I agree young man, but also check the in house financing, i.e., GMAC, Ford Motor Credit, Mercedes, BMW, because they are trying to compete with the banks/credit unions and will give you good rates.

Credit unions seem to be more customer friendly than the banks in this economic environment. You should go to your local credit union and see what they can offer you.

I filed bankruptcy over a year now, and I am in need of a car. I have a credit union and I think I will do my car loan with them. Will I get approved for a loan a lot easier with my credit union than some other lender?

Thanks Meya,

Okay, so now I know something else new; it's okay post at the end of a thread that was started months ago, because members are still posting on it; COOL!

I'm also thinking about keeping my gas saving 91 Civic and putting some of that $3000+ on a BOfA secured card. But for the other COs like direct TV, medical, and old less than $100 cell phone bills; does it even help to pay those off, or let them drop off. Some of those should even drop off in 2009. I have the Cap 1 that should drop of early 2009. But since it went to collections, I'm thinking I should pay it or the collections may not ever drop off.

sphj413

You are doing just fine! I told ya, I got your back regardless!

Whew, that is a good auto loan question but I have been down that road in the past. OK, things are different now than what they used to be and car dealerships are hating that they may not be able to approve customers in the high 600's scoring range.

In your case, when there are plenty of negative items on the report and you have not financed a car before, and can't put down what they quoted to you, sometimes you are not going to be able to get what you want, but what your money can afford. Durability, reliability, responsibility, and trustworthy is what will have to come first. I am not telling you to get something that you have to fit into, of course not, but get something that you know you can adjust to until you can do better. I thought i was going to be able to ride off the showroom floor with my Buick Enclave but after dissecting my finances, I will have to hold off for a minute. The truck was not going no where, it will always be there, but I could see my pockets doing so.

Online auto loans, I have not dealt with, but I say it is best to go to the dealer since getting a approval check online may be somewhat difficult. They have many different finance options for those with poor credit (usually called stips). You will probably get a car but the finance charge is going to be up the ying yang, and the only way to bring that down a notch is to raise the down payment and/or have a nice trade in. I think the online auto loans may be cool because I see them on commercials a lot but, I have never financed a car throw them, and I don't think I ever will.

:scared:Hello, I'm the newbie who just, with Meya's help, learned how to start a new thread; and i'm hoping i started this one in the right place.

I have no trust in financing with the dealers anymore. Leo, what happened to the Camry? Do you still drive it?

I just bought a brand new mazda tribute 2 months ago, and we used the dealership for financing. I had my 08 camry financed through toyota financial and they approved me for 10% for 72 months which was last year with bad credt and on my own. With My mazda my fiance cosigned me and I got 5% for 60 months from amcore bank (might want to check in to them) But im not sure if they give u a better rate if you put more money down, i put down $5k for the mazda and $10k for the camry. The dealer told me they go through there banks so frequent that even if you call them yourself you cant get the rate they can get, because they get you incentives which they earn through banks. I would suggest you work with a dealer, but do not let them send it to many banks or you will end up with 20 inquiries.

Sobering reminder of the current plight of Car Sales

http://www.usatoday.com/money/autos/2008-10-20-auto-dealerships-credit-crisis-loans_N.htm?loc=interstitialskip

What CU is this?

altura credit union
www.alturacu.com

I was thinking of it that way. It's like, no one has ever talked about CU's banks since I have been trying to rebuild until I went on financial sites. Now I hear people on the streets talk about CU's left and right. This is why I was thinking, huuummm, is CU's going to take over?

Thanks for the feedback kiejon9. Can you do me a favor, can you ask her what what the percentile of average opening accounts prior to the credit crunch (screwed economic crisis). Just think about it, 5k members within a month, we are talking big time new customers and business.

yes I well ask her when i talk with her

Hello Meya , Cu 's do have the best rates and I think cu's may take over and last nite i was talking with my sis that works at a cu were i bank she told me they have been getting new members last mo my sis told me that they had almost 5000 new members in one mo.....

I was thinking of it that way. It's like, no one has ever talked about CU's banks since I have been trying to rebuild until I went on financial sites. Now I hear people on the streets talk about CU's left and right. This is why I was thinking, huuummm, is CU's going to take over?

Thanks for the feedback kiejon9. Can you do me a favor, can you ask her what what the percentile of average opening accounts prior to the credit crunch (screwed economic crisis). Just think about it, 5k members within a month, we are talking big time new customers and business.

What CU is this?

Hello Meya , Cu 's do have the best rates and I think cu's may take over and last nite i was talking with my sis that works at a cu were i bank she told me they have been getting new members last mo my sis told me that they had almost 5000 new members in one mo.....

Acutaly, GMAC has been giving out some good deals. They are offering employee discounts on their vehicles. Sort of had me a little bit, but the 5 year thingy is not in my shoes right now. I have been scared to do a lot of things that carries and installment.