I have the worst possible credit, but I need a loan for a car something fierce. I have no family, and no one who could cosign for me. That’s in part why my credit is so bad that and student loans and hospital bills. Do any of you know of a loan company online who might consider me? Ive tried most of the well known places already. Thank you in advance for any help.
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Auto finance is what I do for a living and unless you have a very large down payment you are not going to be approved by any major lender.
As much as I hate saying this, you need to consider trying a "Buy here pay here" place try and find one that reports to the credit bureaus if possible otherwise all of your payments will not help your credit at all.
Good luck.
I would try talking to someone at the dealership. Most of them offer deals even though you have bad credit (as long as you are employed). Also, stop applying for loans until you get to the dealership. Every time that a company runs your credit, it drops your score by a few points.
If you have the worst possible credit and no one to cosign for you, you are not going to get a loan, it just isn’t going to happen.
Save up a couple grand and buy a clunker to just get you around until you can get the credit cleaned up and you can finance a car.
That is what I did when left with horrible credit after a divorce. Had to buy all my cars with cash. Went through about 3 different cars that were clunkers but got me around and my kids to school when they were younger. Finally, after 6 years, I was able to finance a car.
It all depend on how much you are asking for. If you have bad credit then you shouldn’t ask for more than $10,000.00 to borrow. Because, they are going to factor in the interest rate which is going to be over 12% and need to have at least $2,000 to put down.
creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Short of finding somebody that let’s you take over payments on a car they want to get rid off (but can’t because they still owe too much) it is not going to happen.
Save up some cash and look for a used car. (Try the tow truck companies… you would be surprised what they have).
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