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

I work at an auto dealership and my boyfriend wants to buy a car from me. The problem is his credit score is 0. The only credit he has is bad stuff (collections, write-offs) and he does not have any good tradelines. I have tried lending tree and e-loan both of which declined him. I really don't want to go to one of those "guaranteed credit" places because they usually have crappy cars. Where should I try next?

Where can you get an auto loan with no credit or bad credit?
omg his score is 0? I don’t think he would be able to qualify for credit, not because of the score, but because you have stated that he has debts, collections, poor trade lines and so on. A low score can qualify a loan. It is hard to get credit with a history of derogatory collections and delinquency.





I don’t have the best credit; actually my score at the time when I bought my car in July 2006 was 580. I was turned down numerous times but there were some dealerships that were going to qualify me but I had to drive the car of which they approved of, which was not acceptable to me. I wanted to choose my own. I finally went to Koons Ford used cars and I got approved for credit (just barely) my problem was I didn’t have enough credit, I had little credit. But I had to keep trying and trying. My banks would not approve me. Tell your bf to clean up some of that credit because his credit tells dealerships that he is 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 here that will approve him for a car. But you need to watch out because these companies may not be in your best interest. They will charge an exorbitant interest rate, and create rules for you to follow regarding your car insurance. Some companies are just for the money and the first time you are late with payment, they proceed with repossession. Companies that are persistent in getting your business and trying 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 though he may be desperate, he needs to think of the long term financial liabilities and hardship he may face if he proceeds with a specific company that doesn’t have his best interest as priority.





Lastly, be sure to tell him not to rack up on so many credit inquiries on his credit report. Banks and lenders look at that as well. Considering what you have stated, it would be hard for him to find a "legitimate" lender to approve him for a loan and if he keeps applying everywhere, it will actually bring his score down. Tell him to get those charge-offs, collections, and delinquent accounts satisfied before he shops around. Some dealerships actually look at your income and employment rather than credit score.





Hope that I helped. I’ve been there, done that and it took me months to do it. try this site if you havent already. www.barnone.com i tried it and i received some leads.


God bless.....
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse

Reply:Bad credit is one of the worst problems to have... however there exists a solution.





I will hereby talk from my personal experience.





I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,


if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,





a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :





http://umgarticles.atspace.com/debt-cons...





if it helps kindly remember me in your voting!.. cheers!

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