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I have a deliquent account. Will I be able to finance a new car?

This is a discussion on I have a deliquent account. Will I be able to finance a new car? within the Motorcycle Financing forums, part of the General category; I had a motorcycle stolen from me and I've never paid the notes. Is it going to be possible for ...


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Old 12-15-2008   #1
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Default I have a deliquent account. Will I be able to finance a new car?

I had a motorcycle stolen from me and I've never paid the notes. Is it going to be possible for me to finance a new car even if it's with an extremely high interest rate? My credit score is 689
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Old 12-24-2008   #2
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It depends on where you are going to finance the car. I work as a financial advisor and in our company we would probably turn you down. Your credit score is still considered a very good credit score. However, not only did you get go delinquent on the account but you NEVER paid it....they don't have much faith in those people. But there will probably always be a company that will take a"risk"
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Old 12-27-2008   #3
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It will be difficult for you to get a loan with that hanging over your head. Didn't you have insurance to cover the theft of the motorcycle? I had a stupid doctor bill of $171.00 that work comp was supposed to pay and they never did. That was 3 years ago and it still shows up and will remain as a bad debt for 7 years on my credit report. I even paid it myself but it was too late. Already went to collections and messed me up. 689 is a good rating but the motorcycle will be there haunting you for a long time. When you go to get a new loan they will see it has never been paid. Happy trails....
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Old 04-15-2009   #4
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Quote:
Originally Posted by elli View Post
It depends on where you are going to finance the car. I work as a financial advisor and in our company we would probably turn you down. Your credit score is still considered a very good credit score. However, not only did you get go delinquent on the account but you NEVER paid it....they don't have much faith in those people. But there will probably always be a company that will take a"risk"
With that credit score someone will finance you, especially for a cage, but you might pay 20% interest!
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Old 02-29-2012   #5
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Interest rate is on higher side as you mentioned it should not exceed 10% as it will be affordable.
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