Where Can I Find Financing?

[luckyclov78]

I'm in the market for a vehicle in the $5000-6000 range. I found a 96 Audi with 134,000 miles on it. We want this car as a second vehicle for me to drive to work and back which is less than 5 miles one way, so we don't need anything too fancy. Here's our credit situation: I have my FICO scores which are all around the 600 mark. I have no idea what my auto-enhanced score would be. I have years of payment history from student loans and small personal loans. None of the personal loans have ever been over $500, though. A while back I did get approved for an auto loan from cap one, but they would only finance a 1999 or newer with 70,000 miles or less. My local bank won't finance this car with my scores, plus the loan value is $4500 and I'm not planning on putting any money down. My income is ok...about $45,000/ a year. Can anyone give me any ideas on how I might find financing for this vehicle?

[nwidjaja]

Not sure if this would work but it never hurts to try. go to usaa.com and find their phone number. call in and ask to be assigned a membership number. When you get it apply for a pre-approved loan of xx amount. At most they will pull equifax(you never know though depending on your state). If you are approved they will fed ex you a blank check and you can shop away. Just state you are not sure what kind of car you are looking for. Their minimum financing amount is 5k. 600 score may be pushing it but instead of going to a dealer and getting your credit pounded with 20 inquiries you can risk one and at least get an idea.

[luckyclov78]

OMG!!!! Thanks nwidjaja! I did what you said and got approved for up to $8000! (That's what I asked for.) USAA said they would loan up to 100% of what they say the car is worth. This Audi is worth $6750 to them so I'm in the clear! My blank check will be Fed-Exed to me tomorrow. I bought a new FICO EQ score today before I applied to see where I was. It was 566...I almost didn't apply. I applied along with my husband though and I have no clue what his scores are at this time. The USAA rep did mention a collection my husband had, but it is probably 3 years old. I am still in shock. I thought there would be no way to get this car. Thanks again!!!!!!!!!!!!

[MarvBear]

CONGRRRRRRRRRRRRATS!!!!!!!!!!!!!!!!!!

[nwidjaja]

Heh nice. You sound like I did. When she said approved at 5.65% I was like umm please repeat that because I must be dreaming.

[luckyclov78]

I just thought I'd update my post real quick...I was curious what my husband's EQ score was since we seemed to get approved by USAA so easily. His FICO is only 603. I was so shocked. I can't believe we got this loan with him having that score and mine being 566! I won't argue though...