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I missed some house payments- my home is in a short sale.
I have a high credit card balance.
My husband lost his business, and he has had a new job for three months now.
We are paying everything off OK now.
I need to purchase a vehicle.
Will I be more likely to be accepted for a higher amount- I need a van- If I purchase it new through a dealership as opposed to purchasing a used vehicle?
Should I use an online finance qualifier, vs. going to individual dealerships to see if I qualify?
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chavi said:I missed some house payments- my home is in a short sale.
I have a high credit card balance.
My husband lost his business, and he has had a new job for three months now.
We are paying everything off OK now.
I need to purchase a vehicle.
Will I be more likely to be accepted for a higher amount- I need a van- If I purchase it new through a dealership as opposed to purchasing a used vehicle?
Should I use an online finance qualifier, vs. going to individual dealerships to see if I qualify?
I doubt it will matter given the shape your credit is in. Buy a used vehicle.
For some reason this looks like a personal ad posting:
"High credit risk couple with ton of outstanding debt in search of understanding auto dealer to sell us a large vehicle which we will payoff since we've been doing good for three months paying some of our obligations."
chavi said:I missed some house payments- my home is in a short sale.
I have a high credit card balance.
My husband lost his business, and he has had a new job for three months now.
We are paying everything off OK now.
I need to purchase a vehicle.
Will I be more likely to be accepted for a higher amount- I need a van- If I purchase it new through a dealership as opposed to purchasing a used vehicle?
Should I use an online finance qualifier, vs. going to individual dealerships to see if I qualify?
Try www.peoplesfcu.com I have seen people getting loans with low 600 Equifax its a credit union with $5 to join good luck.
If that doesn't work out you can try prosper.com . Your interest rate will probably be mid double-digits, but that's what bad credit runs you. Prosper investors might not even fund you though, given you probably have several DQs. Good luck but you may need to save some cash.
chavi said:... I need to purchase a vehicle ... I need a van....
Not knowing the difference of needs vs. wants got you into the mess you are already in.
Save some cash and buy a beater.
wow can't believe I am the first to ask for pics. Pics?
You need to buy a beater (<$2000), why in the world would you even be considering a brand new vehicle. Pay your debts first deadbeats.
Now may not be a time to spend too much on a vehicle.
"Deadbeats" might be a bit extreme, not knowing their individual situation.
I love the gang mentality though.
chavi-
You would have probably gotten friendlier responses here if you would have first said that your money problems were fallout caused by your husband's failed business. The way you wrote your OP, it looks almost as though you are deadbeats.
Regarding your question, some thoughts:
1) What do you need a van for? How often? If your need for a large vehicle is infrequent, consider renting. You'll save a ton of money on gas, maintenance, buying car, etc.
2) A dealer will have many financing programs available, including some for those with poor credit, but you will pay through the nose for that type of loan or lease. "Your job is your credit!" type places have those ads for a reason: people who take them up on their offer generate a ton of profit.
3) Try whomever you already have a banking relationship with--assuming you haven't burned them as well. Relationships still mean something at many local banks, and they might be able to help you.
4) As others have said, this is NOT the time to go buying a new car. Get the word "new" out of your brain. Used, used, used, used, used.
Get a used vehicle, and a bottle of this
You should not be buying a new car you should get the cheapest used car that meets your NEEDS. Ie reliable transport to and from work only ugly is fine frumpy is fine.
Pay down credit cards with the difference every month.
creditboards
is the place to be
its amazing what people will qualify and buy. I'm using them to help me with my battle against old paid debt.
But I cring at some of the stores I read..
like being upside down 8grand, and decided you NEED a new mercedes. Well someone will lend you money.
a short summary... You'll probably have to do it at a dealer find the one with the ad's that say will fiance everyone. Thats because they probably work with the shadest lenders, and in soem cases can call in 'favors' And be ready for the 25%+ interest rate depending on how bad your fico is.
Or take the advice of others here, buy a cheap 2-3k car.
Thanks for the helpful responses.
We need a van because We have three children, and we will be traveling three hours to work daily. I thought we could save on gas. New, is not my priority,I just need financing.
My debt to ratio is low. We currently own 800K in property-paid. Unfortunately, the market will not move it. I had to stop paying the one home to keep us afloat, but I was on top of everything else-but late once in a while. I have one credit card that is high, and all others are paid off.
The home I defaulted on, will be signed over this week, so our debt will be a total of 220K- including student loans, car, ect. Our combined earnings are 70K annualy.
Our fico score is now 580.
The car I have now, broke down, and I need to replace it. I bought it used, and am afraid to go that route again.
chavi said:Thanks for the helpful responses.
We need a van because We have three children, and we will be traveling three hours to work daily. I thought we could save on gas. New, is not my priority,I just need financing.
My debt to ratio is low. We currently own 800K in property-paid. Unfortunately, the market will not move it. I had to stop paying the one home to keep us afloat, but I was on top of everything else-but late once in a while. I have one credit card that is high, and all others are paid off.
The home I defaulted on, will be signed over this week, so our debt will be a total of 220K- including student loans, car, ect. Our combined earnings are 70K annualy.
Our fico score is now 580.
The car I have now, broke down, and I need to replace it. I bought it used, and am afraid to go that route again.
Heres a big savings tip for you:
1) sell house 2... and RENT
2) Rent new place 10 mins from work.
If the market will notmove a property it is not worth what you think lower the price and sell it for what the market will bearthen use that to pay off rather then deadbeat on your loans
then buy a used sedan(2 adults 3 kids can fit in a sedan just fine) something like a honda accord that gets good gas miles and very reliable. Maybe even a station wagon)
You do not NEED a van for 3 kids. You NEED to know what a NEED is.
Of course they need a van for 3 kids just like they need a media room, a family room, a den, a living room, a finished basement, a granite kitchen w/ stainless steel, a bathroom for each person, a 3 car garage and finally a master retreat complete with a hot tub. And lets not forget, crown molding in every room.
Chavi said:The car I have now, broke down, and I need to replace it. I bought it used, and am afraid to go that route again.
What make and model was the used car that broke down?
Message edited by: ClaimsGuy on 2008-04-14 11:59:34 CDT
Wait you are confused on what to do and you own 800k in property..but the market won't move it? Sell it for 500k, pay down all your debt, buy a car outright, hell buy a reasonable house outright (or rent), and you should still have some money left over. You have plenty of equity in your name but have chosen to become deadbeats anyways. The op pisses me off.
OP paraphrase:
I can't make my bills.
I've been living like a rocks star on credit cards.
My brilliant businessman of a husband said we could own multiple homes and live like British Royalty while his business was failing.
We stopped paying on a home and now can make the remaining bills.
I'm starting to feel rich again because I had $20 in my pocket on payday.
Please help me justify buying a real expensive van that I desire and don't really need. You can do this by telling me it is easier to get larger loans than smaller loans.
Obviously another inheritance case.
This is my answer to OP:
Sell your 800k property at auction for 300-400k and move closer to work. Live like you are poor and you won't be. Live like you do and you will continue to be poor. You are clearly what is known as house poor and "good auto financing" is the least of your worries. Accept that you are poor because your really are!
You don't need a van. You need self-awareness. You obviously think you are something you definitely aren't.
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