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Smart Shopper New Vehicle Financing - What Rate Can I Get?
19 messages, Last post on May 22, 2009 at 10:17 AM
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A reporter from a large daily newspaper hopes to speak with consumers who have had difficulty obtaining credit for a vehicle purchase. If you’ve had difficulty, please respond to ctalati edmunds.com with your daytime contact information no later than Friday, April 18, 2008.
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Hi all...we are in need of a new car but are in the process of rebuilding our credit. We really need the car ASAP as ours is about to die. Here is the situation: Fico credit scores range from 515-548. We have 2 good car accounts with never lates on one or two of the reports (i think TU and EXP and not EQ) from about 1999-2000 that were paid in full, as agreed. On ALL THREE reports we have several collections accounts, all over 2 years old and one of those is for American Gen. Finance where we took out a title loan. It shows a $0 balance/sent to collections status as a finance loan with a $550 balance. Again, most of our bads are at least 2 years old and nothing has over $700 account balance. Many of the bads are medical bills from 2 years ago when I got very sick and had to have surgery. Our finances went way down during that time...which was the reason for the title loan and not being able to pay it back  Anyway, do we stand ANY chance of getting financing from anywhere? We bank with Wachovia and did call them and apply and got a big, fat no. We found a Honda Pilot-2008- with only 5 miles on it for $24888.00. Is there any hope for us? Thanks for any help you can give. |
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Replying to: needtofinance (May 23, 2008 7:01 pm) Pay your bills. " Many of the bads are medical bills from 2 years ago" Buy health insurance instead of SUVs. "We found a Honda Pilot-2008- with only 5 miles on it for $24888.00. I" Buy cheaper cars instead of SUVs. Imagine for a moment that by some fluke, you are able to "buy" it. Are you then going to stiff your creditors for the gas bills? "Is there any hope for us? " Only if you learn to live within your means.
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Replying to: needtofinance (May 23, 2008 7:01 pm) You are looking at high teens to low 20's. Personally, I'd find a cheaper car. I'd also look domestic as Ford Credit or GMAC may be more willing to give you a more humane rate. |
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Replying to: black_tulip (May 23, 2008 8:08 pm) Pay your bills. " Many of the bads are medical bills from 2 years ago" Buy health insurance instead of SUVs. "We found a Honda Pilot-2008- with only 5 miles on it for $24888.00. I" Buy cheaper cars instead of SUVs. Imagine for a moment that by some fluke, you are able to "buy" it. Are you then going to stiff your creditors for the gas bills? "Is there any hope for us? " Only if you learn to live within your means. What an ass.
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Replying to: joel0622 (May 27, 2008 11:16 am) |
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| We now have an Affordability Calculator which helps you figure out the price range of the cars you should shop for based on your desired monthly payment: http://www.edmunds.com/apps/calc/CalculatorController?pmtcalAction=affordability- - | |
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