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spoonman01

Need advice on getting a Auto Loan w/ Bad Credit

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Hi Folks:

Has anyone on this site received an Auto Loan w/bad credit? If so with whom? I would really like to hear your experiences. I googled and found a ton of links but obviously don't want to approach the bad ones.

I live in Southern Cal,

Thanks for any and all input and have a great weekend!

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Household Banks offers new car loans to people with bad credit. Their offices are in San Diego. They also have a website where you can apply. However, be prepared to pay big bucks for the loan.

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That's interesting. I just got a new unsecured credit card from them with a starting limit of $300.00.

Should I wait a month or so before applying? Don't want to push my luck.

Also, has anyone have any info on car.com?

Thanks

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I have so/so credit and I got a prime loan (if you want to call it that) with Bank Of America with 13% interest as of May 2005. It is a 5 year loan and I've already paid 1 year's worth of payments. I got the loan to put an installment account on my CR so I can have a different mix of credit.

I have 3 CS collection accounts, 2 judgments (one paid) and 1 collection, that should be coming off soon, but TU will not re-investiagate. I'm going to wait 60 days before re-investigating again.

You CAN get the loan, but you WILL be paying a high interest rate. I think my rate is too high, that's why I'm knocking out the loan so quickly. I was going to refinance, but what's the sense?

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I think the best route is your employee Credit Union, if you have one. I have so/so credit with an old repo and I was approved instantly for 15,000 loan with a 4.95% APR. I also just received an unsecured CC with a decent limit.

Give it a chance.

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Whatever you do, don't get Wells Fargo. DH has a minivan loan with a 25 % interest rate. Heard from his credit union after the fact that they would have given it to us for 13%. DH panicked when he returned the Explorer at the end of the lease. Now trying to figure out how to get out from under it. CU will only refinance for 2 % points less. We're trying to sell it but no luck. Any advice would be appreciated....

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Whatever you do, don't get Wells Fargo. DH has a minivan loan with a 25 % interest rate. Heard from his credit union after the fact that they would have given it to us for 13%. DH panicked when he returned the Explorer at the end of the lease. Now trying to figure out how to get out from under it. CU will only refinance for 2 % points less. We're trying to sell it but no luck. Any advice would be appreciated....

Your best best is to get the yellow pages and find every credit union in town or ones that you can join even if you are out of state. Use this:

http://creditunionaccess.com/

Also call up a few banks but most will not help unless you are a prime or super prime customer.

It is going to be a huge hassle but you need to directly talk to the loan department of each financial institution and explain to them your situation and what your chances are in getting approved, which credit bureaus they use, etc.

Some will only say that you have apply first and not give you any information. Others will tell you up front.

It will be a lot of work but it will be worth it.

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