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  1. Success!! I am happy to report that, thanks to the sage advice from the members on this board, I now have my first car loan in eight years! No co-signor. Sure the rate is ridiculously high, but I made a big downpayment ($5,000 on a $14,900 vehicle) and no POI was required. I bought a used MDX at the local Acura dealer and we got the deal done in just over an hour. They offered the advice that I should get a good 4-6 months of steady payments under my belt before I think about potentially trying to refinance at a lower rate. Thank you all very, very much for the guidance and support. I can't even believe I got it done!
  2. New vehicle franchises have more pull. They have more available lenders. And probably better talent. 30% as a down payment on a 15,000.00 vehicle should be sufficient.
  3. OK. Thanks again for the info, gents. Here is the latest. My buddy, rather than co-sign, is providing me some cash (it's actually a share purchase of our company stock). I will use that cash as a down payment and it should amount to about 50% down payment. I will ask the car dealer to find me a loan that doesn't require a co-sign, and even if the rate is high, I should only be financing about $8k ro $9k. Wish me luck! I will report back my results.
  4. There are two primary reasons why I need a co-signor. First, my TU score is 617, however, with both Experian and Equifax I have no score. This is because I haven't had any credit accounts (except for one co-signed car loan from 2013 to 2015) since 2011 when I had a foreclosure and a repossession. Just a bit earlier this year those two things came off my credit report. The reason cited for no score on EX and EQ is lack of credit history which I understand is as bad or worse as a low score. Second, I am the CEO of a start-up company. We are pre-revenue. I have been paid as a consultant (1099) for several years. There have been breaks in getting paid when we had to raise more money. It has been pretty steady for the last 15 months or so, but there was a six month break in my income last year earlier in the year. As such, I don't have the typical "pay stub" that lenders love to see. For those reasons, I believe I will need a co-signor, but I am completely open to - and appreciative of - the expertise on this Forum. Let me know your thoughts again, please, in light of this info. Thank you!
  5. I have a friend willing to co-sign a loan for me. I am looking at the $12-$15k range for the loan. I don't want to do too many hard pulls, so I am going to try to get pre-approved. So, my question is should I try to get pre-approved from my personal bank (Wells Fargo) or go with one of the specialty lenders like CarFinance.com or Auto Credit Express?
  6. Thank you all for the input. It looks like I may be able to borrow a friend's car for a couple of weeks while figuring things out as long as I can get insurance for while I have it. In the meanwhile, I will also see if anyone would be willing to co-sign on a loan. Last question... Will I have better luck working through a dealer or trying to get a loan approved ahead of time directly with a lender? Any thoughts on that?
  7. Hello All! I am new here and I really need some help. Back in 2011, I had a foreclosure and a repossession. Those dropped off my credit reports earlier this year. Because of those, I haven't been able to get approved for any credit except a car loan with a co-signor (American Credit Acceptance) that I had all good payment history and then paid off in 2015. I have been driving a lease car from a friend since then, so not in my name and now that friend can no longer provide the lease, so I have to buy a car. The only other item on my credit reports is a credit card my ex-wife had with my name on it as well that she ended up not paying and settling with them (about $1360). Just pulled my credit reports. TU is 617 but both Experian and Equifax has no credit score! They say it's because I don't have enough credit history, but how can I get any if I can't get a credit card?? Anyway, I spoke with Carfinance.com and they use Experian. If I had a 500 with them, I could get a loan. I make over $100,000/year but I am self-employed as a consultant, though it is quite regular. I am looking to borrow between $20k and $25k and I will have $10k to put down. What is my best approach to go about getting a car loan, please? I'm really at a loss here, so any help or guidance would be greatly appreciated!

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