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      09-18-2013, 08:18 PM   #1
enron29
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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
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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
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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.
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      09-19-2013, 09:01 AM   #4
enron29
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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
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