Bad Credit No Credit Auto Loan
Are there any trustworthy bad credit/no credit auto loan companies?
I have a good credit score, 729, but not enough credit history to get an auto loan without a co-signer. I have been looking up bad credit or no credit auto loaners, are they legitimate? Are there any that offer a decent interest rate? (I understand that they frequently have a higher rate, I am willing to accept a certain amount of rate increase). I simply do not want to get scammed by strange policies that are designed to screw you.
Please do not include as an answer “Why don’t you get a co-signer?” The answer is because I don’t want anyone else to be financially responsible. Also for reference Capital One has already rejected my loan application because of insufficient credit history.
I feel like with a credit score of 729, I should be able to get a loan SOMEWHERE. I always pay my bills.
Hi, sorry I should put the amount I intend to borrow. I’m looking to borrow 10-15k.
Thank you so much to those who have answered so far, quite helpful on this one!
You have hit on a valid point. In general, small or non-prime lenders tend to be where customer service complaints are concentrated.
They “lose” payments then post them one day after due dates to get late fees, lose titles, don’t process payoffs correctly, invent fees, etc.
Did you apply online or at a dealer. You need to talk to the F&I person. DO NOT randomly apply for loans. The dealer may be able to construct a deal they think you can get approved for?
If your credit file is less than 3 years old, you will have some trouble getting a large installment loan, regardless of score. And you are right, do not get a co-signer.
Do you have any relationship with your local bank or credit union? If so you might try for a smaller loan amount and put down 20-30%.
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