Looking for a car but keep getting rejected.

[xXThat GuyXx]

Hey Guys,
Got a little problem here. I am trying to buy a car and I keep getting rejected. My credit would be spotless except for the fact that my auto pay did not work for both credit cards while I was in training so i get out of basic training to find out that i am about 60 days late on both credit cards . Now my credit is all f**cked up. I do not want to go to a buy here, pay here lot or drive time so I can pay 21% interest but I am close to having no choice. I'm sure a lot of you have advice so I am open to almost anything. I just want to know if I have any options before i make a deal with the devil. Thanks a lot guys.

[X-Runner]

Try getting a personal loan at your bank... then buy my truck.

[Alan®]

Hey Guys,
Got a little problem here. I am trying to buy a car and I keep getting rejected. My credit would be spotless except for the fact that my auto pay did not work for both credit cards while I was in training so i get out of basic training to find out that i am about 60 days late on both credit cards . Now my credit is all f**cked up. I do not want to go to a buy here, pay here lot or drive time so I can pay 21% interest but I am close to having no choice. I'm sure a lot of you have advice so I am open to almost anything. I just want to know if I have any options before i make a deal with the devil. Thanks a lot guys.

Questons

1. Wut is your current score currently. Don't have to be specific but is it

4-500-very difficult right now
5-600-not quite as bad
6-700-fairly easy
7-850-easiest

2.Have you paid off those debts you incurred while in basic? If you have you need to contact both the credit card companies and the credit bureau and have the remarks wiped off your history Completely. That will greatly help increase your current credit score.

3. What kind of vehicle are you looking for?

4. What kind of price payment/are you looking for?

If your profile info is correct than you are 20. That being said I'm going to go out on a limb and say that you probably have never financed a car in your name. That being said when you compound that with the fact that the economy isn't great that makes it all the harder to buy a car.

Just because you have a couple of credit cards and possibly a credit score doesn't make you eligible to buy a car on credit. You probably don't have enough credit history to do so hence why you are having trouble. If you have gone to dealerships and are getting turned down because of that then they probably also want a co-signer.If you are trying to avoid this here's my advice(BTW just so you don't think I'm talking out of my ass here I used to seel cars so I know how this stuff works).

1.If you haven't gotten the debts paid off do so ASAP.-If you have proceed to step 2.

2.Contact both the credit card companies and the credit bureau's and have the record of you ever being behind removed. Explain why blah blah blah. Doing this will most likely put your credit score back to the way it was before the problem ocurred or close to it.

3. Once you have done all this try again.

However my guess is this though.

Your credit was already terrible and having 2 credit cards 60 days behind didn't help

or

You simply don't have enough credit history and that compounded with your credit score is holding you back.In which case my suggestion is this.

A lot of banks have first time buyers programs shop around see who will except you. read the requirements though so that your not wasting your time applying and having your credit pulled only to be denied. Having your credit pulled so many times in a certian amount of time will hurt you but not significantly.

or finally

Your trying to buy a car that a bank won't finance. Most banks won't finance a car past a certian age or mileage or under a certian dollar amount unless you have tier 1 credit.


Anyways hopes this helps feel free to ask any more questions as they come to you.

[David88vert]

Another option - buy a used car that you can pay cash on, and save your money. You will thank me later if you do this.

[Alan®]

Another option - buy a used car that you can pay cash on, and save your money. You will thank me later if you do this.

Yes prolly the best idea ever

[AirMax95]

ehhh, tough spot. RedGt has it right. Pay off those debts and attempt to get the marks removed.

Do you NEED a car, or does that civic in your sig run? If so, fix your credit and save money.

[YoTa_BoX]

If you have a running car that is paid off...KEEP IT.

there is no better car in the world than a POC = Paid Off Car

i have made this mistake in the past and man it fucking sucks. on the other hand if you dont have a running car i really dont know what to say because buy here pay here places Rape you.

Gl

[Greddypacked]

Alot of used cars in the 4-5k area you can pay for and get the title right then and there is the way to go. If your mechanically inclined you can tell if the car is in good condition by doing a good checkup on the car-engine-tranny-any leaks-sounds ruggish-takes off good or bad. If your not mechanically inclined bring a buddy that is and test drive the car w/ you. Those cars in that price range can last years w/ minor work done to them if you know what your doing. Goodluck w/ your purchase.

[ash7]

lots of good advice in this thread

+7 reps to all
-jonathan

[BanginJimmy]

being in basic puts you under the protection of the soldiers and sailors act. Talk with the credit companies and explain the situation. If you have the cash now, pay the debts off in their entirity in exchange for having the deliquencies removed.

[okra1981]

I was thinking the same thing as BanginJimmy, you have better access to loans than the rest of us, seeing as how you're enlisted and everything. From what I've heard, you get better rates on a loan too.

[Terror]

being in basic puts you under the protection of the soldiers and sailors act. Talk with the credit companies and explain the situation. If you have the cash now, pay the debts off in their entirity in exchange for having the deliquencies removed.

Credit card companies do not bargain, they loaned you the credit so they are going to laugh when you offer to pay them back money they loaned you in exchange for delinquency removal.

Working for a bank,i know this will not work. The reason for that is there MUST be paperwork sent in prior to military orders, its in the arbitration provision and terms and agreement. Delinquencies are bad, but thats not really what hurts the credit so much.

I would recommend this, because THIS is what really hurts your credit.

Do the card had high balances, or are they over the limit? if so PAY THEM DOWN TO LESS THAN 25% of credit line. Having high balances or over the limit accounts will guarantee you denial for any sort of credit, it makes you look horribly financially unstable.

Time, give it about 3-5 months of on time payments but DO NOT let the balance be greater than 25% of the credit line.

[TIGERJC]

Credit card companies do not bargain, they loaned you the credit so they are going to laugh when you offer to pay them back money they loaned you in exchange for delinquency removal.

I thought thats how credit card compaines made money , so yea they're not going to even give a second thought on forgetting those charges