I am 24, live in so california and I NEED A CAR. I have really bad credit, Im pretty sure its in the VeRy low 500s, I bought my last car in cash FOR 7,000 from a family member (crashed it in Dec). I work about 30 hours a week as a medical Admin assistant and Im in school. I dont own a home, I rent from a family member… but I have been at my same job for about two years now… I want to get a used car for about 9,000 to 12,000, prob an 2006 model… how can I get a loan?? Ive put in one application to a car dealership online and was denied, I’ve been hesitant to apply again until I have a better idea on Where or with what kind of co to apply with… Help! please, I really appreciate any advice! Should i try for a loan with one of those ‘bad credit auto loan’ website? if so which one? and would they lend for a 2006 model? Should I just find a car I want at used car lot and apply with them? (I got approved a couple years ago for 9,000 after putting 6,000 down but my credits got much worse since then and I definatly dont have 6,000 cash right now… maybe 2 at the most). Advice please!!!! THANKS SO MUCH! 
:)
NO lender will consider anyone that is 620 or less FICO score. That means you wont get a loan. It doesn’t matter what your debt to income ratio is or how much you put down. Being low 500′s is why you were turned down. You’re considered a too high risk.
There are a few buy here/pay here lots, like Drive Time, but avoid them at all cost. Their cars are junk, they’re obscenely overpriced and they charge over 33.3% APR.Some charge as much as 99.9% APR !
Your only option at this time is to pay cash for a car. Yeah, it sucks. But it’s the only way for you to get another car.
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You need to apply for a loan at a dealership with a Special Finance Department. They will try to find a lender to finance you. They will also match you up with a car. The job history and down payment are positives, that will help.
You could also fill out an application on line at http://www.Fundingway.com. They will match you up with a dealer in your area that can help you. Good luck.
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Well, of course the best option is to pay cash. Maybe you should buy a bomber privately and drive it for a year (maybe two) and save $ to buy a better car. Stay close to home though. Those cars don’t last long. Or, if you really need a car that’ll get you around you may need to go to a buy here pay here. J.D.Byrider is pretty good about getting people financed. i don’t know how high of a score you would have to have. Can’t hurt to go in and ask. Remember that interest rates are higher than typical lenders because of the risk they take in financing people with bad credit.
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