Hi Guys,
New To The Forum And I'm Dying For The Gcsrt8. Problem Is That My Credit Is Bad Right Now Due To Some Stupidity On My Part. Anyway My Beacon Is About 450 Which Sucks....i Know.
Anyone Know A Workaround Or A Fix For So That I Can Finance My Dream?
Making Payments Wont Be A Problem Because Luckily Im Back On My Feet Now And I'm Comfortable.
Any Suggestions, Please Let Me Know.
Thanks For Any Advise In Advance.
Regards,
Ex-svtman

INCREDBILE!

GOOD LUCK!


Hi Guys,
New To The Forum And I'm Dying For The Gcsrt8. Problem Is That My Credit Is Bad Right Now Due To Some Stupidity On My Part. Anyway My Beacon Is About 450 Which Sucks....i Know.
Anyone Know A Workaround Or A Fix For So That I Can Finance My Dream?
Making Payments Wont Be A Problem Because Luckily Im Back On My Feet Now And I'm Comfortable.
Any Suggestions, Please Let Me Know.
Thanks For Any Advise In Advance.
Regards,
Ex-svtman

Most new car dealers have lenders that will loan to high-risk individuals. The rates will be insane (16% or higher, up to your state's rate limit...sometimes as high as 29%). If you live in a state with really low rate limites (like NY) then you might have trouble finding a lender. Another option is alternative lending like Prosper.com, but again, the state rate limits are in effect for where ever you live and you won't be attract to lenders if you live in one of the "low rate" states.

Hi Guys,
New To The Forum And I'm Dying For The Gcsrt8. Problem Is That My Credit Is Bad Right Now Due To Some Stupidity On My Part. Anyway My Beacon Is About 450 Which Sucks....i Know.
Anyone Know A Workaround Or A Fix For So That I Can Finance My Dream?
Making Payments Wont Be A Problem Because Luckily Im Back On My Feet Now And I'm Comfortable.
Any Suggestions, Please Let Me Know.
Thanks For Any Advise In Advance.
Regards,
Ex-svtman

co-signor.

Sorry to hear about that. Credit score will get better with time. Best thing is a secured credit card and pay it off every month. Do you have a house? You can try to refi. But otherwise you are going to have to wait.

No matter what, they're going to hit you for a big down. Also, strong arm lenders are going to hit you with a massive apr (expect 15-22 points).

Make sure that you really, really want this car because they WILL make you pay for it. They may be able to give you a 72 month term, but compounded by a big apr, you could find yourself paying 60+ k at the end of the day.

I hate to say it but a cheaper car for a few years to help mend your score may save you a lot of money in the long run as well as put you in the ride of your choice.

Just my .02

Good luck.

INCREDBILE!

GOOD LUCK!
Wow. Great responses. Do you have any other sage advice?

co-signor.

A cosigner with good credit can help get someone bought that has a little or descent credit and make them better.

But if you have s*it credit, having a cosigner isn't really going to help you all that much.

Far be it from me to get preachy, but I'm an old dude with young adult children, so it's in my blood.

A 450 beacon may be indicative of some serious financial issues. Straightening those out should come WAY before even thinking about spending 45K (or even 25K) on a vehicle. The 450 score indicates that you might have fallen prey to the "gotta have it now" monster in the past, so if you intend to have a long and healthy financial future you have to whip it now.

Okay, in the end it's absolutely none of my business. But there's no magical fix to a poor credit score except to become financially responsible.

[/LECTURE OFF]

Alex

Is a beacon of 450 the same as a credit score of 450?

Far be it from me to get preachy, but I'm an old dude with young adult children, so it's in my blood.

A 450 beacon may be indicative of some serious financial issues. Straightening those out should come WAY before even thinking about spending 45K (or even 25K) on a vehicle. The 450 score indicates that you might have fallen prey to the "gotta have it now" monster in the past, so if you intend to have a long and healthy financial future you have to whip it now.

Okay, in the end it's absolutely none of my business. But there's no magical fix to a poor credit score except to become financially responsible.

[/LECTURE OFF]

Alex


I agree 150% I was this way till i got married. Now thankfully i can afford to have it now but i make sure everything is paid off every month and money goes in the bank!!

You have to change your mindset for sure!!

Ok Guys,
Thanks For The Advise. I'll Go With Plan B And Let You Know How It Works Out.

Is a beacon of 450 the same as a credit score of 450?

No, it's not. Beacon is an auto-enhanced version of a FICO score (which, incidentally, is the only brand of score that matters) that generally weighs auto loans more than unsecured loans and credit cards. It tries to predict your ability to repay an installment or automobile loan more than a regular FICO score. If you've ever had a repo, then your Beacon score will probably be significantly lower than your "regular" FICO.

Each bureau (there are four of them: Equifax, Trans Union, Experian, and Innovis) will have information about how you use credit. Some of the bureaus may report extremely different information, making you more or less likely to qualify for a loan depending on which bureau report your lender uses.

For automobile loans on the west coast, for example, most lenders use Experian. In the South and Southeast, many lenders use Equifax. TransUnion is used too, but to a lesser degree as they're more for credit cards. (However I believe Chase bank uses TU for auto loans.) If you use a service like E-Loan or Lending Tree, they can farm your application out to many lenders who could use one, two, or all three of the major bureaus.

You can check your credit for free, once per year, at this website:
https://www.annualcreditreport.com/cra/index.jsp

Make sure you have your current address and any others from the last several years. Once you gain access, look at all the information contained to see if it's accurate. Each entry is called a tradeline. Bad stuff is often tagged as "derogatory" and stays on your reports for 7 years from the date of last activity (more on that if you want an explanation). Good stuff stays indefinitely, but at the least, 10 years after an account is closed. Bad stuff far outweighs good stuff. I've seen credit reports where one collection account from, say, Time Warner Cable, can ding your FICO score by 100 points!

The general rule for auto loan approval is a FICO of 700 or higher for the best rates. 640-699 is "B" credit, and anything lower than 639 you'll have high down payment and interest rates. Your score is low and I wouldn't be surprised if you were still denied a loan even with a co-signer.

Your best bet would be to visit a very valuable forum, www.creditboards.com. It will teach you far more than we can about how to use credit wisely.

Hope this helps!

-Matt

Check your credit score with the 3 bureaus and write challenge letters for negative entries, they have to respond within 30 days.

Then work on paying off your debts, many will settle at 50 cents on the dollar for old accounts but you have to clear all negative entries.