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poordad · Posted: Sun Jan 27, 2008 7:28 am Subject: help with getting car loan

I have been looking to replace my old car.I have apply for a couple of loans now. They have turned me down because of pass charge-off on my report. The big thing that hit me is that Transunion (which is what the bank looked at) said that I have no FICO score. The last time I borrowed money was six yaers ago(a car loan). I have been appoved by CarLoan which has a rate of 21% or go to a Buy Here Pay Here for around 24%. Which would be the best for getting a car.
Dennis

Posted: Sun Jan 27, 2008 8:40 am Subject:

I think you better pull your credit report and have a look at what's going on. If you have been turned down for a loan you have a right to see the report that they pulled.
That is way too much interest to have on a car loan. Would you be able to just save up enough cash for a used car in a lower price range, maybe $500-$1000? Maybe just something to get you by for now?

Posted: Sun Jan 27, 2008 11:11 am Subject:

Good advice from mom above about pulling your CR....

Also, if you can bite the bullet on the high interest in order to build a history for about a year, then re-fi, that is also an option.

Posted: Sun Jan 27, 2008 1:23 pm Subject:

I recently got a car loan with scores from 525 to 600, 3 charge offs (only around $500 total) wgat killed me was the only credit history that shows on my reports besides the CO's is a low limit CC thats been payed never late for 1year. From what the finance company said the only reason we got the loan was job stability and being in the same house for 7 years. I'm paying 18% interest and plan to refinance after a year.

I don't think it's a terrible idea to pay the high interest, My wifes car died and I am tired of spending weekends fixing both vehicles.Just make damn sure you can afford the payments.

Posted: Mon Jan 28, 2008 4:37 pm Subject:

I went through HSBC to refinance mine and had no trouble getting the loan. My credit has improved greatly in the past year, but was in the low 600s when I was approved.

It is worth a shot and I have found them very easy to work with.