Bad Credit..
02-23-2005, 05:40 PM
#1
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Bad Credit..
Alright, everyone's seen those stupid ads... "Bad Credit, No Credit, No Problem" Yeah, right. I have crappy credit, I believe somewhere around the 460-480 area. I've applied to several of those ads... resulting in being turned down because I don't have a co-signer, or $1000 to put down. Needing a new car within a week or two, I'm looking to I-Club for help. Has anyone ever been successful on a Bad Credit Loan Company?
02-23-2005, 05:49 PM
#2
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iTrader: (38)
Join Date: Oct 2003
Location: rightBehindYou, HI
Posts: 7,783
Car Info: 1973 Huevo Ranchero
with a sub 500 credit score you pretty much need to get a cosigner. at around 580 some banks will make exceptions. but usually at very small loan amounts.
the best thing for you to do is to bring your score up. which has 2 advantages. 1- easier to get loans. 2- better interest rates.
if someone does finance you it will be at some astounding rate, at that point makes it ridiculous. if getting a car is a must, i suggest finding a cheaper car. subarus generally are not your economy car.
if you have anymore credit questions you are more than welcome to PM me or email me.
aloha from the summit of *-^-Mauna Kea-^-*
the best thing for you to do is to bring your score up. which has 2 advantages. 1- easier to get loans. 2- better interest rates.
if someone does finance you it will be at some astounding rate, at that point makes it ridiculous. if getting a car is a must, i suggest finding a cheaper car. subarus generally are not your economy car.
if you have anymore credit questions you are more than welcome to PM me or email me.
aloha from the summit of *-^-Mauna Kea-^-*
02-24-2005, 08:27 AM
#3
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Join Date: Dec 2004
Posts: 293
yeah, unfortunately....
unfortunately, G-dogg pretty much has it. With a sub 500 score, nothing down, and no cosigner, the only place that MIGHT finance you is a JD Byrider type place, and then you're going to get bent over, and end up in a 96 chev cavalier at 19.9% interest.
If I were you, I would say your best bet is to find a $500 junker, buy it for cash, tough it out for a year and rebuild your credit/save $100 per month for a downpayment, and then get something nicer. The easiest way to quickly build your credit back up without costing you $$ (apart from paying all your bills on time) is to have several open sources of credit (credit cards) and pay them all off entirely each month. The more "revolving debt" you have, the worse you will be.
If I were you, I would say your best bet is to find a $500 junker, buy it for cash, tough it out for a year and rebuild your credit/save $100 per month for a downpayment, and then get something nicer. The easiest way to quickly build your credit back up without costing you $$ (apart from paying all your bills on time) is to have several open sources of credit (credit cards) and pay them all off entirely each month. The more "revolving debt" you have, the worse you will be.
02-25-2005, 09:34 AM
#4
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Well....
Well, I took into consideration what you said.. I did research. There is a dealership company that actually takes your credit score and locates what cars will fit your score.
This dealership is Saturn Of Springfield. They called me up yesterday, said my score was 460... and that for $200 down, plus my dead trade in, AND an interest rate of 14.6%, they could fit me into a 1996 Subaru Legacy Wagon, or a 1998 Saturn SC series. Those are the only two cars I qualified for.
Has anyone heard anything about Saturn Of Springfield that could give me a heads up. I have an appointment with them March 5, @ 2 PM.. to discuss possibly picking up a "new" car... Hopefully, this isn't a scam. That's why I'm looking to you all.
Hit me up if you know anything about this company.
This dealership is Saturn Of Springfield. They called me up yesterday, said my score was 460... and that for $200 down, plus my dead trade in, AND an interest rate of 14.6%, they could fit me into a 1996 Subaru Legacy Wagon, or a 1998 Saturn SC series. Those are the only two cars I qualified for.
Has anyone heard anything about Saturn Of Springfield that could give me a heads up. I have an appointment with them March 5, @ 2 PM.. to discuss possibly picking up a "new" car... Hopefully, this isn't a scam. That's why I'm looking to you all.
Hit me up if you know anything about this company.
02-25-2005, 01:03 PM
#5
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iTrader: (38)
Join Date: Oct 2003
Location: rightBehindYou, HI
Posts: 7,783
Car Info: 1973 Huevo Ranchero
if you are okay with paying 14.6 percent interest, then go for it. if buying a car 9 years old ask for a warranty for at least the term of the loan. in most cases a loan for a car that old is around 24 months. as an example if the legacy sells for $3,000 (based on wholesale value) your monthly payments would be in the ballpark of 145/month and total interest would be 450-500.
if you are referring to Saturn of Springfield,MA then here is their website.
it appears to be a very professional website/dealership.
before signing any paperwork request a carfax on the car you buy, and make sure to take the time to read and UNDERSTAND every document. i am advising you this because i do this on a daily basis--- i'm giving you as much tips as possible.
aloha from the summit of *-^-Mauna Kea-^-*
if you are referring to Saturn of Springfield,MA then here is their website.
it appears to be a very professional website/dealership.
before signing any paperwork request a carfax on the car you buy, and make sure to take the time to read and UNDERSTAND every document. i am advising you this because i do this on a daily basis--- i'm giving you as much tips as possible.
aloha from the summit of *-^-Mauna Kea-^-*
02-26-2005, 09:01 AM
#6
Registered User
Join Date: Dec 2004
Posts: 293
hold the phones kids....
I'm in RI, and I think I actually might be able to help you out......
I just spoke with my Finance Manager today, and she has a source that she thinks would finance you for up to 10K (we've got at least a dozen under 10K). Go to www.capitalsubaru.com, and fill out a credit application. Mention that you spoke with Jason on I-Club in the application. We'll see what we can do for you.
I just spoke with my Finance Manager today, and she has a source that she thinks would finance you for up to 10K (we've got at least a dozen under 10K). Go to www.capitalsubaru.com, and fill out a credit application. Mention that you spoke with Jason on I-Club in the application. We'll see what we can do for you.
02-26-2005, 10:39 AM
#7
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iTrader: (38)
Join Date: Oct 2003
Location: rightBehindYou, HI
Posts: 7,783
Car Info: 1973 Huevo Ranchero
Originally Posted by LUvikes29
hold the phones kids...
and btw, i was born in 1975
i'm reaching the big 3-0, but i guess i'm still a kid at heart aloha from the summit of *-^-Mauna Kea-^-*
02-27-2005, 03:06 PM
#9
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Originally Posted by LUvikes29
I'm in RI, and I think I actually might be able to help you out......
I just spoke with my Finance Manager today, and she has a source that she thinks would finance you for up to 10K (we've got at least a dozen under 10K). Go to www.capitalsubaru.com, and fill out a credit application. Mention that you spoke with Jason on I-Club in the application. We'll see what we can do for you.
I just spoke with my Finance Manager today, and she has a source that she thinks would finance you for up to 10K (we've got at least a dozen under 10K). Go to www.capitalsubaru.com, and fill out a credit application. Mention that you spoke with Jason on I-Club in the application. We'll see what we can do for you.
I sent it in just a few minutes ago, just in case I can come up with a cheaper loan APR... I like that 1997 Subaru Outback Wagon. Thanks for the help.
-Marc (Mark officially)
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