do you know any good places to get financed with less than stellar credit?

[craven3557]

I am expecting my Cab this summer. I started a new job less than a year ago and don't have great credit. Any lenders that won't kill me on rate but will finance me?

[jetfuel]

...teachers credit union....was very fair to my kids just starting out ...
...Willie the weasel...

jetfuel

[sharkdog1986]

I agree, credit unions are generally pretty lenient on credit issues.

[SuperGeek]

Credit union, agreed. Regions Bank offered me 7% on a HELOC and then denied me for "credit risk factors." A local credit union put me in their A credit class, 4% rate, and offers more in equity. All around a better deal; the drawback is this process takes 2 weeks with a CU instead of 3 days with the bank. To save 200 bucks a month I'll wait those 2 weeks.

I should have done that with my Smart. Paying 11% via Bank of America... I only agreed because I was in a hurry. Plan 30 days ahead; when they call you to say you're 30 days away from delivery, start shopping for loans and get a lock-in rate. Interest rates are going back up soon.

[Kooky]

A student with no credit can a loan faster than someone with a damaged credit. Most banks may consider you as a big risk depending on how bad your credit is (especially in this economy). A lot of it will also depends on how much you will be putting down...the more you put down, the more qualified you will be because the risk factor goes down. You may have to start with a Credit Union because they have lower rates. You should definitely get your financing ready before you go to the dealership or they may take advantage of you. Good luck!

[SuperGeek]

Yeah, you'd think a 719 FICO score would be enough to get a secured loan... banks are playing it too safe now. Credit Unions are racking up by stealing banks' customers. With a credit union, members (customers) own the bank, and they don't have some uptight board of directors trying to appease shareholders demanding a big profit despite economic turmoil.

Credit unions rock.

[fpage77]

Local loan shark? It'll cost ya your knee caps if you miss a payment.

[jwight]

Just my .02, but avoid anything like "zero down, 72 months" at all costs. May look tempting but you'll be upside down on these cars very quickly and still paying six years from now (if you still have the car.)

Some general guidance: How to Finance a New Car - Loans Guide on Yahoo! Personal Finance

[Big Panda]

Some time ago, several members posted that "Wells Fargo Financial" had a pretty decent rate for smarts.

Since WF is in pretty good shape financially, they may be an alternative if a credit union doesn't pan out for you.

Good Luck!

[SubSlr88]

Call my Uncle Vito and ask for his "special" loan rates. . .
Just make sure your payments are made on time and in full . . .
'Cuz the interest really starts adding up . . .

Seriously, though - credit unions are the best way to go. I joined one after getting out of the Navy many years ago and have financed many cars with them at great rates. They're the best~!