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Best place for a bad credit car loan?

Date: Fri, 08/17/2007 - 11:31
Submitted by 24hourrevengetherapy on Fri, 08/17/2007 - 11:31
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Any ideas? My credit was ruined by the time I was 21. At age 30, I've made inroads to building it back up, but my score still falls in the high 500's/low-mid 600's, depending on which of the three reporting agencies you check. As such, I have "bad credit", but I still need a "good car" (and am not going to JD Byrider, where I can pay $7500 for a $1500 car at 25% interest). I know I'll have to eat a high interest rate, but I don't want to deal with a predatory car lender.

Am I up a creek, or do I have some options I don't know about?

Thanks in advance to anyone and everyone who has something to add on this thread. I pre-emptively appreciate it.


Focus on those items which are still ruining your credit scores. Make some arrangements with the creditors on paying it off and they will update your file with the bureaus. Gradually, you'll find one negative item taking a good turn and your scores will improve. At this stage, looking at your credit, any lender will charge high interest rates because of the unpaid accounts. Be sure that you have the payment arrangements with creditors in writing and stick to the plan. You don????????t want to miss the benefits that they will offer in your pay off.


Submitted by Steg on Fri, 08/17/2007 - 12:07

Steg

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If you are unable to obtain a conventional loan You might want to try RoadLoans. Although a subprime lender they are not too bad. However there is no grace period on the note.so if you are even a day late they start calling.

This can also help build your credit back up.

(Sorry about the punctuation. every time I use a comma it will not allow me to post.)


Submitted by Roadwarrior on Sat, 08/18/2007 - 05:05

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With your credit score where it is, I think you may be able to get a better deal on a loan than you think. There are a lot of big dealers that will give a loan to people with bruised credit. Yes, the interest rate is high, but not like JD Byrider. Are you by any chance in the Grand Rapids area?? With your reference to Byrider, I thought so, but maybe they're national.

Anyway, when I bought my car 3 years ago, my credit score was 621. I bought it at a well-known dealership and got a pretty good interest rate and decent payments with no co-signer and no special financing. Check around.


Submitted by finsfan13 on Sat, 08/18/2007 - 06:14

finsfan13

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Really? I didn't know that! I think they have to be the biggest rip-offs in the world! I know someone who bought a car there.. It was a POS. I think they overpaid by like $3000. Byrider put a device in the car that beeped if they were a day late on a payment. It beeped non-stop until the payment was made. I guess after a week the car was supposed to disable.


Submitted by finsfan13 on Sat, 08/18/2007 - 07:01

finsfan13

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Yeah, Byrider is all over. I know a few people who've dealt with Byrider. If you want to pay $9000 for a 1996 Chevy Cavalier, and then pay 28% interest on the note for the next five years, that's the place to go. Me? I'll pass.

Thanks for all the advice, everyone. All of your posts are helpful, and I appreciate your input a great deal.


Submitted by 24hourrevengetherapy on Mon, 08/20/2007 - 09:56

24hourrevengetherapy

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OMG I didn't know they even made such a device for a car that was legal to do that. I seen them do that one like COPS to catch car thieves but didn't think that a auto finance place would have those capabilities. That is shocking.

That would be enough to make you want to go out and wreck the car just to get the thing to shut up! (LOL)

ladybug


Submitted by ladybug on Mon, 08/20/2007 - 19:49

ladybug

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