holiday sales - Memorial Day, Fourth of July, etc.) then they can take that cash-back and apply it towards your downpayment, now it looks as if you're paying even more. Ford used to do this all the time, not sure if they still do.

Best bet is to go to a large dealership. A place that sells 1000 cars a month will be able to pull more strings w/a lender than a dealer who only sells 200.

Just do your homework. After all, you are dealing with car salemen...


GT

 

My scores are:
EQ:601
EX:589(was 617 until new refinance loan reported)
TU:555 (eloan 618)

Just approved through E-loan, peoplefirst and americredit. Americredit approved for 25600 the others were around 17000. I got approved for low amounts because this appeared to them as a third auto loan (new car, totaled car, and hubbys car). I excepted Americredit, I called them and asked for the amount to be raised because this was actually a second loan (my car was totaled). They said that because this was a direct loan they can not manually enter in any information and change terms that it is all automatically done through the computers. They said if I needed more $ to tell the dealer I was approved and explain the situation and they could go through one of the branch offices (they can change terms).

Anyway to stop rambling I applied yesterday afternoon online through their website, I was approved, printed out my info and bought the car last night. No money down, I was out of the dealership about 30 minutes after I picked out the car. Best part of it was I bought the car for about $300 over invoice and was out of the dealership 30 minutes after I decided on what car. This is the third online loan I've done and I think this is the way I'll be doing it in the future. Its a good feeling when you go to the dealership and know you only need to worry about what you wanna pay for the car!

 

Wow that went pretty quick huh.

Do you ahve any unpaid collections on your report?

 

Yes, it went very quick and easy. I have a BK from 98. The interest rate isn't the best but thats okay as I can always refinance in 6 months. I've had 2 loans through them since the BK (both have been paid) and have never had any problems with them. I also heard that after so long of good payments they will lower the interest-don't know if its true though.

 

I am in a similar position and I need asap soon.
Peoplefirst and Roadloans have already declined me. I was applying for a new car loan. I have at least $8000 to put down.
I don't know what my FICO was when I applied. But today, it was 578, EX was 679, and TU was 651.
I have never had a car loan before, nor any installment loan. I have two very recent collections that are supposed to be deleted of EQ and EX. But I still have 3 charge-off(2 paid) that are supposed to be all dropping off next year. I have disputed them to no avail. My only positives are crap1 and providian. I might try dealer financing, but I thought I could avoid that.

Good luck, and let me know what worked for you.

 

I had horrible credit; 1 judgment and about 5 unpaid collections. They made me pay my collections and judgement (which is why I am now in the process of getting paid collections off my report) but I got a used car loan for a fantastic blazer for 7.5% for 5 years. I had my 200.00 payments taken out of my paycheck automatically so I would never be late, and I didn't put any money down.

Definitely credit union first!

(and I love my blazer and only have about 4000 left on it.)

 

We bought a truck in 9/01, financed through Household. They put that we put $1000. cash down and I was to put $500. down myself. The dealership said to tell Household that we put $1500. down if they asked. Actually we put $0 down, they forgot to get the $500. from me. Lucky I guess. I expected a phone call but 8 months later and no call. Anyway, the loan is at a crappy 17%, but hey we got the truck. I had 4 chrgoffs, 2 collections-all paid, 5 CC accounts-2 closed with derogs the other 3 are 1 1/2 yrs to 3 yrs old(all also have a balance), mortgage 1 month at the time of purchase. I hope that helps. Good luck!!!


HeatherB

 

I financed an Accord though Americredit back in 97. I got a pretty bad rate (12%), but I paid it off last year, when I got my Acura MDX. I got financing from my CU for 42K, no down payment.