In Need of An Auto Loan

[pablo9567]

Hi,

I am in need of a vehicle. I submitted a on-line application and so far I have been denied by: Triad Financial
WFS
Capitol One Auto
Long Beach Acceptance Corp.
Nuvell Financial
Now I am terrified to go into a dealership. Can anyone suggest any other Lenders that deal with bankruptcy or bad credit?

Thanks

[LuxLiving]

Have you tried prosper.com? I've been neither a borrower or lender on there, but, it may be worth checking out.

Good luck to you. You probably already have, but I'd be remiss not to ask -- Have you considered just saving up and making a cash purchase while repairing the credit? I don't know your circumstances, but it may be doable depending on your needs.

[jIM_Ohio]

buyinmg a used car for $2000k which would last 1-2 years while you repair your credit and debt situation might be a better move.

[fairy74]

I agree about buying a less expensive vehicle that you can pay for in cash, while you rebuild your credit. If you are set on buying a more expensive vehicle and financing, try smaller, local dealerships---some advertise that they will finance anyone, realize the down side to this is the enormous interest rates and high payments.

[LuxLiving]

I agree with Jim, a small cash purchase may be the ticket out of your troubles. Even so, have you tried your local credit union?? I'd also ask if they have some kind of counseling available.

[bjl584]

I agree. If that many lenders are denying you a loan, then maybe they are trying to tell you something. A used car that you can pay cash for would be a better move.

[disneysteve]

Originally Posted by pablo9567

Now I am terrified to go into a dealership.

Don't go into a dealership. As others have suggested, take whatever money you do have and find a used car for that amount. It might be in your local paper or on craigslist or ebay or on a neighborhood used car lot.

[Scanner]

My neighbor buys "disposable cars" as he calls them for $500 or less.

He travels about 200 miles to work each day - from S. Jersey to NYC to work for the transit authority. So he just buys old cars and when it dies, he just has them hauled away.

In 3 years, he's had 2 hauled away. There was a big puddle of anti-freeze on the driveway on the last one - probably a head gasket.

Pretty smart.

[disneysteve]

Scanner - I knew a guy years ago who bought a car every 6 months, never spending more than $1,000. While he had the car, he would make minor repairs, especially cosmetic stuff, and give the car a thorough cleaning. Then he would sell it, usually for as much or more than he paid. He did that for years. His cost of ownership was nearly zero.

[tabbycat31]

Americredit is a subprime car loan company. However they're interest rates are insane and it's like a legal loan shark. Plus they do a lot of repos.