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CrescentCity

If I qualified with CarMax, who else will finance me?

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Hi Everyone!

 

I found a 2013 Nissan Leaf for $9000--but the dealership's financing turned me down. My credit score is 540, and I've only been in my job for three months.

 

So I applied through CarMax to buy a similar car, and they approved me online, but then I realized the closest CarMax location is 400 miles away. (I recently moved from an area with a CarMax location, and so didn't realize there wasn't one in my new area.)

 

So my question... Are there any lenders who will work with a credit score of 540, and a three-month-old job, and finance the car on the local lot that i want? The local dealership sells new Chevrolet, Buick, and GMC cars, and used vehicles. 

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It would be up to the acumen of the F&I Mgr that tried to get your deal approved through one of their sources.  There will not be a lot of them, and some of them may just be regional, based on your garaging address.  So there is really no simple way to provide you with a list of names.

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Beyond what Marv has stated, you ALSO need to remember that you will be better served to let the dealership finance staff work for you.  If you apply with one of the avenues they had available but get turned down, it is likely NOT going to be an option for the dealership.  And the dealership staff may have been able to finesse the institution to gain an approval on a clearly-dicey application. 

 

If that is an auto-enhanced 540, there are substantial issues that will be concerning for ALL lenders.  Focus on those and repairing them while driving a hooptie for a while before thinking of taking on more debt...this holds especially true given that you will likely NOT be happy with the interest rate that a 540 will stick most consumers with.  My guess is that your approval carried an APR north of 20%.  Even if you planned on paying the note off inside of 18 months, that is STILL a metric boatload of interest being paid for which you see no meaningful return...

 

 

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If anyone knows of any companies who might approve the same kind of situation as CarMax does, I’d love to hear about them! And yes I know that working on my score first would make it easier—of course! :)

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Not to mention a seven year old all-electric car is just asking for problems. The bugs have not been worked out of the electric cars yet, and if its on a used lot there's a good chance the battery is shot and the previous owner didn't want to fork over the cost of the car again for a new battery. And if your mechanic has to make a run to Toschi Station to pick up power converters, good luck with that.

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If Carvana would approve you, you could order the car online and have it delivered to you.

 

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why are your scores so low? if a couple months you could be in a much better position if you work on your reports.

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