Bad credit car loans on the internet - a warning

[backtoschool]

BTS....knowing you over my time here I gotta say this is pretty shocking coming from you. Who said my car was a clunker or that if you paid cash for a car it was one? I mean it's not a Porsche or anything but it's a decent looking domestic car with leather seats, a moonroof and get this a CD player! I mean I know you automatically have to assume that a $2,500 car probably has an 8 track, but no! Enjoy that car note and $5,000 down the tube to Crapital One in interest payments. I could buy two nice cars with that money!

Actually I agree with you on being able to get a nice car for cash. I always get new cars and keep the price of the car within my budget. Of the four cars I have bought as an adult, one was a lease, two I had zero percent financing for, and the other one was the hyundai that I had 6.7% financing for, and i bought before I bked so that I could put my car equity into a new car loan for bk planning purposes. (newish paid-in-full saab convertables are not good cars to own when you have elmer fudd as your trustee. )

If I get a car this time it will be because I didn't get the right car last time. I had forgotten how bad the winters are in the midwest, and I need a car with awd since I am driving more for work. I always pay ahead on my cars and pay them off early, so Capital One won't get as much from me as you think. But even if they do, I want to pay them for helping me rebuild my credit. They are not charging me userious rates and they are helping me.

[pris72]

I paid cash for a used car, which now sits in my garage not running. Many,many things have been replaced and it still won't run. I'd rather find something with a warranty on it at this point, because for me dependability is a must in order to go back to work. I am going tomorrow to look at cars. I have already talked to a few lots in the area, and I am looking into the fresh start loan program. Yes my interest rates will be higher at this point, but I expect that with a chapter 7 discharge on my credit. I know what I can afford, and will not go over that amount. I got into credit trouble, due to a job layoff....Not due to being careless and getting things I could not afford to pay for. Bad things do happen to good people, you know. Now everything is back on track, and we're ready to buy a car.

[LSUTiger32]

I paid cash for a used car, which now sits in my garage not running. Many,many things have been replaced and it still won't run. I'd rather find something with a warranty on it at this point, because for me dependability is a must in order to go back to work. I am going tomorrow to look at cars. I have already talked to a few lots in the area, and I am looking into the fresh start loan program. Yes my interest rates will be higher at this point, but I expect that with a chapter 7 discharge on my credit. I know what I can afford, and will not go over that amount. I got into credit trouble, due to a job layoff....Not due to being careless and getting things I could not afford to pay for. Bad things do happen to good people, you know. Now everything is back on track, and we're ready to buy a car.

Ask people with Toyota's who thought they were buying the most reliable cars out there if they are satisified with their new car purchase. New cars have problems sometimes also. If you paid cash for a car that is now not running then you probably did do much research on it nor did you take it to a mechanic to have it checked out. Guess what, if you have a warranty, the repairs might be covered but you still have no transportation.

By the way, I am not trying to single you out but look at what you typed. You were fine until a job loss and then you had to file BK. Now you are fine again so it's right back into car debt. Just wondering what you think happens if you lose that job again? Just think about it.

[pris72]

I only filed chapter 7 to stop a wage garnishment that was obtained illegally through a shady collection attorney on a debt from 2003. They waited until the end of 2009, went to a county we do not even live in, filed a motion for garnishment, judge granted it, no notice was mailed to us to contest it within the 45 days, day #46 garnishment papers are sent to spouses employer and BAM almost 1/2 of his check was gone just like that.
He was laid off in late 2008, and found a job May 2009. Company he works for has so much work, they are using labor ready. You'd think with the job market the way that it is, people would come in asking if they are hiring but they don't. He is also already a supervisor there, soon to be starting a union contract job.
I have had a mechanic look at my saturn. Numerous things need to be replaced on it. They all total more than the book value of the car. Right now my main focus is to obtain dependable transportation with a warranty, and I will add on an extended warranty. I know what I am doing here. I know what we can afford.

[pris72]

The only negative due to the job layoff was 3 credit card charge offs, but the biggie was that garnishment.

[LSUTiger32]

OK then.......good luck getting back into debt!

[backtoschool]

OK then.......good luck getting back into debt!

Seriously LSUTiger32, everyone knows your feelings on this matter at this point. Why beat a dead horse over and over again? Not everyone is in your circumstances, and not everyone has your point of view. Your opinion is simply that, an opinion that clunkers are better than new cars. Some of us have different opinions, which are simply that, opinions.

