 What's fastest way to build credit with a score of 575? |
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 Get a Car loan with Bad credit!!!!? |
My wife and I are needing to get a new car ( used car )
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theslatterys2001 | My credit score is 575. where can i get a car loan for better than 16%, and no money down? |
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OC1999
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In all honesty you are probably not going to find anything like that with that score. You may get one that is better interest rate or no downpayment but you are not going to get both. This is still considered sub-prime and actually if you were quoted a 16% interest rate that sounds good for your score. To get out of the Sub-Prime market you need to be at least 620 or above.
You should check your reports and work on improving your credit. If you have any collection accounts take care of those first, they have a very negative impact on your score. Also, make sure your credit card balances are not near the maximum and under 30% is ideal. |
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key2me12
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that is a hard question but trying going with a sub prime lender verses and prime and depends on how long you had you job for. Example my car i bought 8 months ago my credit score was 580 and i put 1500.00 down and my interest rate was 20.5% I have a credit card with the same company i had the car loan thru . I traded in my car for a brand new car with 1500.00 down and 13% with a crdit score of 620 now |
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SPIFIMAN1
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This is what I do for a living.
Sub-prime lenders look at several things before deciding weather to buy a loan and at what rate. They are going to look at how much you are borrowing verse what the car books for in N.A.D.A., how long you are borrowing it for, how many miles are on the car, how old it is, how long you have been at your job/residence, how much you make each month before taxes and how much you are putting down.
To get better than 16% with your score, you need to be under 100% loan to value. This will take money down or a dealer that owns a car so far back of book that they are willing to sell it cheap. This is not common. If a dealer has such a vehicle, they are not going to give it away.
Find a local dealer that advertises Special Finance and work with the Manager. They will be able to help you.
Good luck. |
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1chance
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honestly probably no-where because my score used to be that low and I settled with a buy here pay here dealer. But do not lose hope yet scout the papers and find dealers that say things like no money down and make sure you take the ad with you. Your best bet is to look for a semi-grime salesman who will do just about anything to get the sell. Your catch is the dealer is going to front you 3000 down in order to satisfy the bank and in return they raise the price on the car 4000 its called bait and switch the dealers know how to do it but its a matter of who they'll use it on and always go at the end of the month cause volume dealerships have to keep monthly numbers as high as but preferably higher than the previous month in order to keep a healthy competition with otter dealers. for you that means they'll pull out all their tricks for you. try to go near closing time but not that close give them about a hot hour to decide and they'll come back 10-20 minutes later and say yes. Also if you are paying any bills credit cards, cell phone, mortgage that's good because the bank needs to see some payment history to send it through quicker. In short dealers do not care who takes their cars so long as the bank is sending a check for it |
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BUsiness man
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You can try a smaller dealer that sells used cars. Ask the dealer if the have in house financing. They will usually only finance you for 2 years but it gets the vehicle paid and they usually have full coverage extended warranty to make sure the car is always working so you are always paying.
Good luck |
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nashvillemykl
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I sell cars and deal with auto financing all day long. You most likely won't get a car loan for better than 16% even with money down, unless it's a lot of money...more than 20% of the actual cash value of the vehicle. But, you should know that almost all auto makers WILL finance you through their primary lender, GMAC, Toyota Motor Credit, etc. That's much better than being financed through a sub-prime, but the rate will still be high. Also keep in mind that used cars always carry higher interest rates than new cars. The best thing to do is find a new car that has rebates or other cash incentives that can be used as downpayment. Rebates coupled with some cash will lower the payments and can lower the interest rate. |
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