Where to find a car loan

[momxx5]

Any ideas for someone with pretty sad credit to obtain a car loan.

I understand that the interest will be hiring, etc. But upon obtaining the loan, and establishing better credit at some point will we be able to refinance.

Thanks in advance.

 

[mrsbornkuntry]

Years ago we went through a website called Roadloans.com . The interest was high, as you said, but after a year or so of working on our credit we were able to refinance for a much better rate.

There's also the "buy here, pay here" option if it's an emergency situation, otherwise I wouldn't touch those with a ten foot pole.

 

[tar heel]

Based on what you've shared with us in the past, are you sure you can afford a car payment of any kind? Is the car an absolute necessity and the current one dead?

 

[sduck]

I would recommend trying to use public transportation if it is available and work on your credit rating. Try asking over at www.creditboards.com.

 

[DawnM]

I too would not recommend you get a car loan. Make do with what you have, look into carpooling or public transporation, do whatever you have to do to get in better financial shape before going into even more debt, especially if you are talking about your husband going back to school, job insecurity, and the other things you have previously listed.

Dawn

 

[RitaE]

um Karl the Krazy Kar Guy!

Gotta job, Getta loan!!!!!!

 

[momxx5]

We are rural and there is NO public transportation.

This would be to finance our vechicle that has its lease ending. The lease was signed yrs ago when DH was greatly employed. We are already making lease payments, so this would be replacing the lease with the purchase payments. We just need to find a place to get it financed.

A vechicle is necessary to get to work.

 

[poohbearwithme]

I would try a credit union. Most of the time credit unions will do whatever they can and go out of the way to help their members. Usually the highest interest rate a credit union will charge is lower than most banks and especially lower than those high-risk loan organizations. Give it a try...the worst they can say is No...

 

[sduck]

We are rural and there is NO public transportation.

This would be to finance our vechicle that has its lease ending. The lease was signed yrs ago when DH was greatly employed. We are already making lease payments, so this would be replacing the lease with the purchase payments. We just need to find a place to get it financed.

A vechicle is necessary to get to work.

I would definitely do some homework prior to finding a loan to purchase your lease. It is usually a "bad" idea to purchase your lease.

 

[DawnM]

I am not sure she is saying she would buy this car, is she? I thought she meant a car loan for any car in general.

Dawn

I would definitely do some homework prior to finding a loan to purchase your lease. It is usually a "bad" idea to purchase your lease.

 

[DawnM]

http://www.carsdirect.com/auto-loans/bad-credit-car-loan/

 

[sduck]

I am not sure she is saying she would buy this car, is she? I thought she meant a car loan for any car in general.

Dawn

Quite possibly I misread, so I'll ask. OP are you thinking of buying out your lease car or are you looking at all the possibilities available?

 

[DawnM]

I guess I could have done that!

Dawn

Quite possibly I misread, so I'll ask. OP are you thinking of buying out your lease car or are you looking at all the possibilities available?

 

[CouponCon]

my fico forums has a category for auto loans. The have lender approvals on the top where people tell there fico score and who gave them a loan and what interest rate they received.

http://ficoforums.myfico.com/t5/Auto-Loans/bd-p/autoloans

 

[DisneyBill]

We are rural and there is NO public transportation.

This would be to finance our vechicle that has its lease ending. The lease was signed yrs ago when DH was greatly employed. We are already making lease payments, so this would be replacing the lease with the purchase payments. We just need to find a place to get it financed.

A vechicle is necessary to get to work.

If your lease is through a bank, say Fifth Third, rather than the automaker, it's likely they will finance your lease-end value straight-up without any application or credit pull, especially if you have an on time payment record with them. Think about it, you already went through this process at lease signing, and have been responsible for the total amount since the beginning of the lease anyway. It is also not necessarily true that buying your vehicle at lease end is a bad purchase, it's dependent totally on the specific car, current market value compared to residual value, and your personal insight to the condition of the car.

 

[Bungle]

Any ideas for someone with pretty sad credit to obtain a car loan.

I understand that the interest will be hiring, etc. But upon obtaining the loan, and establishing better credit at some point will we be able to refinance.

Thanks in advance.

Depends on how sad your credit is really. How much can you make towards a monthly payment?

 

[Tinker'n'Fun]

I don't know if the OP is coming back but I know she has posted about her vehicles before. I think one had a $199 lease that she extended and another around $400.00

First OP, have you turned in one of the vehicles. Unless you both work full-time jobs on opposite sides of the state you should go down to one vehicle. We did it, best financial move we made. If you are a stay at home, there is absolutely NO reason why you need two cars.

Even if you have to take DH into work a few days a week it will be cheaper in the long run, and I just can't fathom how you are going to build credit with two high interest car loans with one income.

If I am totally off base and you are down to one car, the answer is based on which car is left, how much you have left and what they want you to refinance.

Bottom line, if you are that bad financially you need to buy an older reliable car, and try to do it outright. You could get a part-time job when DH is not working and just put all that money into an account and it will add up soon.

Good luck. I hope you come back and answer some of the questions.

 

[momxx5]

Hey guys,
busy days around here.

We turned in one leased van that came due.

We are planning on buying this vechicle but need to find financing as the lease is through Honda. I was hoping it would be as easy as turning lease into purchase but it is not. Outside financing is a must.

We have 5 children and I work 2 jobs (both part time, one sub-teaching so no work right now) and DH works so 2 vechicles are a must. Right now I'm driving an extremely old van that need engine work to even pass inspection to get tags when that comes due in a few months.

One thing at a time.....financing the truck.

Thanks for you input.

 

[Princesca]

I dunno... everything I've heard about (f)leasing makes me believe it's a very bad deal. And paying a very high-interest car loan is not great either. Also, it's a truck... trucks have bad MPG. Not a very good economical choice. Even an SUV would be somewhat better, and would still accomodate your five kids.

For what you need to buy the lease, can you go on autotrader.com and find a used car with better mileage for cheaper? If you can, I'd do that. At least then your financing would be on a lesser amount of capital.