A car I recently bought was stolen before I could buy insurance for it. This combined with a credit score of 550 has apparently made it impossible to find another auto loan.
Over the past two weeks, I’ve applied with (and been refused by) dozens of banks. Several dealerships advertising bad credit financing help have been unable to find any financing at all, citing my existing car loan as the reason. Although I was originally shooting for an $8000 loan (the value of my stolen car), I’ve since lowered my expectations to around $4500, with no effect. And all this despite making $2600 per month, and having a cosigner.
Do you think joining a local credit union might improve my chances?
Has anyone out there successfully dealt with a similar problem?
I was actually sold insurance with my loan, but I canceled it shortly after I bought the car, in favor of a company (Progressive) with better rates. Unfortunately, there was a problem (my bank hadn’t yet cleared a recent paycheck deposit, despite the online account showing that they had, and so the initial deposit bounced) and the first time I heard of this was when I called to report my car stolen, which was four days after I received an email stating that the initial deposit had been processed, and my insurance account activated (they had informed me of the bounced withdrawal via mail, which I didn’t receive until the day after my car was stolen.).
Anyway, I intend to keep paying the original loan, I’m just trying to find a second loan- can anyone recommend a bank that might be willing to help? I’ve tried all the major ones.
