Problem getting auto loan, please HELP. I make good salary.

Dear Sirs.
I am a newbie here but i hear that there are many intelligent people concerning Cars in this forum. I am trying to get a 5 year auto loan for a Acura TL 08, i am trying to buy. I had always owned acura TL's and loved them except the Transmission breaking down. but that is not the issue.
My problem is i had auto loan with Honda financial on my last loan, and i had gone out of the country for about 5-6 month on a family emergency. at that time i had someone take care of the auto loan payments for me but this person completely failed at his task and to make long story short, my car was Repoed once during the loan. Of course, this was taken care of as soon as i found out when i got back.
Now HOnda is refusing to give me loans for my new acura. and the finance guy at this one dealership is telling me that i may have problem getting auto loans in this time of Credit crunch.
I make good Salary around $85,000 per year. but i don't have enough money saved to pay cash. CAN I STILL GET AUTO LOAN from somewhere else ??? What do you guys think ? Please HELP.:crying:

Yes, if you are a member of a Credit Union you can likely get a loan through there.

May i ask, how the Credit Union may help me ?? cause the credit union had denied me Credit cards in the past. Not sure if they would approve the Auto loan ?

First question is... Do you have ANY other dings on your credit?

Second, if your credit union won't work with you, have you tried going higher up in the organization. There's always someone that can say "yes", but nearly everyone can say "no".

You can also try a different credit union.

You can live on 45 to 50K, save the difference, and pay cash in about 6-7 months.

:biggrin:

First question is... Do you have ANY other dings on your credit?

Second, if your credit union won't work with you, have you tried going higher up in the organization. There's always someone that can say "yes", but nearly everyone can say "no".

You can also try a different credit union.

You can live on 45 to 50K, save the difference, and pay cash in about 6-7 months.

:biggrin:

i have lots money that i owe in credit cards that i forfeited on. and also have Repo as well. is there anyone that will loan me money ?? i am desperate.

OK, so your credit is bad and that's your fault - you neglected to include that.

No, nobody will give you an auto loan and it's your own damn fault. If you make plenty of money to afford the car, then save up for it.

It is one thing to have derogatory marks on your credit. But to have them repeatedly, and frequently is very bad on your part.

It took me roughly five years to repair my credit, after neglecting it poorly. Your best bet is to find reliable used car, and pay cash for that. Then work on correcting your credit over the next several years.

OK, so your credit is bad and that's your fault - you neglected to include that.

No, nobody will give you an auto loan and it's your own damn fault. If you make plenty of money to afford the car, then save up for it.

That is Harsh. Is there anyway i can get a loan ?? even if i pay high interest ?:crying:

That is Harsh. Is there anyway i can get a loan ?? even if i pay high interest ?:crying:



You might find someone to give you a loan at 23% interest. But at that rate, it will make the discount on the TL look obsolete.

Your past credit history says you cannot handle a car payment. Plain and simple.

You might find someone to give you a loan at 23% interest. But at that rate, it will make the discount on the TL look obsolete.

Your past credit history says you cannot handle a car payment. Plain and simple.

I have NEVER been late on my Rent for my apartment in last 12 years. does that count ?? if not, do you know any good loan shark in Chicago area ??:banghead:

Does anyone out there want to LOAN me $ 23,500 at 8% interest rate. I am GOOD for it. i make good salary and i will pay it back, i promise.

Does anyone out there want to LOAN me $ 23,500 at 8% interest rate. I am GOOD for it. i make good salary and i will pay it back, i promise.

You promised the credit cards and the people that had to repo the other car.

I suggest you take a long look in the mirror, and decide to take care of things. You might start by paying off the people you cheated in the past. Yes, if you take out a loan, even if it is from a scummy credit card company, and then you don't pay for it, you've cheated them.

Put yourself in the shoes of a lender... Would you lend to someone who's repeatedly broken his promise to pay?

It sounds harsh, but the best thing you can do is save up cash for the next auto (I would not buy new), and settle up with the folks from your past.

If you put a few positives on your credit, and keep doing it for several years, then lenders will start to look at you more favorably. Regardless of how you go about it, fixing your credit will take TIME, it cannot be done quickly.:headshake

i have lots money that i owe in credit cards that i forfeited on. and also have Repo as well. is there anyone that will loan me money ?? i am desperate.
All of those facts put together make for one bad credit report. I'd start by getting a free copy of your report (at www.annualcreditreport,com) and buying your score with your free report. Then you can start to see where you can start to repair your credit. Don't fall for those companies that promise you to fix your credit in short term. It can take upwards of 7 years to get your credit good again, depending on how bad it was to begin with.Start by making your payments on time and not letting your balance go over half of your credit limit. By starting now, you are setting a new baseline to begin your new credit history in an attempt to prove your creditworthiness to lenders.
That is Harsh. Is there anyway i can get a loan ?? even if i pay high interest ?:crying:
I've noticed with the latest dip in the economy and the credit crunch, even those lenders and dealers that promised to get anybody a loan no matter what their credit was are backing away from that promise. In fact I don't really see any ads or commercials for this anymore. A sign that it will be much harder for you.
I have NEVER been late on my Rent for my apartment in last 12 years. does that count ??
Depends( but probably won't). The reason: Your landlord probably doesn't report your payment history to the credit bureaus. The only time that might show up is if you didn't pay and they put it in the hands of a collection agency. Items like rent usually aren't part of a credit file, but bills such as utilities are.
It will take time, but you can make your credit report a lot better by yourself. Just start paying all your bills on time, avoid any repos, and wait for those negative items on your credit report to eventually fall off.

