Miss Know It All
 |
Yeah you will be able to .. but you might want to try this first To boost your credit score:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
www.equifax.com
www.experian.com
www.transunion.com
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Then make sure you pay all your revolving accounts to below 50% of your credit limits.
Make sure that you make all your payments no more than 20 days from the date it is due.
Good Luck! |
|
Charley
|
ABSOLUTELY ... Contact me if your in Arizona. |
|
Brad R
|
yes you can...i work for a auto finance company and there are several options for you. I would recommend having a parent with good credit co-sign with you, if you have that available. Otherwise there are several non-prime finance companies out there, such as Americredit, Drive Financial, or Citi that the auto dealer can get financing through. |
|
K.S. THiS
 |
putting that kind of money down definitly looks good especially if this is just a used car your getting. |
|
Gary H
 |
You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html |
|
Banker B
 |
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on<!--bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/BadCreditCarLoanForPeopleWit%20BadCredit.htm
You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to-->arrange loans or other finance, and usually means you will pay more interest on any loan you take out. |
|
wish I were
|
Then why don't you use that money to pay off your past debts and get your credit cleaned up, then you can buy whatever you want without any worries! Don't start life off being a dead beat on your bills!!! |
|
Lori
|
You might be able to. I know of someone you had a fairly new credit buy a car. She put $4000 down, pays $300/month @ 16+%!!! |
|
drezach
 |
You can get financed, but be careful of the predatory lenders who will give you an inflated interest rate above 16 %. I am in the finance industry and my company would finance a car for you at 14% with your down payment and that credit score. It doesn't matter where you are located. |
|
jamesPurple
|
Sure !
Try your bank first, then a local car dealer.
Good luck ! |
|
SPIFIMAN1
|
Auto finance is what I do for a living and while most every poster is telling you yes, I will tell you the truth.
Auto loans are decided based on the following information;
1. LTV (loan to value).
2. Term of loan requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment amount.
6. Time at job.
7. Time at residence.
8. Monthly income before taxes. ($2,000.00 for most lenders).
9. Credit score/profile.
I listed credit score/profile last because I see people every month with score in the 700 range that can not be approved for a car loan because their credit score is made up of 1-credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this produces a great score it means nothing since it does not show your ability or willingness to repay anything except a $500.00 credit card.
So the true answer to your question is going to depend on the lender that the dealer submits you to and what their guidelines are. You should be able to be approved, but nobody can say yes for sure until you are actually submitted to a lender.
And in the world of Special Finance, there is no such thing as negotiating rate, This is set by the lenders.
OBTW Triad has been out of business for over 1.5 years. They were bought out by Citifinancial auto. Do not take advice from someone who is behind the times with their information. |
|
Cad
|
Should you buy a car if you already have bad credit!
Ask youself this question.
What if it breaks down, do you need more credit (loan) etc.
Take public transport until you have enough saved.
Best of luck! |
|
pxp608
|
It depends on the total cost of the car your are looking to buy.
They might want you to do a 50% down.
If they do accept a $3000-$5000 down, then they'll get you with a really high apr |
|
Vocal Democrat
|
Oh yeah.
I used to work in auto financing. I got people approved w/ scores of <400, and DP of $700!!
There are options for you. One of the biggest lenders out there is Triad Financial. (They exclusively specialize in < Tier 1 credit). Unless you have an auto repo in the past 12 months, you'll probably get approved. |
|
methodos
 |
Pretty much yes there are option for people who have bad or no credit at all. The bad thing about having such a low credit score is that the APR is going to be extremely high. You will be paying between 13% and up for the APR which suks!!!
I would suggest that you first bring up your score which takes up months, unless you cant wait, then purchase the car that way you dont have to pay more money in the long run. Make oyur payments on time! |
|
MIKE S
|
with that kind of down payment you can find cars within 5 years of new for cash,and save on payments. |
|
Dan
 |
I'm assuming you mean a new car: You'll have no problem. And you don't need to put that much down (unless you want to). DO NOT TELL THEM YOU HAVE "BAD CREDIT." That's a "relative" thing in the car business and if they perceive you have a weakness there, they will exploit you with a high intereste rate. Tell them what interest rate you'll accept and make them work to that number.
If you are talking about a used car, $5,000 is plenty and credit doesn't matter. Be sure and get a warranty. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
