CAn I get an auto loan with a 562 credit score?
Ok, so I have a recent dispute on my credit score where I am being charged for something that I did not purchase. I had my wallet stolen that contained all of my personal document (credit cards, license, social security card etc…) and I suspected that someone was trying to use my credit. Anyhow, I have been monitoring my credit for the past year and then this comes up last month. I am in desperate need to purchase a new or used vehicle but I cannot obtain a loan from Wells Fargo (very conservative) even though I have a substancial amount in my savings and checking and have been a client since 2003. Would you think it is possible to get an auto loan (new or used) at a dealership? I am thinking Toyota might be the way to go due to the recent back lash on their defective cars. I make $3500+ a month, a steady job, I pay all of my other bills on time but my credit was none the less shot to shit due to this bogus charge. I am willing to drop about $2500 as a down and I honestly only want to purchase a car that is about $10k and def no more than 15k. Is there anyway that I could get a loan at a semi decent interest rate?
Tags: auto, Auto Credit, auto loan, Auto New, Back Lash, credit, Credit Cards, Credit Monitoring, credit score, Defective Cars, Desperate Need, Interest Rate, Job Pay, loan, Personal Cards, personal credit, Personal Document, Score, Social Security, Social Security Card, Steady Job, Toyota, wallet, Wells Fargo
5 Comments at "CAn I get an auto loan with a 562 credit score?"
Wells Fargo is not that conservative when handing out loans. They can typically finance people with bad credit. I would not recommend going through dealerships. They run the loans by the same bank (and others) that just denied you.
You should try to save up at least 30% of the purchase price of the car you want to buy. With your score, I don’t think you are going to have very much luck going through dealerships and even if one that does its own financing is able to approve you, you might end up with a ridiculously high interest rate. 20+%
I would wait on buying a car until your dispute with the three big credit bureaus is complete. So, if you haven’t already, dispute that erroneous charge with Experian, TransUnion, and Equifax. It can take up to 45 days for a dispute to process. In the meantime, while you are waiting, you should take the bus/ public transportation/ walk/ buy a cheap car off Craigslist.org. If you can get the erroneous information off your report, it could save you from paying thousands in interest. It’s always better to be approved before going to a dealer because if you already have the money, then you can negotiate a better price.
Here’s some loan sites I recommend BEFORE going to a dealer:
lendingtree.com
myAutoLoan.com
carsdirect.com
up2drive.com
Here’s a good site with a lot of information about buying a car:
carbuyingtips.com/
work on that bogus charge and try and get it removed then try and get a loan
Have you contacted the 3 credit reporting agencies & put a fraud alert on your reports??? If not, you need to.
When you lost your wallet did you contact your credit card companies?? If not, you needed to do that immediately!
You also need to file fraud charges with your local police department.
If these places aren’t aware your wallet was stolen, you might just be responsible for every charge made.
It’s called covering your backside & the smart thing to do.
The last thing you need is a high interest car loan because of old bogus charges reporting.
Get it together!
Hello there, have you tried government grants, or maybe you can try some peer sites like:
http://www./http/prosper.com or
http://www./http/zopa.com
Unless your credit score is very low then you can try some online lenders but you want to be careful about that though i have made use of Mr Adams before, there interest rate was pretty much okay and the repayment on the loan was fine as well and easy for me, you can contact them via email since they are based here in the united states: adamxpress@live.com.
hi
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