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I've been trying to get an auto loan???

I found the vehicle I want to purchase. I am 20 years old. I can comfortably afford the payments. I only have 2 credit cards, with a total of less than $600 owed. (lol) I have never financed a vehicle prior to this. The dealer tried getting me a loan with a bank, but they did not approve me because of my lenght of employment. I was at my prior job for a year and a half. How hard is it to get financing through a dealer with bad credit? (my score is in the 500's). I know the interest will be sky high, but I am planning on paying more per month than owed, and refinancing after a while. Oops, sorry. Well, I want to know if anyone knows any other options I have. I have tried getting an auto loan with capital one, but they did not approve me either. I have a credit card with them, but with a limit of $300. MORE DETAILS: Yes I was at my previous job for a year and a half, and I just started my new job a month ago.

Public Comments

  1. so your ?? is what...?
  2. Good luck because I am in the same situation and no one wants to do it.
  3. I would try capital one. Look it up online. I had a loan with them when I was young and applied online.
  4. buy here pay heres may be a better bet and be careful when buying from any dealer, take it to a mechanic and read the fine print also depending on where you are located there are usually auto papers like auto marts and auto traders that have many dealer ads
  5. Obviously if you only have a credit score of 500 (which in the industry is considered VERY poor) you have something else going on besides just 2 credit cards. You will be unlikly to get a loan with out a cosigner. You are right your interest rate will be sky high. You need to make sure your car payment is less than 25% of your take home as well...or that is an automatic denile trigger. You say you were at your previous job for a year and a half but don't mention how long you have been at this one. If you are switching jobs more than once every 3 year you are job hopping which looks terrible. Good Luck
  6. Alot of people fall into this trap. You will be paying soooo much money for the car and at the end of the loan you are going to have to do more repairs on the vehicle because after 5 years things start to break down. I made this mistake at 21. I did not have bad credit, but I had no credit. The best thing to do would be to purchase a car from someone who is selling it off their lawn. Drive that for 2 years or so and then go and get the car you want. In that time you will have a chance to bring your credit score up, your payments will be lower, and if you are unfortunate enough to loose your job you should still be able to make the payments. With me, I was makeing the payments (about 310 a month) just fine. I moved into an appartment that flooded and I lost everything. My husband and I walked out with the clothes on our backs and about 6 boxes of salvageable things. We had no bed, no extra shoes, no clothes to wear to work... nothing and had to start over. I fell behind on the payments and it took years to catch up while ruining my credit futher the whole time. If you can bring that credit score up, then you should be able to not only have the car at a comfortable rate... but one that you can afford even in the event of emergencies. Good luck.
  7. I am 19 year old and my credit was 495 when I got a $5000 car loan, indeed it was quite difficult to find a lender that approves you but after couple of days of frustration I found one, I think the address was: http://www.financeconsultant.org/autoloan.html
* Some answers may have been provided by Yahoo! Answers.