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Old 04-13-2010, 01:21 AM
 
6 posts, read 12,904 times
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I just moved to TX-have great work history etc.But am lacking in great credit score.Anyone have any experience with second chance like car loans? I need a vehicle.
Anyone familiar with Drive Time? Any suggestions? Thank you
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Old 04-13-2010, 05:13 AM
 
1,836 posts, read 3,821,723 times
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I wouldn't buy with Drivetime: Just look at the insane number of complaints they get, not to mention a low BBB rating. In essence, with Drivetime you're buying better credit at a very high percentage rate, usually somewhere in the range of 20-25%.

If you have no other choice than Drivetime, please have the car lemon-checked by an independent mechanic. I can highly recommend Belden Automotive for this check: It takes about 2 hours and is $50 peace of mind for the life of your purchase.



Good luck,




BN
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Old 04-13-2010, 05:31 AM
 
Location: Charleston, SC
5,615 posts, read 14,794,627 times
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Not only that, but go ahead and see how many times the place has sold the car to somebody else and then repo'd it, or to see if they're selling a salvage-titled car for the same or more than one with clean papers would be.

Really I'd give Craigslist a shot before any of those type of places.
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Old 04-13-2010, 07:20 AM
 
Location: San Antonio, TX, USA
5,142 posts, read 13,123,776 times
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Some of the credit unions will give you a second chance but go through a used car dealership that sells new and used cars since you may not be a member of any of the local ones yet. If you are, apply with them. Yes, the interest rate will be high but it's better than the pay here buy here type of places with over 20%. My hubby got his 2006 Dodge Stratus at Mission Chrysler Jeep Dodge about a year and a half ago with a score in the low 600s. All of his debts were paid off but the debts still linger on the report. The dealership's finance manager worked his magic and found him a loan of 11.75% with San Antonio Credit Union and now he's a member since you do have to open a savings account with them but the minimum is mostly $5 so it's doable.
Good luck to you!
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Old 04-13-2010, 11:51 AM
 
Location: San Antonio, Tx
8,238 posts, read 10,728,132 times
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Carmax has been great. My family has bought 3 cars from them and we are getting ready to buy a 4th. They take all kinds of credit, in fact I knew one guy I used to work with who had TWO repos and got financed there.
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Old 04-13-2010, 03:01 PM
 
6 posts, read 12,904 times
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Oh thank you foryour suggestions! I am not that desperate yet to try Drive tIme.I am a RN and have good work history etc.
If anyone else has suggestions /experince-feel free to share! I wil try Credit Union...Carmax as well.
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Old 04-19-2010, 08:12 AM
 
Location: Deerfield
59 posts, read 152,417 times
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Seconded, don't go to DriveTime. Carmax is good, but inflated prices for people w/ bad credit.
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Old 04-19-2010, 08:18 AM
 
Location: San Antonio, Tx
8,238 posts, read 10,728,132 times
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Quote:
Originally Posted by KordovaJD View Post
Seconded, don't go to DriveTime. Carmax is good, but inflated prices for people w/ bad credit.
One other person said that to me recently about Carmax's prices being high. I didnt find that at all. In fact when I was looking for my car (Chrysler 300C) they had the best prices in town. Also, we are currently shopping for a new (used) car for my wife and so far they have the best prices in what she is looking for. Now, with less than perfect credit, you'll have higher interest interest rate, but that is going to be anywhere.
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Old 04-19-2010, 08:24 AM
 
Location: New Braunfels, TX
7,130 posts, read 11,838,269 times
Reputation: 8043
Go here first:

Free Credit Score & Credit Report Card. No Credit Card Needed

Check your own score - won't perfectly match with the individual scores, but it WILL give you an idea as to where you stand. I "joined" 6 months ago (it's actually free), and have been quite pleased being able to update and monitor my score. It'll "alert" me any time a "hard" inquiry is made, so it gives me a way to monitor what's going on without having to request a full credit report.

Next, go to https://www.annualcreditreport.com/cra/index.jsp and pull your report - it's free, just watch out for all the "extra's" they want to sell ya. Decline all "special offers" and focus on pulling a copy of your credit report. Print it out, and look at just what it has to say. Challenge ALL negative entries - often, even a legitimate negative reporter won't bother to respond to a challenge - and if they don't, then it must be dropped by law.

Do your best to improve your score BEFORE applying for credit if at all possible - it could save you thousands! Also, remember that a bad score today may force you into a second or third-tier financing option, but as your score improves, you can likely refinance that note with a different lender. I had a score so bad that I couldn't borrow water after a very messy divorce back in '97, but worked my way through it by keeping everything current and talking with a LOCAL bank (Jefferson State Bank worked with me wonderfully) and today have an excellent credit score. Just remember that it takes years to get a good credit rating - and minutes to screw it up. Pay everything BEFORE the due date, and keep on top of things. It's not easy, but it DOES pay off.

Oh - and ANY local bank/credit union is generally a good resource. RBFCU can be pretty picky, but once they start working with you, they are VERY easy to do business with.

Hope this helps - as I said, I've travelled your road before, so if I can be of any specific help, feel free to DM me!
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Old 04-19-2010, 03:02 PM
 
Location: Deerfield
59 posts, read 152,417 times
Reputation: 45
Quote:
Originally Posted by SabresFanInSA View Post
One other person said that to me recently about Carmax's prices being high. I didnt find that at all. In fact when I was looking for my car (Chrysler 300C) they had the best prices in town. Also, we are currently shopping for a new (used) car for my wife and so far they have the best prices in what she is looking for. Now, with less than perfect credit, you'll have higher interest interest rate, but that is going to be anywhere.
That may be the case for some vehicles on their lot. I'm not really sure. I know however, that in my side by side comparison of like "entry-level" luxury cars (Mercedes C300, Lexus IS, BMW 330) they were $1700-$2100 higher than even the certified pre-owned available from the dealers.
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