Trying to get auto loan New Credit-Low Scores

[blasteddsm]

I'm looking to get a new car ASAP, and I'm having a lot of trouble getting financing.

 

My scores:

EQ: 542

EX: 509

TU: 549

 

I have one collection account from CBCS on my EX report. I'm trying to determine how to get this off (not mine). I also have one 30 day late on my EX and TU reports from a revolving account. The CC company said they would remove this for me this once-following up with them tonight. Another problem is the age of my accounts-oldest is 1yr 6mo. Newest is about 5mo. The balances are also pretty high in respect to the credit limits~93%. I am working on getting those gone-they should be gone by Nov. I have one final problem-the job i have now is a temp-to-hire position. I have been with it for a month and a half (6 months with the temp agency), and will go permanent in another month and a half.

 

Do I have any hope other than buy-here-pay-here places?

 

Thanks,

-Ryan

[creditbetter]

don't know the answer but you might want to edit out your name - just not a good idea.

[aiken]

there is hope, try online. americredit, roadloans, etc. I like lendingtree myself. If you put something down (at least 10%, maybe more) that should help you as well. The bigger % down, the better, for a lot of reasons.

 

you could also try a co-signer--just make sure you don't bite off more than you can chew

 

buy here pay here places charge a mint, so that yould be my last choice

[blasteddsm]

I tried online. Denied by capital one, roadloans, e-loan, americredit, WFS financial, Community credit union. I also can't get a strong co-signer. I can get one, but the credit will be worse than mine. I really don't want a buy here pay here lot, but I may have to.

[aiken]

then its buy here pay here, wait, or seduce a co-signer

 

but you may have been rejected based on what you requested. if that changes, i.e. a smaller loan, more collateral etc., even those that rejected you might reconsider.

[Glacier]

Marv may be able to add more insite, but just because you got turn downs online, does not mean you would be turned down at traditional dealer. The dealers would not be able to resubmit to the Banks you already applied, but they may be able to do something with their captives or their local banks. It may be worth a shot.

[aiken]

Marv may be able to add more insite, but just because you got turn downs online, does not mean you would be turned down at traditional dealer.  The dealers would not be able to resubmit to the Banks you already applied, but they may be able to do something with their captives or their local banks.  It may be worth a shot.

<{POST_SNAPBACK}>

I agree with that for the most part. But a rejection is based on what you applied for, so changing that could result in a different result from a lender. For example, a lender might not give you a 100% loan on a car, but might give you a 80% loan on a car. New/used makes a difference as well. Some lenders will lend you 120% of MSRP on a new car, some lenders will lend no more than 80% of NADA on a used car. Just because you are rejected for one does not mean ipso facto you will be rejected for the other on from the same bank. But I do agree that dealers have relationships that can get you financing that might be hard to get on your own.

[MarvBear]

I tried online. Denied by capital one, roadloans, e-loan, americredit, WFS financial, Community credit union. I also can't get a strong co-signer. I can get one, but the credit will be worse than mine. I really don't want a buy here pay here lot, but I may have to.

<{POST_SNAPBACK}>

 

 

You pretty much shot yourself in the foot here. These are some of the same lenders we use. It is ultra difficult to get a decline done when the consumer gets themselves turned down.

[blasteddsm]

Well I have decided to wait for a while to get a new car seeing as the one I have should last for a long time to come (93 Maxima with 95K on it). I might get another car at the end of summer, and use the time I have now to build my credit up by getting the one collection account (not mine) off of my EX report. I sent the DV letter via CMRRR on saturday. I'm also going to pay off my credit card debt so my utilization is closer to 0-5% rather than 95%. Also I would be permanent on my job by then. This should help not only be able to get a car loan, but maybe even one at one of the prime lenders.

 

Thanks for the help.

[MarvBear]

when you have permanent full time employment your chances will improve dramatically.