no credit check and no doc auto loan?

[jellybean]

is there such a thing? i was searching for bad credit auto loan lenders and came across "now get loan." they apparently lend up to $35k for a vehicle with no credit check, no faxing of documents, etc.

how is this possible??? they have a simple form where you submit your name, state, zip and email address and then apparently they match you up with lenders. seems like a total scam but i can't find anything bad about them anywhere.

i was tempted to see what its like but i remember reading on this forum where someone entered their info and then got added to hundreds of spam lists.

i didn't file for BK, but my credit is really poor (mid 500s). i want to get a $31k car and can put down up to $5k.

[Flamingo]

When you encounter something like this, contact the BBB. Never provide personal information to anything on the web or otherwise if you don't know where it is going or what it will be used for. I smell scam as you do you.

[StartingOver08]

....
i didn't file for BK, but my credit is really poor (mid 500s). i want to get a $31k car and can put down up to $5k.

Your instincts are dead on...stay away from the no doc, no credit check people. A legitmate loan requires credit checks and documentation. When you get into the less documentation or no doc type loan you will end up either scammed (most likely) OR an extremely high interest rate and other rough terms. That is the problem with the lower scores, these types of companies charge outrageous rates (15% and more) because they can. On this board we have seen rates as high as 24%!

With your downpayment, why don't you consider buying something cash? You will save the many, many thousands in interest and not have that monthly mortgage - oops, car payment.

[jellybean]

thanks for the advice guys.

i just need to get the car loan for about 6 months and then i'll pay it off.

[Never_Again]

Why not wait the six months, and pay cash for the $31k car?

I would think that a no doc or credit check loan is going to cost you some huge money in interest!

[debtmonster]

Do a WHOIS on the domain name and see how long they've been around and then Google the domain and see if there are any complaints against them. They could be building a mailing list to sell to people. They are just harvesting names or they could be using it for identity theft.