Hey guys, I honestly don't have the best credit. I think my score is 6-hundred something?

I am trying to take out a car loan for $12K to purchase an '01 S2000.

I applied at Chase.com (where I work) and I tried at my local bank as well. I am buying from a private seller so even though I am putting a lot of cash down, I am still going to end up having to finance around $12K, so I need to get approved for it.

Any suggestions?

 

Wells Fargo but theyll rape you with their interest rates.

 

Actually, 600+ isn't too bad of a score...You shouldn't have too much problems finding someone to loan the money. Try lendingtree.com and see what you get back...

 

Yeah that's what I figured. I didn't think my credit score was THAT bad, honestly. Because I have never had a car reposessed or anything like that. Just late on credit card payments, etc. When I tried getting approved at Toyota for a used car they were throwing a 19% interest rate at me. Motherf*ckers, lol.

I just went on LendingTree.com and it said it couldn't find anyone to extend the offer?

 

Okay what is the best thing to put on the car loan application? I mean what does it take to get approved? I live with my parents, I am 21 years old, I don't know what else is stopping me from getting approved. I make $35Kish at JPMorganChase, I can't figure out what the problem is. I am only trying to finance $12K.

 

Look at Capitol One. I don't know if they offer loans to people who don't have their credit card but they would offer loans at ~13% to people who would be lucky to get 20%.

 

I just tried Capitol One, I am hoping one of these places approves me. I mean honestly is $12K THAT much to finance? I bought a brand new Celica around a year ago for $20K that I ended up paying 18% interest on, and I am going to be selling privately as soon as it gets out of the shop.

 

Damn, if I had to pay that much interest on a car I would not buy one. period. That's outrageous. I'm paying 3.9% on my Echo Hatchback right now and I feel like I got a bad deal because a month later they had a 2.9% sale.
Buy a cheap car cash, build up some credit and then get the car you want at a super low rate.

 

off topic but what are you doing living with your parents making 35k a year?

back on topic, something is seriosuly wrong with your credit with your rates. Check it out or maybe get a report of it.

 

^they really dont care how much he makes



the rate that is ruining his interest rate is that he makes late payment..

that tells the credit company that he most likely wont pay the 12k loan on time... thats a no no