Need A Car Loan.. How When We Have Bad Credit?

kitkat01

LoanSafe Member
Jul 1, 2010
261
4
18
Not sure if i'm posting this on the correct forum.. I just recently (thank gawd) got my loan modification approved and signed final package. The new payment is very very comfortable. But been waiting for this time to come so I can decide when we can get a car. Our SUV has just been giving us issues and it is 14 yrs old so no complains there, car's been good to us. Now it's time to get another SUV and looking for a used one but I really doubt we can get approved since I have (under my name) have some unsettled cc. Most of them have been settled but some still waiting. My husband has no more cc, they were settled and/or received the letter that they're cancelling the balance. His score is 650 so I doubt we'll get approved on a regular car loan. Let me know if anyone knows of a bank that can/will approve for thsi type of credit. We can definitely afford to get an SUV. it's just getting the approval for our credit is the issue.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
Many car dealerships offer their own financing that can compete or is better than a bank for this type of credit. Also websites like carsdirect.com and drivetime.com.
 

kitkat01

LoanSafe Member
Jul 1, 2010
261
4
18
Thanks Moe!

We got the SUV we wanted with a great rate too.. dealer was able to find us Ally Bank with 4% for 72 months. Even with my husband's score being at 630. That was the highest out of all the 3 credit reporting companies. Other dealers we went to over the weekend needed my mom to co-sign but even with her not so good credit as well, they were offering us 12.75% and the other at 11%... so glad we found the exact car we wanted and was able to get the 4%. Thanks Moe for your great advice... as always.

I didn't have the urge to go to dealers if you didnt give the websites above. I automatically assumed we were never going to qualify with our credits.. but we did.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
My pleasure kitkat and congratulations! Thanks for sharing your car loan story. That is an awesome rate and great information for other people who are searching for a new vehicle after having mortgage issues.