Bad credit financing?

How difficult is it to get a new car loan with a FICA score of 480?

We are looking into buying a new car and are able to put approx. $7,000.00 cash down. The low score is from having all cards maxed and a new house mortgage and a vehicle loan in one name. The existing vehicle loan will be paid off by the time we buy the car as well as all credit cards paid off....that might bring up the score a little...maybe to 500? Any of you work in loan departments and can tell me if we could even qualify for a loan under the given circumstances? Yearly income is 70K+

Bad credit financing?

I see this all the time. Yes you can get financed for a car with that low of a FICO score but be prepared for it to drop even lower when you do get approved as the car dealers will shop you to as many as 200 lenders in one day. Each of those lenders will check your credit at a cost of four to 10 points each. Further, be prepaired to pay 29.9% interest.

I agree with the previous poster that you need to have your credit restored. Not repaired. Most credit repair services are scams. In fact there are only three LEGITIMATE credit restoration companies in the US. And of those three, only one offers a money back guarantee. In case you haven%26#039;t seen my post in another thread on how to tell the difference between a scam and a legitimate company, I will repost it here.

This topic is a really hot one right now. People are falling victim to

so many scam artists out there who are taking people%26#039;s money and

offering false hope. There ARE legitimate credit restoration companies

out there. But that is the key right there; restoration versus repair.

Generally speaking, credit repair is a scam and credit restoration is

legit. Does this mean all credit repair offers are scams and all

credit restoration offers are legit? NO! It is up to you to do the

research. If you can%26#039;t do the bare minimum to protect yourself, then

don%26#039;t come crying to me if you are taken for all of your money. But,

to help you determine the scams from the legits, here are 10 tips on

how to tell the difference:

1: If they advertise that they will repair your credit in anything

less than 18 months, you are not dealing with a legal company. The LAW

requires that any credit restoration agency cannot advertise or

represent that they can restore or repair your credit in less than 18

months. (Remember this number, it is going to come up again later.)

2: Check on how long the company has been in business. If they have

been around for more than 10 years, you are probably dealing with a

reputable company. (Honestly, there are really only three that are

recognised as legitimate in the United States.)

3: Do your due dilligence. Check with the BBB. The BBB will provide

an unbiased report of how many complaints have been filed against the

company in the previous three years. There are two things that you

want to consider here. First, if there are more than a dozen

complaints over the previous three year period, then this company has

serious issues and you should be concerned. Also, if the BBB has no

file at all on the business, just walk away from the business. Anyone

who is hiding from the BBB should be looked upon with suspicion.

4: Ask for pricing when talking to one of their reps. If they hem and

haw about what they charge, or say that it depends on how much they

have to remove from your report, they are hiding something from you. A

good rule of thumb, if the rep is unwilling to answer any question of

yours up front and with honesty, you are not dealing with a legitimate

company. This does not mean that if the rep states that they will

answer the question in a moment, that they are hiding something. It

just means that they are getting there and just need to lay a little

groundwork first. Remember, reps are all salespersons. They are there

to sell you their service. This is good, believe it or not. This

encourages competition in the business and keeps costs down. (Which

reminds me: DON%26#039;T PAY MORE THAN $1000 PER PERSON FOR THE SERVICE.)

5: Ask if the company is licensed, bonded and insurred. Ask for

proof. If they will not show you their business license (which can

only be obtained AFTER they have purchased their bond and insurance)

this should raise alarm bells.

6: Ask for examples of successes the company has had. A legitimate

company will have copies of investigation results (with personal

information blacked out of course) that will show you how successful

they can be.

7: How long are they going to work for you? Yes, that%26#039;s right,

remember that these companies work FOR you. If they are just going to

maintain a business relationship with you for the length of time it

takes to repair your credit, beware. What often happens in these cases

is that after the company has cleared negative information from your

credit report they sever their relationship with you and a couple of

months later the information returns to your credit report. Now what

are you going to do? Your options are to leave the negative

information and suffer for 7-10 years or hire someone, again, to remove

the information, again. A reputable company will stay with you for the

FULL 18 months (I told you this number would come up again). This

allows them to continuously monitor your credit reports and remove any

negative that may re-insert itself after the initial sanitizing.

8: What other services do they offer? If they are a legitimate

company, they will have rescources that will help you to re-establish

yourself in the financial world. Things like the ability to help

obtain a debit card even if you can%26#039;t open a checking or savings

account. (Yes, believe it or not, it can be done!) Can you call their

credit advisors any time for advice? Is legal representation available

if you have to go to court against the credit reporting agencies? ASK!

If the company is letgitimate, they will have a team of lawyers that

will handle these kinds of legal matters for the duration of your

contract.

9: Does their contract advise you of your rights? If not, why?

Because they don%26#039;t know the laws! And if they don%26#039;t know the laws that

are designed to protect you, how can you expect them to know the

complexities of the Fair Credit Reporting Act which has 340 different

laws?

10: Is there a money back guarantee? In this business refunds are

usually prorated. In other words, if you have 50 negative things on

your reports and they can only have 30 removed, you are refunded 40% of

your money since they were able to get 60% of the information removed.

If there is no money back offer, run away! A company that has faith in

their services will offer to refund the money if they can%26#039;t do the

work.

I hope this information helps people out there who are confused about

credit restoration programs.

Robert

nebula7693@yahoo.com

If you have any questions, comments or concerns, please feel free to email me and I will give you an honest and unbiased reply.

Bad credit financing?

Personally I would try to find a used car that cost between 4k-5k and use the rest of it to pay off a credit card.

Bad credit financing?

Well, you have a great salary and I think you could definitely get a car loan...however the interest will probably be high. You could try a credit repair company to help with your credit. They do cost money, but this site helped my husband repair his credit when we were looking for a house. http://creditrepair.divinfo.com/

Bad credit financing?

There is always someone who will qualify you for a loan,

The question is , are you willing to pay veryyyy high % rates ? The more debt you carry, the more % you pay, the more $$ is being flushed down the toilet and you will always be Net Worth poor because of excessive debts.

$70K isn%26#039;t much these days, especially for a couple . . . many couples are over the $100k mark . . . and debt loads over 40% of your income is keeping you on the edge of bankruptcy.

If your cards are maxed out, you should NOT be considering a new vehicle - until they are paid %26amp; your score is in the 700 range.