Sign in to follow this  
triton3k

What are my chances?

Recommended Posts

I was looking at a vehicle to purchase for $11,750 for sale by a private owner. My credit scores range from 569-589. I wanna know what are my chances of being able to get a bank loan from my financial institution (washington Mutual) to purchase this vehicle. What are some things I can do to get either a secured or non-secured loan through a bank that im banking with? I know the likely hood of getting approved are slim but I wanna know what are some things I can try to do to be able to get that loan.

any help or info will be greatly appreciated.

Share this post


Link to post
Share on other sites

I'm in the same boat, I'm looking to get financing for a 1994-1997 model car, but would like to purchase from a private party and not a dealer. I'm getting tons of offers for new cars from dealers, but that's not what I want. Almost every "bankruptcy" friendly lender will only finance through their "network of dealers". If you find a lender that will lend for vehicles purchased from private sellers, let me know!

Share this post


Link to post
Share on other sites
I'm in the same boat, I'm looking to get financing for a 1994-1997 model car, but would like to purchase from a private party and not a dealer. I'm getting tons of offers for new cars from dealers, but that's not what I want. Almost every "bankruptcy" friendly lender will only finance through their "network of dealers". If you find a lender that will lend for vehicles purchased from private sellers, let me know!

Looks like your in a better situation than me. I cant even get anyone to consider me for a loan. I've gotten turned down about 3 times already. Where are you located and what companies have you gone through for an auto loan?

Share this post


Link to post
Share on other sites

With scores below 600 it is unlikely you could get a loan through a reputable source with a decent interest rate. Maybe if you open a savings account at a Credit Union and save up a decent down payment when your scores come up a bit they may be willing to finance it. Trying through the banks with those scores is just wasting inquiries. Good luck.

Share this post


Link to post
Share on other sites

Nevermore, you are exactly correct. We are less than a month post BK7 and we got approved through my wifes credit union for $10k on a 1995 model car, but they require a 30% down payment :-(

I've looked at www.roadloans.com, eloan.com, etc. Just do a search for bankruptcy + auto loan and you will find companies that will find a car within "their network". I found a place here in Georgia that will finance you no matter what, provided you pay $750.00 down and they charge you 28% interest :-(

Share this post


Link to post
Share on other sites

thanks for that info Nevermore.

Hey Todd. Hows your wife credit compared to yours?

I'll definately check out that site and see if I can find anything.

Share this post


Link to post
Share on other sites
thanks for that info Nevermore.

Hey Todd. Hows your wife credit compared to yours?

I'll definately check out that site and see if I can find anything.

Well, it's about the sam, we applied jointly and filed BK7 together. When they pulled all 3 CR's, our average score was 542 :-( We got approved for a 1995 model Lexus, 13.5% interest for 48 or 54 months, it's our choice. But again, with $3,000 down.

Apply for a loan through eloan, they will forward your loan to other lenders. They first fowarded us to www.roadloans.com and then Roadloans forwareded us to www.straight-away.com that does private party loans.

I talked to straight-away.com and they approved us for up to $15,000 for 48 months with a 16% interest rate. I could buy from a private owner even out of state, just has to be a 2000 or newer car with fewer than 70k miles.

Hope that helps man!!!!!

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this