I am stressed and need your help regarding an auto loan?

Ok. I have been divorced now for 2 years and am really happy with someone else. The problem is that my ex-wife really did a number to my credit. She took out cards in my name, charged excessively, etc, etc. Long story short, I had to pay a huge some as part of the divorce agreement to close all accounts. I am now taking a new job and have to give up my company car. The nice thing is that it is a great salary and car allowance. When this should be an exciting time for me, I am really stressed about having to get a car with this credit rating. I tried last night at capitalone.com and was instantly denied which isn't a good sign. My score is in the low 600's now. I realize a dealer will get a loan for me, but I'll be probably 18-22%. Is it possible to refinance after a year to get out of that? I have to get a car this week and really need some advice on how to proceed based on my position. I don't have the $ to pay for a cheap car upfront either. Looking for used car.

Tx!

I am stressed and need your help regarding an auto loan?

You can probably refinance but, I think that you're still going to have to pay a high interest rate, until that score comes back up and you can bank finance.

I am stressed and need your help regarding an auto loan?

If your credit score is over 800, you're in the top 10% of the populace.

If your score is about 710, you're right in the middle. (Half of the US population is better, and half is worse.)

If your score is below about 575, you are in the bottom 10%

There isn't much chance anyone will be willing to offer credit to you with the exception of the %26quot;buy here pay here%26quot; type lots, that really should be avoided.

Perhaps a co-signer? A relative perhaps that would be willing to help, or maybe even someone with a second car they would be willing to give you, or allow you to make payments?

If you have a checking account at a local bank, you might try talking to them about fixing your credit.

Sorry I don't have good news for you, but with that rating...well...