Car Loan with Home Short Sale

enron29 · 09-18-2013, 08:18 PM

Not sure if there's a true easy answer to this or if anyone has any experience with this, but is it possible to get a decent car loan, or a loan at all for that matter, with a short sale on my credit. That is really the only blemish. Always pay the bills on time, especially my car payments.

Just wondering if it's even possible. Thanks for the help.

jlstyle · 09-19-2013, 12:45 AM

Autoloans screening is looser than the mortgage screening and they usually go more for the credit score, less interested in the type of blemishes.
But I believe your credit score is shot after the short sale...so I don't think you will qualify for top tier interest rate for brands such as BMW. But I know you can still get it approved in mid 600 range with higher interest rate.. like 5~6% range.

MediaArtist · 09-19-2013, 08:02 AM

How long ago was the short sale? If it was 4-6 years ago, you will get slightly reamed on the loan terms, but will likely get approved. If it only happened in the past 3 years, I think it will be extremely difficult for you to get any sizable loan from the normal sources (big box banks, some larger credit unions), you might be able to get a loan with crazy 10%-15% rates from a less well known lender though. Better to buy in cash if you can swing it.

enron29 · 09-19-2013, 09:01 AM

Bummer. That's what I figured though I guess. Guess I'll ride this car out and hope it lasts me a couple years. It only happened a year ago.

KingOfJericho · 09-19-2013, 09:07 AM

Yeah, it's really all credit score.

09-18-2013, 08:18 PM	#1
enron29 Lieutenant 81 Rep 514 Posts Drives: 2006 E90 Join Date: Aug 2009 Location: SoCAL iTrader: (12)	Car Loan with Home Short Sale Not sure if there's a true easy answer to this or if anyone has any experience with this, but is it possible to get a decent car loan, or a loan at all for that matter, with a short sale on my credit. That is really the only blemish. Always pay the bills on time, especially my car payments. Just wondering if it's even possible. Thanks for the help.
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09-19-2013, 12:45 AM	#2
jlstyle Lieutenant Colonel 355 Rep 1,762 Posts Drives: Porsche Panamera Join Date: Jun 2008 Location: USA iTrader: (0) Garage List 2014 Audi S7 [0.00] 2015 BMW X5 [0.00]	Autoloans screening is looser than the mortgage screening and they usually go more for the credit score, less interested in the type of blemishes. But I believe your credit score is shot after the short sale...so I don't think you will qualify for top tier interest rate for brands such as BMW. But I know you can still get it approved in mid 600 range with higher interest rate.. like 5~6% range.
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09-19-2013, 08:02 AM	#3
MediaArtist There is No Substitute 72 Rep 1,186 Posts Drives: Audi A6, 997 GT3 RS, E90 335i Join Date: Apr 2010 Location: Laguna Beach, CA iTrader: (0)	How long ago was the short sale? If it was 4-6 years ago, you will get slightly reamed on the loan terms, but will likely get approved. If it only happened in the past 3 years, I think it will be extremely difficult for you to get any sizable loan from the normal sources (big box banks, some larger credit unions), you might be able to get a loan with crazy 10%-15% rates from a less well known lender though. Better to buy in cash if you can swing it. __________________ '13 Audi A6 '07 Porsche GT3 RS '08 BMW E90 335i
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09-19-2013, 09:01 AM	#4
enron29 Lieutenant 81 Rep 514 Posts Drives: 2006 E90 Join Date: Aug 2009 Location: SoCAL iTrader: (12)	Bummer. That's what I figured though I guess. Guess I'll ride this car out and hope it lasts me a couple years. It only happened a year ago.
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09-19-2013, 09:07 AM	#5
KingOfJericho Major General 2452 Rep 7,341 Posts Drives: Yes Join Date: Aug 2007 Location: CT iTrader: (1) Garage List 2010 135i Coupe [5.26]	Yeah, it's really all credit score. __________________ The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost. 2018 Jeep Grand Cherokee High Altitude Hemi \| 2010 S4 Sold \| 2010 BMW 135i Retired \| 2006 Lotus Exige Sold
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