^^^Thank you,, you are the BEST. i got about $14,000 in loan from my 403b retirement plan. but need another $10,000 in loans. do you know of anyone else , i maybe able to go ?? i hate burrowing against my own retirement money but had no choice. I think this 03 Acura TL-S Transmission is a ticking time bomb. i has been acting up lately. the car has about 120,000 miles on it now. but the Transmission had to be replaced 2 times already,, once at 50,000 miles and once at 100,000 miles. Do you think i should have Sued Acura for the Lemon Law claim ???? i am being told that this transmission problem was something that Acura knew about.

I obtain asked this preceding the time when on forums but I have not gotten any meet answers. So here goes, any united know how I can make a perfunctory $500?

We are selling our 1996 Toyota Camry for under $2K and it's a decent car. Do yourself a favour - if you make a decent salary, buy a $2K used car and gradually rebuild your credit and upgrade your cars. If you get something new now, you're going to be wasting your money on ridiculous interest, and if you get fired or replaced, you're owing somebody a whole lot of money that isn't likely to be very forgiving, and your credit is even further screwed.

Nothing in life is a sure thing other than death and taxes - you're in a tough spot, don't buy something you can't afford. Buy the cheapest car you can with cash, save your money, and slowly rebuild. Eventually you will be able to afford a new car at 0%, but this is a reward for being diligent with your money - instant gratification (in this case a new car) will hurt in the end.

I know get even for now with the price of gold so shrill, its really in fashion to exchange former jewelry. Is that something you can try?

To the original poster: You can almost always get a car loan, I know a guy that had a bankruptcy and got a new car loan less than a year later. But if you can't get one through any bank/auto dealer/whatever, then your credit is in VERY bad shape and you'll have to pay cash while you are repairing your credit score.

With the high income you are reporting, and a car that (for now) runs, your best option IMO is to save for a few months and keep driving your old car. Even though it may be failing, it still runs. At 85k per year you're pulling in at least 4000 per month after taxes. You didn't say what your apartment rent is, but I'm sure it's less than 2000, unless you're living too high on what you're making (in which case you should move to a less expensive apartment until you get things fixed). So if your car makes it another 6 months you'll be in a great position to replace the transmission again, or to get a solid used car.

That's the "buy a car" question.

But since it's in your best interest in the long run, to rebuild credit I'll say this: From your posts it seems you're in the credit card trap. I've been there. Here is how to get out -- (and this advice can be found in many places)

1st
Cut up every credit card you have, and make a list of them and their phone numbers as you do so.

2nd
If you haven't declared bankruptcy (not advisable if you can avoid it), call each of your credit card companies that is on the list you just made, find out what the balance is, and offer to make arrangements to pay something each month on each of them. Many times, good faith dealings will not only help you with the credit card company itself, but also with how they report you to credit agencies.

Sometimes you can negotiate a lower interest rate with them - they'd rather have you pay than have to write off the debt.

3rd
Put every dollar you can against the highest interest credit card. When that one is paid off, take that entire amount, add it to the next highest interest card's payment, and pay that one off. Repeat until you're out of debt. Make sure to cancel each card as you pay it off.

4th
For any other bills you have (rent, utilities, etc) be sure to pay on time or early if you can. 35% of your credit score is about timely payments.


The advice in the earlier post to check your credit is a good one. You should do this both before you pay everything off, then again when you are done paying. Once you've paid it off and cleaned up your credit report afterwards, THEN see where you stand.

Good luck with this. You make more money per year than most people, so you should be able to take care of it. It won't be easy at first since you're obviously used to using credit cards all the time; but once you sit down and cut them all up and have a plan, you'll feel a lot better about it. You can probably do it within 1 year.

Oh yeah, btw soliciting members for a loan is a bad, bad idea.

i have lots money that i owe in credit cards that i forfeited on. and also have Repo as well. is there anyone that will loan me money ?? i am desperate.

NO NO and NO,,, you come into this forum claiming to make 85G a year, but never been late paying your rent,,, well I guess not if want to keep your toes warm.

Get a life,,, and be honest with an answer in this forum why you can't live on 85K a year an income that's beyond the average household ?

answer that Q,,, and let's go from there.

try online auto loan sites, instead of traditional financing through the dealership.

A loan is the last thing you need and borrowing from your retirement to buy a luxury car is a really bad idea. You need to fix the transmission on your car when it actually gets to the point where it needs to be fixed and start saving 40% or so of your income for paying off debt and savings.

Your simply not in a good position to buy a new car, let alone an Acura.

I notice he hasn't been back since we told him we wouldn't give him a loan.

Protect your 401K's + IRA's, never borrow money from these accounts, if hardship on loan, you will be paying 10% hardship + taxible income + $85K income, and penalties for paying taxes late befor year end of Y2K10.

I notice he hasn't been back since we told him we wouldn't give him a loan.

How can he come back, some previous lender most likely :bricks1:

How can he come back, some previous lender most likely :bricks1:


:cwm27:

Protect your 401K's + IRA's, never borrow money from these accounts, if hardship on loan, you will be paying 10% hardship + taxible income + $85K income, and penalties for paying taxes late befor year end of Y2K10.

Save yourself some letters and just put 2010......

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