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Where can a young person get a car loan with poor credit in BR?
Posted on 1/25/21 at 4:20 pm
Posted on 1/25/21 at 4:20 pm
Like the title says, I'm trying to help a younger family member purchase her first car on her own. She does not have a co-signer.
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I'd assume she'd get declined by the traditional banks or credit unions. Is her best route to try to find a subprime lender understanding that she'll probably pay a fairly high interest rate.
Does anyone know of places that make these types of loans in this area? I don't have any experience going through non-traditional sources.
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I'd assume she'd get declined by the traditional banks or credit unions. Is her best route to try to find a subprime lender understanding that she'll probably pay a fairly high interest rate.
Does anyone know of places that make these types of loans in this area? I don't have any experience going through non-traditional sources.
13
Posted on 1/25/21 at 4:23 pm to fallguy_1978
Posted on 1/25/21 at 4:24 pm to fallguy_1978
Anywhere that advertises "Buy here! Pay here!"
Posted on 1/25/21 at 4:24 pm to fallguy_1978
Try neighbors
Posted on 1/25/21 at 4:25 pm to TDsngumbo
I expected that one 
I told her to avoid the little side of the road places that buy junk cars at auction.
I told her to avoid the little side of the road places that buy junk cars at auction.
Posted on 1/25/21 at 4:26 pm to fallguy_1978
Reliableautosbrrrrah.com
By wooman hospital
By wooman hospital
Posted on 1/25/21 at 4:28 pm to fallguy_1978
She needs a less expensive vehicle, because the rate she's gonna get for a car loan with that score is gonna be ugly no matter how much she puts down. I'm talking 25-30%, which should be criminal, but it isn't.
Get a decent $6K car and pay it off as fast as humanly possible
Get a decent $6K car and pay it off as fast as humanly possible
Posted on 1/25/21 at 4:31 pm to fallguy_1978
Go see my friend Puss...tell'em I sent you
Posted on 1/25/21 at 4:46 pm to Vols&Shaft83
quote:
I'm talking 25-30%, which should be criminal, but it isn't.
Damn, I figured it would be 15-18% or so which is still pretty terrible
Posted on 1/25/21 at 4:48 pm to fallguy_1978
Your probably best bet is just to go to the dealer and see if they can find financing for you.
Posted on 1/25/21 at 4:48 pm to fallguy_1978
She needs to ask every person she knows and that they know if they have a car for sale for 3500. You can get reliable transport for that price. Jmho
Posted on 1/25/21 at 4:53 pm to bubbz
quote:
Your probably best bet is just to go to the dealer and see if they can find financing for you.
Oh, they'll find it..and rob this kid blind
Posted on 1/25/21 at 4:53 pm to Dawgfanman
quote:
She needs to ask every person she knows and that they know if they have a car for sale for 3500. You can get reliable transport for that price. Jmho
Or just check Craigslist. There are 179 pages worth of cars/trucks for under $3500 in the BR area.
Posted on 1/25/21 at 5:03 pm to Dawgfanman
I'd take it a step further and suggest she buy the best, most reliable used car she can find for $2500 cash. Then invest the remaining $1000, as well as the monthly amount of money she would have been putting towards a car payment.
Drive that used car into the ground and then do the same thing again, only next time with a slightly higher cash budget.
Drive that used car into the ground and then do the same thing again, only next time with a slightly higher cash budget.
Posted on 1/25/21 at 5:06 pm to ATLsuTiger
Invest the remainder in WSB stocks and she can buy a 15k car next week cash money.
Posted on 1/25/21 at 5:56 pm to fallguy_1978
Southeast Auto Inc, Walker LINK
Owner is BR born and raised, Redemptorist HS Basketball state champ and LSU BB player as well, from the early '80's.
Perfect for your situation. Sub-prime specialist.
Owner is BR born and raised, Redemptorist HS Basketball state champ and LSU BB player as well, from the early '80's.
Perfect for your situation. Sub-prime specialist.
Posted on 1/25/21 at 6:08 pm to fallguy_1978
It wouldn't hurt to try a credit union. With that much down and as little as she wants to finance, they may work with her. Depending on why her credit score is that low. If it's just lack of credit history, that would help her case.
Posted on 1/25/21 at 8:26 pm to fallguy_1978
I'd at least try a local credit union first.
I've always gotten the best auto rates from CU's, albeit with good credit.
Being that credit unions are member owned (and focused on members needs), you might be surprised by their flexibility.
The worst that could happen is a denial.
If approved by a CU, I'd expect this is where she would get the best rate.
I've always gotten the best auto rates from CU's, albeit with good credit.
Being that credit unions are member owned (and focused on members needs), you might be surprised by their flexibility.
The worst that could happen is a denial.
If approved by a CU, I'd expect this is where she would get the best rate.
Posted on 1/25/21 at 9:12 pm to HarrisonTown
Check with Pelican State. They do some subprime lending.
Posted on 1/25/21 at 9:15 pm to fallguy_1978
She is better off buying a car she can pay cash. Older model honda or yota
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