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?

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.

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.

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.

Now may not be a time to spend too much on a vehicle.

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.

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.

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.

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.

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.