People come to this thread to get advice on where to look for a car loan, not to be lectured by someone who doesn't have all the facts and isn't in a position to judge and lecture others.

To pris72, you don't have to explain yourself to LSUTiger32. He is in no position to tell you what to do, or tell you his way of thinking is superior. As for getting a car loan, you are only a few months post discharge, which is part of the issue. The only loans you will get approved for right now will be very high interest loans. But there will be a dealer who will approve you at a high rate if you really need a car, (if you are employed). If you can wait a few more months, and concentrate on repairing your credit, the interest rates you will be approved at will most likely be a bit lower that what you will be approved at right now.

[pris72]

Oh, and I hear Roadloans.com is legit, but it is not available in my area, so I didn't apply.

I applied through roadloans, and apparently they turn the info over to drive time. I would never buy a car through drive time. 29.9% interest rate. There are other lenders out there who work with bad credit, and they allow you to purchase from a major dealership. Drive time now calls my house atleast 3 times a day. It's driving me nuts. I didn't know that roadloans turned info over to drive time, or else I would not have applied through them.

[pris72]

Seriously LSUTiger32, everyone knows your feelings on this matter at this point. Why beat a dead horse over and over again? Not everyone is in your circumstances, and not everyone has your point of view. Your opinion is simply that, an opinion that clunkers are better than new cars. Some of us have different opinions, which are simply that, opinions.

People come to this thread to get advice on where to look for a car loan, not to be lectured by someone who doesn't have all the facts and isn't in a position to judge and lecture others.

To pris72, you don't have to explain yourself to LSUTiger32. He is in no position to tell you what to do, or tell you his way of thinking is superior. As for getting a car loan, you are only a few months post discharge, which is part of the issue. The only loans you will get approved for right now will be very high interest loans. But there will be a dealer who will approve you at a high rate if you really need a car, (if you are employed). If you can wait a few more months, and concentrate on repairing your credit, the interest rates you will be approved at will most likely be a bit lower that what you will be approved at right now.

My husband got a pre approval letter from capital one since he is a customer in good standing. We have a month to decide what to do. As it stands right now my car is going to need around $3,000 worth of work. The book value on it is only $1,800. We may go see about a small SUV either tomorrow or next weekend. We will not sign any papers unless we know for a fact that the payments are in our price range that me and my husband have already discussed. Oh and LSU seems to be bitter over their personal situation. I won't sweat it. : )

[backtoschool]

My husband got a pre approval letter from capital one since he is a customer in good standing. We have a month to decide what to do. As it stands right now my car is going to need around $3,000 worth of work. The book value on it is only $1,800. We may go see about a small SUV either tomorrow or next weekend. We will not sign any papers unless we know for a fact that the payments are in our price range that me and my husband have already discussed. Oh and LSU seems to be bitter over their personal situation. I won't sweat it. : )

I am in the process of negotiating on a Subaru Forester using my Cap One financing.(4.42% for 60 months, no down payment required). I finally got the trade in price where I wanted it and agreed on a price for the car so I should have things finalized this week. I have found in going through this process, that the key to using the Cap One financing is making sure that the dealer knows you are using that financing and that the car price needs to be 110% ltv. This will save you some rounds of haggling on price if you make it clear up front that you cannot purchase at car for more than 110% ltv. Also I made sure that I did not fill out the dealer's credit application. I (repeatedly) told them it was a cash sale and that I had my own financing. No point in adding 46464 credit inquiries to your credit repair process.

[pris72]

If you are happy paying $2,500 cash for a car, I applaud you for that. There is no reason for you to criticize those who choose to finance. I personally want something with a warranty on it, and I will purchase an extended warranty. I have a car sitting in my driveway that I paid cash for. I have always kept it up, but unfortunately something major occurred with it. The costs to repair it are almost double of the value of the car. It just isn't worth putting all of that money into it. We know what we can afford and the chapter 7 had nothing to do with our present financial situation. It was all due to a shady collection attorney who went behind our back filing for court orders, and we were never served. I am not the 1st person to go through this with that company, and I am sure I will not be the last. They bought junk debt, one of which had already come off of our credit via the original creditor. I am in the process of speaking with an attorney to sue them over their illegal collection practices, and will be looking for others as I have been informed it could become a class action status suit. One week 80% of my husbands check was garnished. That in itsself is illegal.

