Advice on getting loan?

[sellmerch]

I have a pretty terrible recent credit history because of a recent sickness. My scores all average around 600-610 with several recent lates for credit cards (30-60-90 days) and lates on our mortgage (30 days). I have had at least 7-10 previous auto loans on my reports that have never been late and paid in full on time. And also one current auto loan that also has never been late and paid on time always. I do have a decent income level but the lates and derogs on my reports are killing my chances of getting a loan.

I am basically looking for a car around $15k in value. I do have around $4000 -$5000 to put down as a down payment along with a squeeky clean auto loan history and an decent income although it is from self employment. I do have at least two years of tax returns and current bank statements to prove my income.

I have applied to Capital One (I am a past good standing customer) and they immediately passed it along to roadloans who preapproved with the stipulation that we pay off the loan on our first car which we can not do and can not trade it because it is needed and also it is upside down.

My questions:
1) Does anyone have any suggestions of banks who may overlook our recent credit issues and take into account our perfect auto loan history and a large downpayment rather than automatically red stamping us?

2) Would we be better off going to a dealership and explaining our situation and let them find us "Bad credit financing"?

3)I have seen countless offers online for bad credit financing which appear to be attached to "Buy here pay here car lots" which we do not want to get involved with, but woud consider a ligit online bank that offers bad credit loans. Is there any such beast out there that may be a bit more flexible and understanding than Capitol One or Roadloans are with my situation?

4) Any other iddeas or thougts on my situation would be greatly appreciated!

Thanks
Mike

[BassBoy]

Welcome to the forum! I believe that you'll find our forum very helpful and informative.

If you tried your own financing arrangements and have been denied or must do something "special" to get approved, then I would suggest trying a delearship. There are dealership's that have a good reputation with lenders and they may be able to get the job done for you. I will say that you may be faced with unfavorable terms considering your credit history, and you may be aware fo this already. Anyways, look at dealerships that have a good track record with their Fresh Start programs. Call around and ask to speak with the special finance manager and explain your situation. I think you might be pleasantly surprised.

Hope this helps.