Question
My husband and I need some advice about getting an auto loan.?
We have an old Saturn that is a piece of junk. We drove it for as long as we could. It had an oil leak and when we put oil in it, it basically spits it out. We can't drive a car without any oil so we need a new one. My husband is in the military and he's leaving tomorrow for 22 days and then he'll be getting depoyed sometime soon after that. Before our car died we tried to go ahead and get a new car, but our bank and a car dealership denied our loan applications because, since my husband and I just got married, it didn't show on his LES that he was getting BAH and BAS. Plus my husband has bad credit because he was stupid with money. However, I have taken over our finances and we are paying off all his small consumer loans and credit cards. I do not have a job and I've only had one credit card so I don't have that much credit. But the little credit I do have is really good! Well now that we have no car, we need a loan so we can get one! The military finally updated my husband's LES so it shows that he's making BAH and BAS. We have over $1000 left over a month. And that's after paying all the bills, rent, groceries, everything! We've applied for a loan, again, with our bank. They say they'll have an answer in 24hours but it's been 3 days and my husband leaves tomorrow! I don't know what to do if the bank denies us again.
5 months ago - 6 answers
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Sounds like your bank isn't going to play ball. Probably the best thing you can do is get someone who owns a house or has a really good credit rating to co-sign with you. After that (or before if you like) you should look around for places that specialize in bad credit loans. When you start looking for places that specialize in bad credit loans, what you want to use is some kind of broker instead of just one company. A broker can submit your application to multiple lenders all at the same time. Those lenders then make offers and compete for your business, and you just pick the deal that suits you the most, or none if that's the case. The site listed in my source below has links to three brokers who specialize in auto loans for people with bad credit. It's a scam review site, and it speaks positively of all three brokers so maybe you should give it a try. Brokers are great because it's free to use their services. Hope that helps. Dan
Source(s)
5 months ago
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Other Answers
If you're denied again, your husband is probably going to need some credit repair. No matter what anyone says, legal credit repair is possible (those who think it isn't, don't understand the laws). You can repair your credit yourself, or you can find a reputable company to do it for you.
by Prove It Or Lose It!- 5 months ago
look at used car lots that do there own financing.there are a lot out there.Unless you think you have to have a new car .shop around there are a lot of good deals out there in this economy.Just bought a 01 durango,with 75000 on it and had been garaged its whole life.exellent shape.paid 6500.00 looked on the net for what it was worth. Was suprised to see that was the going value in our area. We did pay cash though.
by Clark L- 5 months ago
they might give you the loan. but they are going to asked you to put a big down payment on the car that you are trying to get and you will have big car payment.
by mad_1240- 5 months ago
In the process to acquire a car, it is taken for granted that you have gotten requirements. There is a need for cash which would be needed to buy the car. On the other hand, if you do not have the ready cash, then you must have access to a loan facility. Okay, to get auto loans today, what would you be required to do? Having a good credit is the first factor. This is one thing can that can be very helpful despite the kind of loan you are interested in. www ... Banks and other financial institutions feel a lot better doing business with people with a good credit score. Having a steady source of income or proof of employment is a major requirement for applying for auto loans. Without a proof of employment or a good source of income, a lender would not be confident to grant you a loan as they can not ascertain your ability to repay.
by Aaliyah- 5 months ago
loan-seeker ... has a lot of info on Bad Credit Loan providers.
by Van- 5 months ago