Ok, I am hesitant to post this ... but ... here goes. After my divorce, my credit score took a pretty hard hit. But that's ok. I don't owe anybody anything other than a mortgage note. And I pretty much pay cash for everything. I've got a great job and make very good money. I've almost got enough saved up to pay cash for a used S2K.

Here's the problem. I've found a really nice deal on a nice S2K for a little more money than I wanted to spend. I could make this happen in a month or two easy enough. But the car will be sold by that time, I'm sure. If my credit were good, I'd just get a standard loan and pay it off in a few months. But ... you see the problem.

If any of you have been in a similar situation and found a company that finances people in my situation that you would recommend, please send me a PM. I won't force you to stand out in the public eye with your pants down like I am right now. Just send me a PM with your recommendations.


Thanks,


Michael

 

I was in a very similar situation minus the divorce when I bought my evo in 2003. If you go to any bank and credit unions especially with a bigass "down payment" they will give you the loan without a problem.

The downside is that it will be a pretty high interest rate but that doesn't matter if you will pay it back in a couple of months. Another downside to this is that the bank holds the lien until you pay up but again thats not really a problem since it will be over in a couple of months.

If you have close to enough for a used s2k then I'm sure the loan won't be a problem, trust me. I was probably in worse shape than you, everything on my credit report was bad and I really don't have credit history since I'm a foreigner but the old saying, "money talks," is so true.

Best wishs

 

Hey thanks. I'll give that a try at the local credit union and see how it goes.

 

Good luck, Michael!

Do you have any equity in your home mortgage? If so, I'd recommend an equity line of credit... Just a thought.

 

They want sub 80% LTV, and I'm at 82% right now. If I were smart, I'd be putting this money into my loan and turning off the PMI. But how much fun is that?

 

Well, OK, you've got that choice to make. Paying off some of your mortgage will get you equity that you can borrow from. On the other hand, now is a really good time to buy an S...

Maybe take the route of one of the higher interest loans, but then work hard to get your equity in place soon so you can pay the loan off completely with equity and then be in a better situation to manage your debt.

Just beware these high-risk loans, Michael. I'm pretty leery of recommending such a thing to you to buy a luxury item like this car. But, whatever you decide, best wishes.

 

Additionally, try to build up your credit score. Get a credit card and use it. I dont mean go out and spend like crazy. A tank of gas a week, and clear the balance at the end of the month. If you pay it in full you wont incur interest, but each month you be gaining a good reputation from the CC company and that will be reflected on your credit score.

I was in a similar situation a couple of years ago, albeit without the divorce. I had just moved to the US from the UK, and despite having excellent credit over there - none of it carried over to here - despite Equifax being in both countries!

Anyway, my credit was worse than worse, I couldnt even be named on the account by my electricity company - even though I had enough money to buy whatever i wanted/needed outright.

I took out a small mortgage (i got that no problem!) and got a couple of credit cards and cleared my balances every month and my credit is now in excellent condition.

Dont be afraid of credit. Its only a problem if you abuse it. Done in the right way, it can benefit you immensely.

Good Luck with whatever you decide to do

 

Don't worry, I'm not going to do anything stupid. I love this car. But I can wait if I need to. If I can't make this happen in a reasonable manner, I'll just dump the cash into improving my home equity and spend the year working on my credit. Then I'll buy one of those 2006's off one of you guys when you get sick of it and want to upgrade to the seven speed '07.

In the meantime, if anyone knows of any good financial institutions that make loans to people with credit scores between 600 - 650, let me know.


Michael

 

If your score is truly between 600-650 most any car dealer will be able to get you approved. When you dip below 600 is when you start having more trouble with financing.
good luck and go get your S.