Loan Resource Guide

Where can you get an auto loan with no credit or bad credit?

I work at an auto dealership and my girlfriend wants to buy a car from me. The problem is his credit score is 0 The only credit he has is bad things (collections, depreciation) and he has no good trade lines. I have tried lending tree and e-loan, both of which fell to him. I really do not want to go to one of these "guaranteed loan" places because they usually have crappy cars. How should I try next?

omg his score is 0? I do not think he would qualify for credit quality step, not because of the score, but because you have stated that he has debts, collections, bad trade lines and so on. A low score can qualify a loan. It's hard to get credit with a history of disparaging collections and crime. I'm not the best credit rating, actually my score at the time when I purchased my car in July 2006 was the 580th I was knocked down many times, but there was some dealers would qualify me, but I had to drive the car, which they approved of, which is not acceptable to me. I would choose my own. I finally went to Koons Ford used cars, and I got approved for loans (just) my problem was that I did not have enough credit, I had a little credit. But I had to keep trying and samples. My bank would not approve me. Tell your bf to clean up some of the credit because his credit told negotiators that he was not responsible enough to carry a loan and repay on time. At least tell him to clean up a couple of bad debts. There are many companies out there that will accept him for a car. But you must watch out because these companies can not be in your best interest. They will charge an exorbitant rate, and create rules for you to follow on your car insurance. Some companies are just too money and the first time you are behind in payment, they continue to return. Companies that are persistent in getting your business and try to get you to sign a loan you need to stay away from. A car loan is very easy to get, but you have to search and apply and whether he may be desperate, he has need to think about the long-term financial commitments and difficulties he may face if he proceeds with an undertaking which does not have his interest as priority. Finally, remember to tell him not to rack up as many credit inquiries on his credit report. Banks and lenders look at that as well. Given of what you have said, it would be hard for him to find a "legitimate" lender to approve him for a loan, and if he keeps using everywhere will it actually bring his score down. Tell him to get the charge-offs, collections and criminal records met before he shops around. Some dealers actually look at your income and employment rather than credit score. Hope I helped. I've been there, done that and it took me months to do it. try this site if you have not already. www.barnone.com I tried it and I got some leads. God bless …..