TaxMaven
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Consider the fact that your credit is poor b/c you borrowed money & did not pay it back. Credit has been a curse in your life NOT a blessing. Why on Earth would you want MORE of it?! Why don't you just save up & buy a used car for a couple of thousand bucks? Don't tell me you can't find a car for $2k. I have 4 of them in my driveway. They all run & most have a/c. New & nearly new cars are a lousy investment. Please see the article (link below) & the following books BEFORE you go do this.
1. Stanley & Danko. "The Millionaire Next Door".
2. Ramsey. "Total Money Makeover".
I cannot stress to you how BAD a deal a brand new car is. It is a DOUBLY BAD deal when you finance it (even at 0% -HA!). |
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phuckfrankie
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No. Only unless you have a co-signer on the loan that has good credit can you get a good intrest rate. That way if you can't pay they go to the other person who has a good reputation for paying timely and if they don't pay their credit gets ruined and than they no longer qualify for a good rating. Only those who pay their bills, borrow very little - get great rates |
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shelcom
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You don't. Actions have consequences. |
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SPIFIMAN1
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Auto finance is what I do for a living and if you have bad credit and no co-signer unless you can get your own money from your bank, there really is not a lot you as a consumer can do.
Special Finance which is what I do is controlled by the lenders, they tell us how much we can charge for the vehicles and what interest rate to charge the customer. Very rarely do dealers have any room to move on a Special Finance deal.
They may be able to lower prices for after market things like a Service Contract or Gap Insurance but that's it. |
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Dewey K
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There is no easy answer on this. Apply to several companies and see which one offers the best rate. Like anything you can barter to improve the rate. I found a good interest rate on a car loan at this site http://www.1-800BadCredit.com This site specializes in helping people with bad credit get the loans they deserve. I got an excellent rate. Good Luck. |
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Noah M
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I work for an auto finance company. I would shop around for my own loan. Go to your local credit union, or shop online like at lendingtree, or capital one auto finance. The dealer makes money when they finance you by adding points on to your already high rate. Put as much money down as possible. The lower the loan to value (LTV) the better rate you will get.
Paying a temporary high rate and then refinancing is a dream that the dealer will try to close you on. Forget about that.
By the way, I agree with the above poster. If I were in your shoes I would by a cheap car in cash, and pay off all your other debt before you consider a new car. A new car just digs your hole deeper.
If you must get a new car, get one that is two years old and has taken it's hit on depreciation. You will save thousands of dollars and most people will never know the difference. |
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hazeltine4
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Shop around for the best deal. Then, after you establish that you can pay on time for a while, shop around again to refinance at a better rate. |
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crustysob
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You will have to approach different lenders. In some cases, you can qualify for lower interest rates if you do direct payroill deposits at the financial institution. You might also check cresit unions as many of them specifically target poor credit risks. |
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Jeff M
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get a co-signer, or improve your credit |
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J R
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In addition to the offers at car dealers shop around at banks & other financial institutions to get rates. I recommend shopping around at banks first because dealers often mark up the interest rate on loans to make incentives from the lenders. Don't tell the auto dealer you have shopped for loans through other means until they give you a offer & then insist they match it or beat it. |
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Wade H
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Vote Liberal Democrat.
Conservatives have done virtually everything they can to keep you from driving at all.
You are poor. Vote for the people who let the poor at least live. |
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