I have been rejected by Wells Fargo even for a "marginal" loan (someone with numerous delinquencies...I hardly call 2 of less than $100 from 3-5 years ago numerous but apparently they do!) I need some kind of car but don't want to tie up my credit cards for them. Does anyone know of a bank who will loan me $10,000-20,000 for a new/used car? I make $30K a year and my current debt is only $437 because I pay off my cards pretty nicely.
Isnt PeopleFirst the bank that handles all AMEX consumer loans? If so, do you think that they will be leniet? I would suggest a Credit Union or I hear the Honda, GMC, and some others are having great low interest rates, with this consumers market. If you shop around you will see that they are trying to give cars AWAY. Good Luck
Peoplefirst has programs for credit-challenged borrowers. It's not just a site for prime customers. I can't speak to the eligibility criteria. What I can say is that the Peoplefirst.com site creates the impression it has programs in place for all borrowers. Here's the URL for nonprime borrowers: http://www.peoplefirst.com/pff/site_auto_custom.cfm Here's the URL for prime borrowers: http://www.peoplefirst.com/pff/site_auto_rates_terms.cfm
don't waste your time with those online apps. If you want a car, and have a reasonable cash down payment the dealer is the best place. Seriously, i can't tell you DONT WASTE YOUR inquiry. Go to the dealer , with cash, and numbers that make you comfortable (APR %, Down Payment, and Monthly payment). Write those down, and tell them to make it work. They have the power to stack your application and get you a rate on a car that you cannot do yourself.
I am speaking from experience, I would NOT waste my time with people first unless I had sparkling clean credit. I applied with them, no negs, granted only 14 mo credit history, but Ex of 682, Eq of 728. I was approved for 22.5K, at 20.5%!!!!!!! I am going to the dealer next week to apply and pick up my new car. The dealers are hungry, and need the business, they'll make it happen I'm sure.
I agree totally. My car loan in May was stacked with others to obtain approval. My score is high 400 to low 500 across the CRA's. I got a loan at 14%, I know this seems high, but the loan on the car I traded it was 20.9% so it was a definite improvement.
Is there a good sub-prime lender? I've got someone else with terrible credit, but needs to get his father's name off of his stuff.
