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Old 01-14-2009, 11:02 AM
 
Location: Lansing, MI
2,951 posts, read 6,298,136 times
Reputation: 3257

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I have absolutely no credit file. What I did have, which was crummy, has rolled off. It was from my young n dumb days. I knew this going into it, was fully prepared to get a cosigner. And I also know I'm a high interest rate borrower.

I have applied for financing for a used car loan. The car is only a 2005 and would meet any used car loan criteria. I am only looking at a $9500 purchase price, which my household income can more than support, I have $1000 for a down payment plus a trade in vehicle that is owned free and clear. I have established job history. I have a cosigner with outstanding credit, good debt to income ratio and a long credit history of perfect payments and tons of money in the bank.

Our application has been turned down by 4 different banks the dealership has submitted it to. 1 of the banks was willing to give the loan to my cosigner as long as I was not on the loan.

How the heck can someone establish credit if they can't get credit?

Why the heck did we bailout the banks just to have them turn down someone that is jumping thru hoops to borrow?

Sorry, venting.
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Old 01-14-2009, 11:16 AM
 
Location: Kansas
3,855 posts, read 11,995,649 times
Reputation: 1714
Kinda what I've been reading lately. Dealers have been saying they could sell 20-30% more cars if they could get the credit.
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Old 01-14-2009, 11:21 AM
 
Location: Columbia, California
6,663 posts, read 27,059,964 times
Reputation: 5110
The loans are out there, you just need good credit to get them.
Nothing really ever leaves your credit report, I understand it counts up to ten years now for the score. But the history is still there.
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Old 01-14-2009, 12:02 PM
 
242 posts, read 674,266 times
Reputation: 192
you can get a loan, you will just pay high interest.
You gotta go 'subprime' like roadloans. Probably get 16%.
Sounds high, but on a 20,000 loan, the diff per month from 5% to 16% is about 120 bucks. Not horrible.

And you can get a new car too. There are good deals on cars right now, get a new one.

My car died on may 1st just as I started looking. I got a loan online, spent a day emailing different dealers to bring down price, went to the dealer the next day with a check from my online lender.

I was upset the car died as I wanted to wait a few months. Boy, did I get lucky that it died. If I had waited, maybe I would not have gotten a loan.

car payments are a bummer, but a used car payment plus repairs can kill you too.
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Old 01-14-2009, 12:32 PM
 
19,113 posts, read 20,684,949 times
Reputation: 8398
If I were you, I would take a personal loan at LOW interest rates... If I were you, I would look into Prosper.com and try to find loans that way... basically with the economy the way it is, it is more than likely that people with poor or no credit to default.. the banks are only playing the odds that you won't repay... and the odds are on their side... there is no reason to think you will still be employed down the road with the economy...
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Old 01-14-2009, 12:39 PM
 
Location: Knoxville, TN
2,172 posts, read 6,998,120 times
Reputation: 1527
Try Capital One.
Used Car Loans - Low Car Loan Rates at Capital One Auto Finance
They have really tightened what they'll lend on. They used to send you a "blank check" you could use to buy from a dealership or a private party. Now, they've cut out the private party sales and are restricting purchases to franchise dealers and places like Carmax and rental company resales.
They've got a $7,500 minimum loan amount. A lot of banks won't loan less than $10,000.
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Old 01-14-2009, 03:30 PM
 
51 posts, read 98,409 times
Reputation: 61
I got one a couple of weeks ago with my Credit union. 15K @4.8%
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Old 01-15-2009, 12:30 AM
 
3,853 posts, read 11,859,068 times
Reputation: 2521
Quote:
The car is only a 2005 and would meet any used car loan criteria. I am only looking at a $9500 purchase price, which my household income can more than suppor
You can't afford it. Buy a 3-5k used car instead. You can probably get a decent car seeing as how people are trying to sell stuff they don't need to pay bills.
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Old 01-15-2009, 05:09 AM
 
1 posts, read 4,723 times
Reputation: 10
Sounds like your in the huge pool of slum, known as life, lol.. J/k.. Sounds like you were in the wrong place at the right time; we all have been through that.. I would say, go with your intentions.. If you really need a car then get it!! "APPROVED FOR ANY CAR" sounds crazy to me and it should to you also!.. Try to save money at your job (if you have one) straighten out your credit issues and think about it then. Do you have a way of transportation? Friend, bus? Look into them!!





________________________
low APR zerorate.net
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Old 01-16-2009, 08:32 AM
 
Location: Minneapolis 'burbs
295 posts, read 758,875 times
Reputation: 404
Be smart...DON'T FINANCE THE CAR! If you have $1,000, estimate what you'll be paying in monthly payments + insurance and sock that away. When you get a few grand saved, by a car outright.

You don't want to pay interest (especially high int. since you don't have A1 credit), and with the car being a few years old, you'll be starting to perform some maintenance that can get up there. Today's cars are NOT built like they used to be...which is why so many own them just a few years & get rid of them. Don't waste your money financing a 4 year old car...just save & buy cash.
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