Personal experience, I filed in 2004 and I put everything on there. So, I had nothing to rebuild my credit back. No one would give me a credit card so my best bet was getting a secured credit card, which I got as soon as I came up with enough money to put a down payment on it. (it's just like a real credit card, reports to your credit, interest rate, ect. They just use your down payment at colateral) Long story short, it took about 2-3 years making on time payments on that before I could get anyone to approve me for anything! I finally got a car loan December 2006 on my own without a co-signer. Shortly after that I was able to get a 'real' credit card and since then I have been able to get things with out a problem credit wise. Its been almost 5 years and things are just now getting back to normal, a high interest rate here and there but nothing like when I first started getting credit again lol.
Oh but my point, my car loan was very high interest rate... I am talking I think 23%, but when you have no one to help you and you need a car you do what you got to do. The trick is.. make your payments on time and within 6 months you will have someone willing to refinance your loan to a lower interest rate. I think I refinanced mine at 11% (which is still high but still the best I was going to get on my own) and I made sure I didn't let them tack on any more months than what I had left on my current loan.
The company was Consumer Portfolio Services (CPS) I think its a dealer only thing but not sure. But if you really want to get a auto loan and having problems getting one without a co-signer and there is no possible way to get a co-signer you might have to go through a company like CPS, that deals with bad credit situations, you just get screwed with the high interest rate.
Hope that helps some..
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Originally Posted by silver