In response to LSU on the cash for a car issue.

[LSUTiger32]

Seriously LSUTiger32, everyone knows your feelings on this matter at this point. Why beat a dead horse over and over again? Not everyone is in your circumstances, and not everyone has your point of view. Your opinion is simply that, an opinion that clunkers are better than new cars. Some of us have different opinions, which are simply that, opinions.

People come to this thread to get advice on where to look for a car loan, not to be lectured by someone who doesn't have all the facts and isn't in a position to judge and lecture others.

To pris72, you don't have to explain yourself to LSUTiger32. He is in no position to tell you what to do, or tell you his way of thinking is superior. As for getting a car loan, you are only a few months post discharge, which is part of the issue. The only loans you will get approved for right now will be very high interest loans. But there will be a dealer who will approve you at a high rate if you really need a car, (if you are employed). If you can wait a few more months, and concentrate on repairing your credit, the interest rates you will be approved at will most likely be a bit lower that what you will be approved at right now.

Thanks for the suggestion, but I will keep on beating all the horses, the dead ones and the alive ones.

[LSUTiger32]

My husband got a pre approval letter from capital one since he is a customer in good standing. We have a month to decide what to do. As it stands right now my car is going to need around $3,000 worth of work. The book value on it is only $1,800. We may go see about a small SUV either tomorrow or next weekend. We will not sign any papers unless we know for a fact that the payments are in our price range that me and my husband have already discussed. Oh and LSU seems to be bitter over their personal situation. I won't sweat it. : )

LOL! Yes, I a very bitter that I figured out how not to get myself into the same trouble twice. I am extremely bitter about not having a car note. I am ever more bitter about having a large emergency fund and a retirement account. God my life sucks.

[backtoschool]

LSU, you only see things from one point of view. Why do you never understand any other circumstances but your own? You have a mortgage that you reaffirmed which you would NOT be able to get now without rebuilding your credit. Just because you were lucky enough to hold onto one of your houses in your bk, doesn't mean everyone else is in your position. It doesn't snow in New Orleans much either. Take your clunker to Minnesota or North Dakota in January and then come back to the board and tell us all how well that experience went.

What if you had NOT been able to hold onto one of your houses in your bk and you had to get another mortgage in a couple of years? Go apply for a mortgage without having a current mortgage, and with a foreclosure on your reports, and without having any trade lines or any post bk credit history and then come back to the boards and tell us all how that experience goes.

If you are so against credit, I am sure that there are plenty of Dave Ramsey anti-credit boards you could troll on. Why keep disrupting every thread here? The only reason I am even replying to your comments is because I don't want people who are genuinely looking for advice and help to be scared away by your tirade.

It is never a good thing to sit in judgment on others, especially when you do not share their circumstances.

[LSUTiger32]

I have never said that no one should ever use credit. I have said in the past several times that I totally understand that people want to buy houses again. The problem is the mis-conception that you have to go out and run up a bunch of credit to get a mortgage. Go apply for a mortgage without having one on your credit? Are you serious? I guess that means that no first time home buyers will ever get approved. I bought my first house at 21 years old with NO CREDIT CARDS and certainly NO MORTGAGE. A clean credit report after 2-3 years is just as good as one dotted with secured credit cards and high interest auto loans when it comes time to try to apply for a mortgage again. The only thing those payments are going to do is hinder your ability to get a mortgage because of the horrible DTI ratios you will have with a $500 car payment and monthly credit card payments again. The only mortgage any of us is going to be approved for in the next 5 years is an FHA loan. They certainly do not need to see a boat load of credit usage to approve you.

The things people tell themselves to justify things. I can't drive a nice used car (I love how you always use the word clunker) because it snows. Wow. I can't get a house unless I get a cheezy Orchard Bank card. Wow again. I guess whatever you need to tell youself to make it feel good. Surely there is no one in America that drives a used car in the snow or got a mortgage without a credit card.

Let me just double check this as well.......

Your opinion = OK
My opinion = thread hijacker/person on tirade/disrupts EVERY thread on here (alrighty then)

What happened to you? We used to be cool, and now this? I'll make sure to run my opinion by you in the future before posting it to this board. My fault.