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DH and I are looking for a second car, preferably brand new. We are sick of going to BHPH lots and getting lemons. We have poor credit, average for DH is about 570 and average for me is about 545 on FAKO. Quite a few negatory CA TLs on our acct, with positive TLs being our student loans and Aspire Card. Our net monthly earnings are about 2800.00. I would not mind paying out the wazoo on APR for a while because we are starting are credit repair as of now. I can then just refinance and get a better APR eventually. Does anyone know of sub prime lenders that would take us depending on the info I have given? I can scrounge up between $500-1000 DP.

Also, since we are auto loan shopping, will it hurt us bad to have our CR pulled by different lenders? I know they have this 14-day window, or does that apply only to mortgages?

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I had a loan with americredit and paid up the keester in interest. There are serveral posts about Americredit here. Do a search and see what you come up with. As far as sub prime lenders, there are a ton of bottom feeders out there. Be careful and do your reseach before you sign.

Regards,

Lyle

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Thanks, Lyle. I seem to remember Americredit denying us last year, or at least it shows up as an inquiry on my credit report. I am trying to avoid doing too much inquiries but am so desperate for a new car. I'm going to at least take my 2 week period and do the inquiries then to avoid my credit score going down anymore. We applied for a place called Car credit city here in STL and got approved for a 7500 loan with 1000 down but the cars they have on the lot almost all have close to 100,000 miles! I think I'm going to shop around some more.

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  • 2 weeks later...

I don't know where to point you, except away from Americredit if at all possible. Of all lenders we ever had they were by far the worst!! We got behind in payments and then caught back up. But after that, they would call every month near the due date, even if payment wasn't late. They started not crediting payments on time and many many more troubles. I could go on for WAY too long, and if you want all the details of our bad experience, I'll tell you, but you probably get the point. I would drive a $1000 junker (and I did) rather than finance through :twisted: Americredit:twisted: again.

Hope that helps,

Greg

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A sub-prime lender I would try would be roadloans.com you can apply online and sometimes you don't have to put money down. Something to consider is most lenders do not accept student loans as "qualifing accounts" to get an approval, but credit unions do. You may be able to find a credit union with repo's for sale and usually they tend to lower their qualifications for an auto loan just to get a repo back out on the street. There is a credit union here that will put you in a repo with $0 down and lower than 8% even with credit issues.

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I got approved at Feld on Lindbergh/St. Charles Rock Rd in STL. Interest rate was high, but I re-fied a year later and it went down by 3%. Took them a week or so and about 16 lenders to get me approved. At the time, I had no idea that they went through 16 lenders, they told me when we closed....I think I only had to put $500 down

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  • 2 weeks later...
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