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now you know how you can be chosen for best answer...
Additional Details
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tunekeft05 | Getting a car loan with bad credit? |
When I was 18 I got a couple credit cards and payed them good for a year, then my job went shaky and i was out and no way to pay them back. Im now 21 with a credit score of around 510. Since then I have gotten a very good job, and wanting to get a new car. Im thinking of getting a car thats around 15-17k dollars. Would it be possible with my credit? How big of a down payment do you think I would need. I have a decent car I can trade in now, or sell maybe for around 2k. And can probably come up with around 1k to go with that for a downpayment. Would that be a pretty good downpayment on a loan amount that much? I also plan to pay off those credit cards which wasnt that much, most of it now is just finance charges. Will that help my score a lot or will it still be pretty low if those negative things are on there even if I payed them off... |
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T C
 |
Two suggestions:
#1 Try to get the car now. If you put $2k down on on $15k, that's about 15%, which is *some* thing. It will be hard to finance 100% of the loan at that credit rating. You have to remember that is won't cost a flat $15k and you may not get full Blue Book for the current car you have. You will *not* get good value by trade-in, so try to sell it on your own. I know you said you might have $3k, but work w/numbers that you know you can meet and anything above that will be to your benefit. Better that than the other way around. Be prepared for a high, high interest rate of 19% - 24%, although the car industry is hurting. There might be some good deals out there since your loan will be secured w/the car as collateral.
#2 Wait 3-4 more months. It might sound like forever, but if you are diligent and focused, you will definitely have a higher credit score. You shouldn't pay all the credit cards off completely. Leave at least a small balance (i.e. 20% used credit) on one of them. If they are all at zero balance, it detract from your credit score. Sounds silly, but that's how it works. With a higher score, you will have a lower interest rate.
Remember that a car is not an investment. They depreciate. You want to avoid being "upside down" in a loan, that is, paying more for a car than it's worth due to a high interest rate. So be sure to get a car with a payment you can afford. Being cute or cool & looking good is fun, but having a repo on your credit not worth it.
Good luck! |
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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 |
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Dewey K
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I sold cars for our local Chevy dealer and people like you for a regular loan from a bank you would need probably 4k to qualify. If you go to a smaller car lot where they finance it themselves you can get one but I don't recommend it for two reasons. The interest will be about 20% + and if you are a couple of days late it can get repod real quick. |
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Michael T
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A loss of a job has caused many people to drop points in their credit score. Sounds like that was just a temporary set back for you. Your best bet is to improve your credit score before purchasing the vehicle. If your existing vehicle is costing you as much each month in repairs as a payment would be for the new vehicle then you may want to go ahead and get the new vehicle.
It sounds like you are headed in the right direction by paying off the outstanding debt. I found a website that has a free credit repair guide that may give you some pointers in repairing your credit. The website is http://www.your-credit-solution.com . Check them out. They helped me when I was in a similar situation.
Good Luck! |
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Jayman
 |
If you can come up with 1k and have a car to trade in you will not have a problem getting a car loan. Car loans are one of the easiest loans to get approved for. But with a bad credit score your interest will be higher and therefore your payment will be higher. Try to shop around though, sometimes just telling a car dealer you are leaving will make them offer you a better deal to make you stay and buy from them. |
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Basham F
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Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen toward<!--providing you loan, but do not be discouraged.Generally, bad credit car loans are available at higher interest rate, but you can take at competitive interest rate after placing your assets as collateral in secured bad credit cal loan.
http://badcredits.awardspace.com/guaranteed-car-loan.htm
You also can grab bad credit car loan without keeping your asset as collateral, but you have to pay competitively higher interest rate. Hence-->you can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender |
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aug m
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If you have a good job , you can ask for a loan at Prosper, the ebay for loans. People may help you. More information at http://www.acreditlibrary.com/prosper.html |
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jemmy t
 |
You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.
http://debt-credit-loan.com/category/Car-Finance-with-Bad-Credit-Car-Loan.html |
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