who Will give me a car loan with this situation?

[jcregs28]

Ok so here's my car dilemma: I am currently driving a 2006 dodge ram, 36k miles, but the vehicle is completely in someone else name. I am about one month post discharge, have established 3 new credit lines, authorized user on one other, and have a federal student loan coming out of rehabbed default. My scores now are high 500s, but should be low 600s when student loan is updated out of default status. My question is: what options do I have to get the car loan in my name alone. I have just established a savings account with local credit union, and have couple thousand in it.

Also, if I could get approved financing through a dealer, could they take the car out of one person's name and then put it in my name? The truck payoff right now with the loan currently is around 16k. Thanks in advance for any advice you can lend to me!

[Rahaton]

Did you talk to your credit union? Ours said that after a couple of months once the dust settled they would be willing to give us a loan an a vehicle. There were a couple of caveats but the truck you described the said the would finance 75% of the bluebook value. You would basically be buying the truck from whoever has the loan at the moment.

[jcregs28]

I have not spoken to my credit union as of yet...

I also heard that DCU has second chance lending for autos...anyone heard of such a thing?

[jcregs28]

Rahaton,

What credit union did you have that offered that loan to you 2 months post discharge? Is it agood idea to survey the credit unions in the area to see who might be able to get me approved based on my situation?

[Rahaton]

Hasen't offered yet. I just called and talked to the loan officer proactively, she said that they have many members in similar situations and generally they will give a loan once the discharge and all the IIB accounts are updated on your credit report. She said this could take a month or two if updates are slow. She then gave a profile of worst case which was 13% interest and up to 75% of blue book value financed. Which can be read as 25% down but less if you know how to shop.

This is with a local job related credit union.

[Rahaton]

I don't think I should edit that again... Also they were willing to do a loans down to $2000 which is nice if you are trying to finance a less expensive car. There was a minimum FICO of 500 for that deal, less and you will need to talk to the branch manager and plead your case.