Car loans through credit union and poor credit?

My credit score is very low due to me being behind on my mortgage. I will be caught up on my mortgage in another 2 weeks and I am waiting until late Aug to purchase a vehicle. The last time I applied for a vehicle loan, I was desperate because my car had just died (for good) and I had no money. The dealer told me that he'd found a bank to approve me, but I needed to put $1,000 down. The only problem was that I didn't have $1,000. Well when I make a purchase in Aug, I will be putting $1500 down and I'm looking to finance about $14000. My monthly income is $2500. Is it worth it for me to apply at a credit union? This is not a matter of wanting a vehicle. It's a matter of not being able to keep my job without a dependable car; soon I will not be able to drive my POS car anymore.

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  • Anonymous
    1 decade ago
    Favorite Answer

    For a lot of people, buying a car is the largest and most important purchase that they will ever make in their lives. You want a car, but you have a bad credit history. You have applied for loans, but you are finding it very difficult to obtain one. You are not on your own as a lot of people have experienced the same thing. The good news is that there is an answer. Get hold of your bank manager, it helps if you have a good relationship with him/her. Find out the ins and outs and the terms<!--getting a bad credit car loan the bank will probably want to know details about the car and if you are able to put down a deposit. The bank may not be too keen on giving you a bad credit car loan if the car is too old or of little value. This is because if you don't keep up the payments and the vehicle has to be repossessed for whatever reason, the cost of recovering and selling your car may be more than what the car will fetch.

    http://best-loans.awardspace.com/guaranteed-car-lo...

    So while this may not be an ideal solution for you, it does give you a chance of getting back on the road, and possibly improving your credit score at the same time.In this case the bank will probably require you to have someone to cosign your bad credit car loan. In some of the big cities some large car dealerships may offer high risk bad credit car loans. These dealerships will sell you a car regardless of your credit history, so long as you have a good job. There is usually a large down payment required and of course-->the interest rates are fairly high. As always, it pays to do your research as there are great variations in the interest rates charged for these types of loans. The Internet should be your first port of call for research purposes, as there are lots of lenders who are very keen for your custom. Take your time and don't accept the first offer of a bad credit car loan you get. Good hunting.

  • Buffy
    Lv 6
    3 years ago

    For Finance and credit solutions I always visit this website where you can find all the solutions. http://your-finance.us/index.html?src=gxn0ZAVwhd

    RE :Car loans through credit union and poor credit?

    My credit score is very low due to me being behind on my mortgage. I will be caught up on my mortgage in another 2 weeks and I am waiting until late Aug to purchase a vehicle. The last time I applied for a vehicle loan, I was desperate because my car had just died (for good) and I had no money. The dealer told me that he'd found a bank to approve me, but I needed to put $1,000 down. The only problem was that I didn't have $1,000. Well when I make a purchase in Aug, I will be putting $1500 down and I'm looking to finance about $14000. My monthly income is $2500. Is it worth it for me to apply at a credit union? This is not a matter of wanting a vehicle. It's a matter of not being able to keep my job without a dependable car; soon I will not be able to drive my POS car anymore.

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    Source(s): For Finance and credit solutions I always visit this website where you can find all the solutions. http://your-finance.us/index.html?src=gxn0ZAVwhd
  • Anonymous
    5 years ago

    I'm confident that you will find every financial solution at= financial-care.info-

    RE Car loans through credit union and poor credit?

    My credit score is very low due to me being behind on my mortgage. I will be caught up on my mortgage in another 2 weeks and I am waiting until late Aug to purchase a vehicle. The last time I applied for a vehicle loan, I was desperate because my car had just died (for good) and I had no money. The dealer told me that he'd found a bank to approve me, but I needed to put $1,000 down. The only problem was that I didn't have $1,000. Well when I make a purchase in Aug, I will be putting $1500 down and I'm looking to finance about $14000. My monthly income is $2500. Is it worth it for me to apply at a credit union? This is not a matter of wanting a vehicle. It's a matter of not being able to keep my job without a dependable car; soon I will not be able to drive my POS car anymore.

  • 1 decade ago

    Late August should be enough time for you to save a little more and pay cash for a car. If not, why would you want to go into $14K more debt just after recovering from late mtg payments? If you can't pay cash for a car, get a reliable say $3000-$7000 car. You can still apply $1500 towards it and your mthly pmts would be far less than they would be for a $14k car. This way you should be able to better concentrate on paying more towards your mtg. And on time...

    Just trying to help...

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  • Anonymous
    1 decade ago

    For most of us, a car is a necessity like food and water. Go ahead and try your luck at the ole credit union again. also check out this website . They have lots of information about new and used cars, loans, etc. They will be of help.

    http://www.find-cheap-used-cars.com/used/used-car-...

  • 1 decade ago

    What an awful situation to be in, I understand you need a reliable car and cheap credit.

    You could check out resources that can provide cheap cars, they exist. Try these sites:

    http://pinurl.com/car_auction

    http://pinurl.com/cheap_cars

    And you could check out resources that provide cheap loans, these also exist, for that, try this site:

    http://pinurl.com/abi

    Good luck, good hunting, I hope you find what you need and God Bless.

  • 1 decade ago

    you can get some free help and info here.wwwhouseofrapidcreditrrepair.com

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