Hi, I'm Mel and I screwed up my credit. When I was a new, young, single mom 6 years ago, I had an income of 10,000 for the year and I used my credit cards for groceries, diapers, and stuff I needed. I knew I couldn't pay it back and I maxed them out to make ends meet. I eventually paid it all back (after it charged off), went back to college and got a better paying job. Then I got student loans to help me, which was great until they all came due at once. I never thought to consolidate and ended up with $250 a month in payments that I just couldn't make. I would pay a little, then not be able to, then pay one for one month but not the other. It was messy. My credit report is... messy. I have a problem paying on time, even when I have the money. I'm extremely forgetful, and I recognize this is a stupid problem. I'm consolidating my student loans (it's coming along slowly) and getting it all handled. I'm trying to pay on time and have set up a system to remind me. It's been great for the last few months. Still, my (Experian) credit score is 580. Yuck. Here's the dilemma... My car is on its last legs. The engine is toast, the clutch needs to be replaced, and my exhaust system is shot. The repairs cost more than the car is worth. The engine isn't expected to last more than a week at this point. I need a car that's reliable (I travel 60 miles roundtrip through shady parts of town for work each day). I don't want a new car, just a used one, but I don't have enough money for something that's going to last. I need a loan. Anybody have any experience getting an auto loan with such a low credit rating? Who did you go through? I only need about $5000, but I don't want to get suckered into some sort of scam. Thanks!!! Mel
well credit unions are a good source for loans, and may be understanding in special circumstances. Usually anyone can get a car loan, but those with low scores must put more money down, and pay higher interest rates
the key is to buy a vehicle under value. i bought a vehicle a few years back with Wells Fargo Financial with scores lower than yours. i was able to get 100% financing with a crappy rate because the vehicle was worth $1k more than what i was paying for it. just a thought.
