*Loan,banking and credit>>>auto loan

Help finding an auto loan with low credit score?

i have 601 as my credit score. i am 22 and had a couple credit cards go to collections which i eventually paid off,and is on my credit report as delinquent.charge off. i finished paying the last collected credit card off this past february. i now have one secured card and one unsecured credit card to help me re-establish credit. i just got qualified for another credit card to help add more credit history and more open accounts to my credit report. they are all minimum amounts of 300. i'm looking into getting an auto loan for a vehicle. my current vehicle is currently worth 3 grand. i need about 8 grand more. to pay off my student loan and receive the vehicle of my choice. i understand my interest rate will be high with my low credit score. are there any places that are legitimate that i could actually get qualified for an auto loan through? ive heard about credit unions and dont know much about their auto loans. do you have to be married to get an auto loan through them?

You're doing the right thing to try and get your credit rating back. But, it's going to take awhile before you're in the 700's again. I also heard the other day that the formula for figuring out this FICO score is changing and it's not going to help people with already low scores. No matter where you go you are going to get a high interest rate. (It also depends on your debt ratio.) Try the bank that you have an account with first. Also, if you have automatic payment from your checking account this could lower your rate by a quarter or so. I suggest you shop around. And, no, you don't need to be married.

stop....stop..... getting more trivial credit cards as a way to boost your score.... pay off the credit cards and be selective over interest rates in the future....your score is low but, during the time i worked at acar dealership i seen lots worse......demanding good interest rates will be the beginning of getting your credit restored since it will make your available money go farther.....if you do not qualify for lower rates or top tier loans then wait and keep paying off your bills till you do.....

a good example of a $20,000 at 1.9% will cost you 349.68 per month for 60 monthes
or you opt for $13,200 at 19.9% at 348.98 per month for 60 monthes.....
by being patient and credit savvy you will save yourself tons of money to spend on yourself and not to stuff some greedy pigs pockets......
Any used car auto loan is going to have a high rate regardless of your credit score. I would try a small home town bank. They have more local decisioning, or see if your parents might have a good bank relationship with someone that might be willing to give you the loan. You also want to offer to do an auto draft from your checking to pay your monthly installments. That helps with any objection the bank may have to you not paying it back. If you have someone that can hypothicate a CD for you than that would be a great way to go. The CD is used as collateral and your rate is usually 2% on top of what the CD is paying. Just some ideas. Just know your loan amount is going to be whatever the bank feels is the LTV on the vehicle, due to depreciation. Hope that helps!
Hello,

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Alexis