I'm still looking to get my S2000 but I've been running into some financing problems.

Since my credit isn't too great, many of the banks say they won't finance a car that is used and from a private seller. The only other option I have is to finance an 04. Preferrable I want to pick up an 02 or 03 because I've driven both cars and prefer the higher redline on the pre-04 models.

Because of this frustration, I still do not have a car- does anyone have financial knowledge and a tip on what I should do. There is a gorgeous 02 that I really want right now.

 

I used Capital One auto finance.

www.capitaloneautofinance.com

Got a 4.5% rate on a used dealer purchase. Not sure how they are with bad credit, but they do finance private-seller purchases (normally at higher rates than other purchases).

You should also close any credit card accounts (or other loan accounts) you are not using. Banks see these open accounts as opportunities for you to spend more and they worry that you will choose to pay off those accounts first, potentially resulting in a default on your auto loan.

You may also want to contact the credit bureaus about your credit report. Write them a letter disputing or explaining any negative aspects of the report. They tend to view this as a positive move because it shows you care about your credit. Hope that helps.

 

I am thinking of using Capital One to purchase an S from a private party. The process seems easy, was it? Did you apply on line and then have them mail you a blank check? I am also wondering about the title, would I have to mail it to Capital One?

Thanks,
Dave

 

I told the dealer that my credit union would give me 3.9% so they matched it. (Used S2k)

 

You might want to save up more for a bigger down payment.

 

[QUOTE]Originally posted by skyyonrox

 

Credit union was the only one that would take a chance on a private sale out of state for me.

 

Using Capital One was quite easy. I applied online and recieved a response email in a few minutes. They sent a blank check a few days later. Not sure about the title, as the dealer took care of all of the paperwork.

With regard to Allkingz statement, you are describing responsible use of revolving credit instruments. Establishing a dependable pattern of payment on outstanding debt will increase your credit score over time. What I am suggesting is that haninman close any unused accounts. This is referred to as outstanding "open-to-buy" credit and too much of it will reduce his chances of being offered additional loans.

 

credit unions.


www.ncua.gov to find one near you that you may be eligible to join.

 

I tried all the banks in town for my s2k loan and they are a pain in the ass with high interest rate(maybe because my credit suck). I recomend you find an used S2K at a fancise preowned car dealership, your chance of getting ur loan with lower interest rate is much better than getting it through the banks. I know you can buy the car cheaper through private but you wont get the low interest the dealership might offer to you. You can give capital one (apply online) a try but thier interest rate is above the sky if ur credit is no better than mine, beside they will make you buy the vehicle at a fancise dealership anyway. If the dealership tunr you down then you might need to find someone with good credit to Co-sign for you.

Hope that help.

Danny