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Find Answers With Your Questions About Bad Credit Car Loans Houston

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This article originated at: Poor Credit Auto Loans Tips

Sandra asks…

Does anyone know of any REAL loan companies that help me finance a car with my extremely bad credit?

I went to a few websites and dealers in my area (houston, tx) but i’m getting the run around with every company I inquire.

Charles answers:

If you REALLY want to pay high interest…Really high interest…there are many Special Finance programs around. Your local franchised dealership should be able to match you to the one with the BETTER interest rate.

However, you may begin to pre-qualify for a loan with one of these lenders:

1) Wachovia Financial
2) Capital One Auto
3) Wells Fargo Finance Acceptance
4) Ace Financial
5) Fireside Bank
6) HSBC

Good luck.

Jenny asks…

Student car loans?! Helpp.?

So. Here’s my problem. I’m moving to Houston in 2 weeks to start college. I dont have a car or any credit. My mom has bad credit. Obviously I have to have a car.

What can I do?!

Charles answers:

Find a cheap car !

^^!

Maria asks…

Auto Loan for bad credit possible?

I want to buy a Nissan Cube in the next couple of weeks. I have $6,000 to put down and the car will be around $20,000 I tried to get a auto loan from my bank and I got denied. My credit score is 601. I have no debt, I paid everything off 2 years ago, no major credit cards (bc my credit is so bad I can’t get one), I make $60,000+/year so I can afford it. My debt was no more than $3500 and I have never owned or rented a house. Is there any place that I can go in the Houston, Texas area that will approve me with a not so high interest rate? Thanks in advance. It wouldn’t be such a big deal but my current car is hanging by a thread and will cost $1500 to fix and I refuse to put that much money into it again.

Charles answers:

I would visit a Nissan dealership, pick a Cube with the features you want, and have them work out some numbers for you. As long as you don’t go crazy with options, you may be able to keep the price (with taxes and license) under $20,000. If you can put $6,000 down and get something in trade for your current car, you may be looking at financing just $12,000.

Even with a credit score of 601, you should be able to obtain financing for $12,000 if you don’t have any blemishes in your credit history.

Steven asks…

title loan in Houston?

I need money BAD , I heard I could get a Car title loan but Im not sure where to start , I dont have a bank account and I have pretty bad credit but I do own the car and can use the title as callateral . Any suggestions ????

Charles answers:

There are billboards all around Houston , Saying they will loan you money, with bad credit, and of course no money,, or they wouldnt be advertising.. I would check for loans in the Yellow Pages, and look for one of these no check places… I’m sure you will pay in the long run, but you will probably get some much needed money for now

GOOD LUCK TO YOU
.

Betty asks…

Mortgage financing with bad credit?

I’m looking to purchase a highrise condominium in downtown Houston next September.

I have what is considered deplorable credit by 99% of rating services, but good enough that I was able to finance a new car through a major lender this past summer. By then I should have well over $10k put away.

The average cost of the condos I’ve had my eye on are anywhere from $85-130k and I estimate that I could talk them down $5-10k if they really want to sell quickly.

My question is, even with the terrible credit, will I be able to easily find someone who will grant me the loan with reasonable terms? While I’ll have enough for 10% down, I still worry about closing costs and would like to still have something in the bank when it’s all said and done.
580 is what I hear is the “magic number” so to speak, and I’m not too terribly far below that, but like I said, I was approved through a major and very reputable bank this summer for my auto loan and hold two credit cards which I make timely payments on and keep the balances low.
Ok that all sounds good, but I’m pretty set on a condo. I’d like to buy it, build some equity, hopefully pay it off early, and have the option of using it as an ivestment property if I ever decide to move.

As a first time homebuyer do I have to get an FHA?
I have been pre-qualified based on my income. My car loan is actually at a very good rate considering my credit score. (around 10%…high, but very good for someone with my score)

Charles answers:

At one time 580 was the magic number which is why we are in the mess we are in right now, and you are below that. You will need the high 600’s these days, yes you got a car loan but at what interest rate? Tell you what to do, see if you can get pre qualified then all questions and doubts will be taken away

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