I don't have a co-signer available, so that isn't an option, and I have $1000-$1500 to put as a down payment, versus no downpayment at all. I am a student, but also work around 30hrs/wk and get paid $10/hr, so I have steady income and a decent job. I went to a dealership and found an awesome deal, a 2001 Taurus with only 25,000 miles (I drive to/from school 30 miles each way daily) and they were asking $7900, but the guy I was talking to said that they needed more proof on my income and they are having a hard time financing me. I have charge offs (now repaid) on my credit report and late payments, but have made all my payments on time in the last three months. I applied with Bar None and another (Autoloans.com or something) and was denied from Autoloans. Is there any other place that I will be able to go to get financed for car??
2007-11-14 04:32:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Auto finance is what I do for a living and you have 2 major problems, the first is you simply do not make enough money, most lenders require at least $1,500.00 to $1,800.00 a month before taxes and you only make $1,300.00.
The second is you work part time, I have 14-lenders and not one of them will finance a part time worker.
As much as I hate to say this because thay are all rip offs, you may have to go to a buy here pay here lot. If you do be sure and find one that reports to the credit bureaus.
2007-11-14 04:38:37 · answer #1 · answered by ? 7 · 2⤊ 0⤋
You need to do a few things.
first: If you have paid off the charge-offs, you need to contact those companies to update your credit to reflect this. They can also send you a letter stating that it has been paid. so you can provide this to lenders.
2) You need to not get in further debt. You need to find a cheaper car- sorry, but it is the truth.
In time, if you pay off everything timely, your credit will improve.
Also- don't buy from a dealership. They mark up prices like crazy. Buy an auto trader, or look on Craigslist.org for a deal by owner.
Are you get proof that those chargeoffs are paid, you can go to a credit union to get a loan. WIthout that, no one will give you credit.
Good luck to you.!
2007-11-14 05:45:13 · answer #2 · answered by chris 6 · 0⤊ 0⤋
The only place that may take you on is a buy here/pay here lot. Even IF you could get financing at a normal car dealer, the interest is going to be hideous and you probably will have a penalty if you pay it off early. You would do better to just keep saving for another 6 mos and then pay cash.
2016-05-23 03:36:11 · answer #3 · answered by ashlee 3 · 0⤊ 0⤋
get a $1500.00 car thats sitting in someones front yard. It'll get better gas mileage if its not dragging a payment book behind it.
Debt Free is Definitely the way to be!
2007-11-14 06:15:03 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