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Old 08-05-2009, 08:59 PM   #1
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Financing Help!!!!

Ok guys.. I ordered my car a while back, I got a tpw of next week, however, I am having a really hard time finding financing. My credit score is about 620, I got 2-3 g's to put down on it, but I can't seem to get approved from anyone!!! I applied with PenFed, my local credit union, my bank, BofA, everywhere I can think of. Anyone on here have any ideas?
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Old 08-05-2009, 09:01 PM   #2
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Better put at least double that down. No ones gunna touch ya in "this economy"
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Old 08-05-2009, 09:03 PM   #3
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Better put at least double that down. No ones gunna touch ya in "this economy"
I agree, your going to have to put a good chunk of cash down with a credit score like that in todays market
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Old 08-05-2009, 09:05 PM   #4
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You can try Lending Tree. A few years ago I had a similar experience when trying to get a motorcycle loan. I went to Lending Tree and got 2 different offers who contacted ME. My score was similar, and I basically had NO credit history. The company I ended up using was E-Loan.
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Old 08-05-2009, 09:06 PM   #5
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Gonna be tough with only 2 or 3k down... that barely covers tax depending on your states tax rate. You may have to come up with more down so you can cover all taxes and have 3 or 4 grand to take off of the car. Its a tough market right now... try and figure out what you can do to boost your credit score. It will save you alot of money in the long run on your loan.
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Old 08-05-2009, 09:08 PM   #6
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So should I just not ask for as large a loan?
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Old 08-05-2009, 09:12 PM   #7
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Unfortunately, you are lowering your score more by applying to multiple places.

You could try http://www.CapitalOneAutoFinance.com or http://www.eLoan.com.

You probably won't need as much down with either one of those but you may run into a fairly restrictive Loan-to-Value limit that will impact how much you can finance. Even with my credit score being in the mid-700 range, my LTV was still set at 105% of invoice.
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Old 08-05-2009, 09:18 PM   #8
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Old 08-05-2009, 09:19 PM   #9
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Maybe I'll be better off just trying to get financed through the dealer. I was trying to get financed ahead of time just so I would have some leverage...
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Old 08-05-2009, 09:21 PM   #10
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Maybe I'll be better off just trying to get financed through the dealer. I was trying to get financed ahead of time just so I would have some leverage...
Good luck man in this economy if you dont have something of at least a 650 or better your not likely to get an approval, even from the dealer. I hope you can get approved man.
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Old 08-05-2009, 09:22 PM   #11
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Maybe I'll be better off just trying to get financed through the dealer. I was trying to get financed ahead of time just so I would have some leverage...
I don't think that's going to work. Did they tell you how much they would give you? Also, Why in the world would you order a car without first making sure you could pay for it? How old are you?
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Old 08-05-2009, 09:24 PM   #12
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Not yet.. I'm supposed to go talk to their finance guy on Sat. and see what he could do, supposedly they have a guy that will finance anybody, but I'm kinda wary of that. I'm just now starting to get my credit cleaned up from a really, really stupid past and not wanting to dig myself into another hole with a car.
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Old 08-05-2009, 09:25 PM   #13
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I had to put over 8k down and my credit score was over 800... 4.22% though so I guess I can't complain.
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Old 08-05-2009, 09:26 PM   #14
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It's not necessarily ordered in my name.. I know the dealer, told him I didn't have financing for it yet, but he said he'd order it anyway, said he wouldn't have a problem selling it if I couldn't, so it's not like I put a deposit down or anything.
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Old 08-05-2009, 09:27 PM   #15
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I had to put over 8k down and my credit score was over 800... 4.22% though so I guess I can't complain.
Why did you have to put 8grand down. Is it your income?
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Old 08-05-2009, 09:27 PM   #16
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btw.. I"m 33 and have zero bills.. 'cept 320 a month in rent and bout 50 in utilities.
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Old 08-05-2009, 09:28 PM   #17
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Am I the only realist here that is thinking wouldn't you figure out financing prior to ordering a car. Did you just assume you would be approved? Not trying to be mean just curious.
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Old 08-05-2009, 09:29 PM   #18
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It's not necessarily ordered in my name.. I know the dealer, told him I didn't have financing for it yet, but he said he'd order it anyway, said he wouldn't have a problem selling it if I couldn't, so it's not like I put a deposit down or anything.
Oh, so he used you to get another one on the order sheet. He probably already has another buyer.
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Old 08-05-2009, 09:31 PM   #19
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Why in the world would you order a car without first making sure you could pay for it? How old are you?
Already said that bro!
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Old 08-05-2009, 09:34 PM   #20
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No you should not thats not bad!!! hope i can get that with 10k down and a 690score.
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Old 08-05-2009, 09:36 PM   #21
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I was in a similar situation (a little higher credit score, but not much) and I let my dealer's finance people handle it. They pulled my credit score once and ran my numbers by several banks /credit unions verbally so not to lower my score any more. My best option ended up being GMAC (if you can believe that). I only had 1K down on a 2SS/RS fully loaded.
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Old 08-05-2009, 09:40 PM   #22
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I was in a similar situation (a little higher credit score, but not much) and I let my dealer's finance people handle it. They pulled my credit score once and ran my numbers by several banks /credit unions verbally so not to lower my score any more. My best option ended up being GMAC (if you can believe that). I only had 1K down on a 2SS/RS fully loaded.
He's right around that area where "a little higher credit score" can make a big differance. That might of been yours. Also, credit score means nothing without enough income vs debit being good.
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Old 08-05-2009, 09:40 PM   #23
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I had a lower score, upside down on my trade (by about 1K) and got financing through GMAC at a good rate. Don't stress over it. If you can get it rejoyce, if not, it's not the end of the world.
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Old 08-05-2009, 09:40 PM   #24
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I was in a similar situation (a little higher credit score, but not much) and I let my dealer's finance people handle it. They pulled my credit score once and ran my numbers by several banks /credit unions verbally so not to lower my score any more. My best option ended up being GMAC (if you can believe that). I only had 1K down on a 2SS/RS fully loaded.
What kind of rate and monthly payment did you get? If you don't mind me asking?
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Old 08-05-2009, 09:44 PM   #25
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I had a lower score, upside down on my trade (by about 1K) and got financing through GMAC at a good rate. Don't stress over it. If you can get it rejoyce, if not, it's not the end of the world.
You mean to tell me gmac financed the car for more than it's worth. That's a hard one to take in this day and age.
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