Need help to find loan

[Garfield fan 0]

We want to buy a second vehicle (we want a sedan, we just sold our old one) and we are thinking to get car loan so we can get a decent one (used). So two days ago we went to our bank (it's Wells Fargo) and apply for car loan. The next day they told us that they could not approve our loan due to some 'issue' in our credit history.

Well, the thing is my hubby never really had any credits from anywhere before (he never applied) and I only have probably about 1 year credit history. We started building our credit history by getting a secured credit card from our bank (which we already had for more than 1 year now) and I also got another credit card. Hubby had some medical bills that got turned over to collection agencies last year, but everything has been settled now. Aside from that, I don't know what else that might hurt our history.

After that someone from Wells Fargo Financial called us (apparently they turned our application to them to see if they can approve it) and after asking some questions, they also decided that they cannot give us the loan because we haven't established any credit history Well, how can you establish one if nobody's gonna give us any ???

We are thinking to go to some dealers and see if we can get approved there, but I'm afraid that they are going to tell us the same thing. Hubby said maybe we should try some financial institution like E-Loan or other places that will give you loan regardless how bad your credit score is, but I don't know which one to choose. We don't really care about the interest which will be higher than normal, we have to start it somewhere... Anybody out there has experience in it ?? Need some suggestions and recommendation here...

[Garfield fan 0]

Anyone ??

[perfect 39]

My husband's credit score was really bad because he and his ex-wife ran up huge debts. However, last year he did manage to get a loan for a car direct from the dealership and compared to some people I've read about the interest rate wasn't too horrendous for someone with bad credit (9.9%). That was with Capital One as the lending company.

I think there's plenty of people who may be willing to give you a loan if you shop around, but the biggest thing to be wary of is interest rate hike because of having no real credit established. That's how they get you.

What we decided to do was go with the 9.9% and then refinance to a lower rate when I've got a credit rating which should give us a rate maybe even half of what we are paying now.

Hope that helps. Let us know how you get on!

[Ameristralian 0]

Yeah, I got an idea for ya. Find yourself a community bank. A small bank. Go in, find a bank officer or loan officer, and tell them your story. Tell them how you are getting the run around from big banks, and you want to establish a relationship with someone that will treat you like a customer and not a number. They should be able to help you. And bring proof about the cleaned up collections stuff. That's mainly the reason Wells Fargo denied you most likely. That is, unless you are trying to buy a $40,000 car and only make $30,000. If that's the case, don't be greedy! Get something more practical

[de_sjiem 0]

We have our car loan with Americredit.. (www.americredit.com).. they aren't so bad.. I'm sure my husband had some "credit issuses" when he got the loan.. Interest seems a little bit high I guess but its probably not... You might want to give them a try.. They are even specifically a car loans company actually...

[tsunamihart 0]

Anyone ??

Hi, I'm here in Detroit and everyone in the big 3 are offering incredible car deals. I have always found that the car dealers, especially from the big 3 (GM, Ford, Chrysler) are the most lenient when it comes to credit issues, whether your buying new or used. Have them check it out for you.

[MandR 0]

Going directly to a dealership and letting them work on getting you financing is probably the way to go. They usually work with several landing institutions to get you into a vehicle loan. You will probably have to pay a little higher interest rate, but it's a way of building up your credit score and history in the long run.

I don't know what vehicle you are looking for but I have learnt over the years that it is easier for them to get a new car loan approved than a used car loan.

Another thought is going to CarMax if you have this used car dealership where you live.

Lastly with the U.S. vehicle market having financial troubles like Ford, they will try I am sure to get you into a vehicle.

Good luck..........

[rclouse 0]

If you own your house and you have enough equity, get a line of credit (2nd) on your house. The interest is deductible (up to $100,000 borrowed) and you'll own the vehicle outright.

Also it's better financially. The more time you spend negotiating with the dealer, the more money you're going to lose. If you can write a check for the full amount, you take away haggling over financing.

And don't negotiate with one dealer. Make ALL of the dealers in your area compete for your business. Email all of them, describe the exact car you want (make, model, color, options, etc.) and tell them you're buying in a week. The best offer will almost certainly be better than one you could negotiate, and you won't have the hassle. You just show up, make sure the car is as they've said, write a check, and drive home.

[britbird 4]

Do you have a costco card? They have a pretty decent car financing plan. Might be worth a look.

[Hilarious Clinton 452]

Looks like Edmunds uses e-loan. I would try to apply online.

http://www.edmunds.com/finance/index.html

A car dealer will finance practically anyone and screw you in the process if you're not careful.

[onwa 6]

We just got a car last week and got great financing through the dealership. 5.25% They took our application to 5 financial institutions. I have good credit but not very much credit history. In fact all I have is a previus $2000 car loan and one MAcy's card. But we got a good deal and I couldn't be more happy. We went to a dealership with an excellent reputation, so that helps.

[almaty 19]

Looks like Edmunds uses e-loan. I would try to apply online.

http://www.edmunds.com/finance/index.html

A car dealer will finance practically anyone and screw you in the process if you're not careful.

i agree with that

[Garfield fan 0]

Thanks everyone ! I will pass all of this info to hubby. We are looking for Toyota Corolla or Honda Civic 2000 or newer, we only want to borrow about $8000 or so (we have some money for down payment) and we both makes more than 50K last year so I think we are looking into a very feasible car here. SOunds like E-loan might be a good idea.

[Hilarious Clinton 452]

Thanks everyone ! I will pass all of this info to hubby. We are looking for Toyota Corolla or Honda Civic 2000 or newer, we only want to borrow about $8000 or so (we have some money for down payment) and we both makes more than 50K last year so I think we are looking into a very feasible car here. SOunds like E-loan might be a good idea.

I am all for buying used. Good luck and let us know how it turns out.

[babybunny 2]

Going directly to a dealership and letting them work on getting you financing is probably the way to go. They usually work with several landing institutions to get you into a vehicle loan. You will probably have to pay a little higher interest rate, but it's a way of building up your credit score and history in the long run.

I don't know what vehicle you are looking for but I have learnt over the years that it is easier for them to get a new car loan approved than a used car loan.

Another thought is going to CarMax if you have this used car dealership where you live.

Lastly with the U.S. vehicle market having financial troubles like Ford, they will try I am sure to get you into a vehicle.

Good luck..........

I just got my SUV from carmax. I love it . it was really hassle-free. when my husband comes here

I pray he goes to carmax too. they have cars you can look at online.