Buy Here Pay Here Dealer

[Craash]

My wife has a recently divorced friend who is a mess. She just had her car repo'ed today while at work.

Anyway, partly to keep my wife from becoming her taxi driver I'm putting feelers out for anyone that might know/own/work at a car place that caters to those with worse than bad credit and is less buzzardly than normal.

I'm of the opinion she hasn't hit bottom yet and won't turn things around until she does but she's deep into Lindsay Mode denial. The tough thing is she has two kids and the dad is threating to take her back to court to try and take away her custoday . . . . so my wife is struggling with it.

Any leads?


fire/aids tree/antifreeze/piihb/gaz

[Bo's Pelini]

She should check out KIA if she makes 250 or more a week they guarantee financing. My car broke down the other day spoke to KIA today going to look into buying a used car from them. I did some research those buy here pay here are huge ripoffs.

[Demonpenz]

Ahh captain-save-a-ho. If it was a man we wouldn't be doing jack shit exept for telling him to get a job, but cause she has a sometimes wet hole we want to help her.

[burt]

Originally Posted by Demonpenz

Ahh captain-save-a-ho. If it was a man we wouldn't be doing jack shit exept for telling him to get a job, but cause she has a sometimes wet hole we want to help her.

Actually...not so much. But we do want to discuss it!

[Craash]

Originally Posted by Demonpenz

Ahh captain-save-a-ho. If it was a man we wouldn't be doing jack shit exept for telling him to get a job, but cause she has a sometimes wet hole we want to help her.

Um, pretty much not. But thanks for playing.

[Craash]

Originally Posted by Argo

I was also commenting on her lack of a vehicle, that I don't understand how this happened. She apparently had a job, so why just let her car get repoed like that? You don't just suddenly have a bill like that and have your car dragged away in a single day. While she had the car she should have done everything in her power to raise the funds to keep the car. Instead, she knows she can rely on the OPs wife, and that's inexcusable. If she can't get her head out of her ass she needs to let someone else care for the children. Kids don't need to sit there and watch their mom cry while the car is being towed away. They need to have a mom who sets an example by chasing afterthe damn car and keeping things in order. There's too many damn resources out there to live like that.

Once more, I don't disagree.

[DrunkBassGuitar]

Originally Posted by hometeam

Buy here pay here is a nightmare in most cases. That being said, if she is a 590 or so a regular bank/dealership will get her bought. I have seen 470s get bought under the right circumstances. I would exhaust every avenue of traditional financing before getting interest bombed by a buy here pay here lot.

Can a 590 really get a car loan, because that's where I'm at. Almost all of my bad credit comes from struggling to pay off my college loans (went through a period of shitty paying jobs and couldn't afford the nearly $600/mo in payments) and not having any other credit. I'm going to need a car, I could afford the higher interest payments but I'd rather pay 7% interest than 20%

[hometeam]

Originally Posted by DrunkBassGuitar

Can a 590 really get a car loan, because that's where I'm at. Almost all of my bad credit comes from struggling to pay off my college loans (went through a period of shitty paying jobs and couldn't afford the nearly $600/mo in payments) and not having any other credit. I'm going to need a car, I could afford the higher interest payments but I'd rather pay 7% interest than 20%

Yes, it will likely be from a sub prime lender, and not EVERY 590 can get a car loan, as there is more that goes into it than just a score.

Bring everything you can to the table, money down especially. Time on job, low debt to income, not a boatload of debt, good payment history with at least 1 lender, even if you have missed other payments. Any/all of these things will help you get bought. You also need to pick the right car, consider things like a total cost of 10k or less, but something with decent miles. You might have to buy a 60k mile cobalt or Focus or something, with not alot of options, but its about the bank being secure, and they like newer cars with lower miles better.

Like I said, I have seen scores in the 400s bought before under the right circumstances.

[DrunkBassGuitar]

Originally Posted by hometeam

Yes, it will likely be from a sub prime lender, and not EVERY 590 can get a car loan, as there is more that goes into it than just a score.

Bring everything you can to the table, money down especially. Time on job, low debt to income, not a boatload of debt, good payment history with at least 1 lender, even if you have missed other payments. Any/all of these things will help you get bought. You also need to pick the right car, consider things like a total cost of 10k or less, but something with decent miles. You might have to buy a 60k mile cobalt or Focus or something, with not alot of options, but its about the bank being secure, and they like newer cars with lower miles better.

Like I said, I have seen scores in the 400s bought before under the right circumstances.

something with between 50k and 100k made in the last 8 or so years is what I would like if it's reliable. how much does income play into the loan decision, because (not wanting to brag) I make good money (about $18.50/hr). i don't have any repos or leins or bankruptcies, just not much credit and what I do have ain't so good. all of my debt comes from my student loans, but there is a lot of it (around 50k total).

[hometeam]

Originally Posted by DrunkBassGuitar

something with between 50k and 100k made in the last 8 or so years is what I would like if it's reliable. how much does income play into the loan decision, because (not wanting to brag) I make good money (about $18.50/hr). i don't have any repos or leins or bankruptcies, just not much credit and what I do have ain't so good. all of my debt comes from my student loans, but there is a lot of it (around 50k total).

Well debt to income can be a deal breaker in some cases. When I bank looks at your DTI they look at your current monthly outgo versus your gross income. If your making 18.50 your making roughly 3330 a month (x40/x4.5) Your monthly bills (this includes things like your rent, and any debt payments not things like your electric bill etc) determine your DTI. All banks have different debt to income requirements but the lower the better obviously. You can't forget that they will also look at the new incoming car payment when determining loan factors too, so that goes back to choosing the right car (right year to get an acceptable term/payment option) There are lots of things that go into that loan decision like I mentioned before. Banks have different combinations which work for them, but basically they look at DTI, Score, total debt, and some banks things like time on job or time at address. They then assign you a tier based on that score, and what tier you end up in decides what kind/amount of loan you can get, if any.

[DrunkBassGuitar]

Originally Posted by hometeam

Well debt to income can be a deal breaker in some cases. When I bank looks at your DTI they look at your current monthly outgo versus your gross income. If your making 18.50 your making roughly 3330 a month (x40/x4.5) Your monthly bills (this includes things like your rent, and any debt payments not things like your electric bill etc) determine your DTI. All banks have different debt to income requirements but the lower the better obviously.

To add on to that, there are lots of things that go into that loan decision like I mentioned before. Banks have different combinations which work for them, but basically they look at DTI, Score, total debt, and some banks things like time on job or time at address. They then assign you a tier based on that score, and what tier you end up in decides what kind/amount of loan you can get, if any.

cool thanks, that clears a lot of things up for me.

[burt]

Originally Posted by DrunkBassGuitar

cool thanks, that clears a lot of things up for me.

Down Payment will also help you greatly. That is why I said the OP lady can't even use BHPH. Most likely a BHPH will require at least $1000 down. Down payment will put you into a better equity position so the bank won't be at as much risk...thereby increasing the desire to lend.