Auto Loan w/ bad credit?
I am in need of a new car, as my current vehicle is gasping for life. I need to work out some financing, but have a problem: in my first year in college, I couldn't afford all my expenses due to not having a job. It was a bad time in my life, and I had to get rid of my car. Ignorantly, I voluntarily had it re-possessed. Bad move, I know, but it was all I could do at the time (or so I thought). This was 2 years ago, and since then I have completely recovered, haven't missed any payments, and my score has climbed from a low 500 to about a 625. I need a new car, but am afraid I won't be eligible due to the repo. I have a great paying job lined up (~50k/ year), and am looking to finance around 30k. What is the general consensus on this issue? Will I be able to get financing, or am I doomed? I am looking at Cap One for the loan, but also have a credit union I can try, though I am thinking that Cap One is my best bet. What do you all think? Thanks! Matt As for the job, I am still employed at the same employer since last summer, so technically I have been employed for nearly a year. The job I am getting is actually a permanent position at this firm; I have been part time because I have been going to college full time. I don't think my job history will be an issue in this case though (hopefully!)
Public Comments
- So there is an increase in your credit it's good though 625is also not good. But now a days people with bad credit also get loans and it's possible. But before taking any loan always go through the terms and conditions properly and also the rate of interest otherwise problem may arise in near future. You can make some search on yahoo or google to find some company . TO know more you can visit http://geteasyloans.blogspot.com and http://creditcardbiz.blogspot.com
- Capital One is a good bet. They are one of my largest lenders. The only problem I see in your question is your statement that you have a great job lined up. This indicates that you are not working now. One of the first things that Cap-1 or any other bank is going to look at is your job time and how much you make. You can give it a try and offer to supply a letter from your future employer.
- You can get financed, but you might have to pay a higher interest rate.
- bad credit auto financing http://www.wesayes.com
- Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is a straight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!
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