trying to buy or lease a car with 645 credit score

[MikeDz4]

Ok I am new to this forum so excuse me if this has been covered but I am trying to finance a new car. I have been out of bankruptcy for 2 years now (discharged july 2003). I still can't get anyone to approve me for a loan or lease for a car. I don't want a car that I will have to take in for repairs every few months also I don't want a car that I will have to spend tons of money putting aftermarket equipment into it. I want the satellite radio, cd changer and moonroof. I really want the dvd navigation or on-star but I know that because of my 645 score that is probably pushing it. How can I get approved for a loan? I want a honda or toyota. I make $1500/month before taxes although I am only going to be entering my 3rd month in my current job. I've tried dealerships, local banks and credit unions and they all turn me down. Is there a company that will say yes to financing me for the car i want with my credit and income?
thanks

[bkfiler]

new cars with all the fancy stuff are expensive and just going to push the cost up higher. those cars are expensive anyway. either try looking for work that pays more to afford it or consider buying a used car with a loan. you will get better value. cars loose from 20% right off the lot up to 40% within 4 years. that can get you a great deal for the car you want

that seems to be a good enough score that you can get a loan but with your job only being a few months that could be a problem. also, applying to many places cause hits on your credit score.

the problem is someone that will loan you the money will prob do so at a bad rate. consider that, cuz it will cost you much more money each year.

as for where to get loans, i cant help you with that. there might be some online, but again you will probably get bad apr's with them if you arnt getting appproved elsewhere.

[Lightning]

No one can be this stupid. This person is playing you guys. Enjoy.

[bkfiler]

did you guys here something? hold on... ? ? ? nope, it was 'nothing'.

[MikeDz4]

No I am not playing anyone. My car has 111,000 miles on it and i want to get rid of it. I want a newer car. My score is a 545 not 645 i typed the wrong number. I do want to know where to get a loan and why i can't get one where I have tried. I know there has to be someone that will approve anyone but i just can't seem to find the company yet.
thanks
ps oh and i know the car i want will run between 23 and 25k new. At least 20k used. I am prepared for this as this will be the car i will be driving for a long while once i get it that's why I willing to put that kind of money into it.

[Lightning]

You can't afford the car you want. Buy something cheaper.

[StaciMM]

New on your job, bankruptcy in your past, and limited income are going to restrict you. For the car total that you are describing ($23,000-25,000) even at a decent APR (6%), over 5 years the payment will be ~$450/mo or more. When your gross pay is barely 3X that, your expectations are a bit high. Even if you are in a tax bracket that is exempt from income tax, your take home pay at best is about $1400/mo. Most likely though, its less than that. Basic living expenses (fuel for to & from work, groceries, rent, utilities) easily eat that up.

Perhaps you have very little right now in the way of monthly expenses. If you HONESTLY feel you can afford it-start setting aside $500 each month. (Plan $450 car payment, plus extra to cover the higher insurance premium.) In 6 months time, if you have truly saved $3000, then go for it. At that point, you'll have better job stability to show and a cash downpayment. Plus in the meantime, you can put some work into cleaning up your credit report. If you find you CAN'T save $500 each month-then its a blessing in disguise that you haven't already found yourself in a car loan after bankruptcy that you can't afford.

A better plan is to find a used vehicle, that will be good on gas and should last a long time w/ routine maintenance. You don't want to end up back in financial chaos.

[HRx]

You will most likely not qualify for a lease with a credit score that low. The first thing you need to do, is understand why your score is that low? Have you removed erroneous remarks from your credit reports? Have you re-established good credit? Do you have a 10%-20% down payment available? Once you've done the above....see if the following websites can get you a subprime autoloan. Dont apply to to many of these services!! Many of them share the same affiliates!

https://www.roadloans.com

https://www.driverloans.com

Good Luck!

[MikeDz4]

Im paying off all of my overdue bills. So that is taken care of. I am also paying off my credit cards and I ONLY have two of those. The other one is paid off already. The only thing is I don't have a downpayment. I was unemployed for 6 months and well my last few pay checks paid off my overdue bills but those are caught up now. What I don't understand is why places like verizon wireless, cingular and directv don't count towards your credit positively only negatively (meaning if you pay them on time every month and keep them in good standing it doesn't help your credit).

[StaciMM]

My best guess on that is they are not really credit. You are paying for a service-if you don't pay, you lose the service. Not that much unlike groceries. Plus, some services bill you for the month to come-you might pay on Jan. 2 for service from Jan. 10-Feb. 10. If you default on a contract though, you owe termination fees, possibly an old balance, and will deal with a collection agency if you don't resolve it.

Im paying off all of my overdue bills. So that is taken care of. I am also paying off my credit cards and I ONLY have two of those. The other one is paid off already. The only thing is I don't have a downpayment. I was unemployed for 6 months and well my last few pay checks paid off my overdue bills but those are caught up now. What I don't understand is why places like verizon wireless, cingular and directv don't count towards your credit positively only negatively (meaning if you pay them on time every month and keep them in good standing it doesn't help your credit).