Rpm1
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first go to a website and get your own credit report. depending upon the number will tell you what a lender is able to do. low numbers such as 400 to 590 you will have a higher interest rate. 600 to 720 you will have lower interest rates. the higher your score the more likely they will offer you the shirt off their backs. i would recommend though getting the first loan through the dealership. not a buy here pay here place but an actual dealership. to a bank only certain people meet their high expectations. second know how much you can afford to pay on a monthly basis. this includes insurance, gas, ect. then when you sit down with a legitimate sales person they will help you get into a car that fits your budget. one of the quickest ways to bad credit is to lose the car because you cant afford it. dont be surprised when they dont offer you a BMW but rather a Kia. my first car was a heap but hey not everyone had a car so i was cool by default. my daughter's first car is a beast but it has survived 5 wrecks and kept her safe so it is worth it. may not be cool but she is still here on this earth. have fun with the purchase though. |
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peach_campbell
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You can always buy a used car through private sale, you can get some good quality ones for low cost. You can try going to one of those places who advertise cars for people with bad or no credit. |
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what?
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Save for a few months, until you have maybe 15-25% as a down payment. This will show almost any bank that you are committed to making payments, as you will ave a substantial amount of personal equity and risk in repaying the loan. When you sit down with the banker to apply for the loan, explain that you know that you might not have the best credit history, but that all of that is in your past and that you are willing to stand by your word by placing such a substantial ammount down.
Believe it or not, a large downpayment can have a larger effect on your chances of being accepted than an extra 50 points on your FICO score. |
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Ranavain
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Try for a place that does financing through the business, rather than through a bank. They may require a hefty down payment, but many will just let you make monthly payments to them directly. |
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dixierock
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Can you borrow money, from a relative? If you have to go to a loan company, with bad credit, you are going to pay high interest rates. I guess they are your only options, unless you have a friend, willing to loan you the money.. |
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Superstar
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Apply for a bank loan. Get preapproved. If they turn you down, they will tell you what you need to do to get credit. If you have a job, you can always get credit, but you will pay about 18% interest. |
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thecup420
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Be wary of dealerships that advertise 'financing for everyone' sorts of things. A friend of mine had awful credit and went to a place like that. She did get financed, but her interest rate was through the roof. Some places however will allow you to lease a car for a specified amount of time to build trust with the company, then later on, if all goes well, they will finance you. Don't be surprised if the place you do find to help you has some sort of kill switch in the car, so they can deactivate it if you don't keep up with your payments. |
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itsmeee2006
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Buy a used car without monthly payments. |
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Aaroni
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Save or invest your money until you have enough to buy it cash. Why pay interest when you don't really have to? |
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txman777
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apply with your choice of bank or credit union...just don't apply at too many places because that can lower your score. If you find that you can't buy, try leasing, or find someone that is willing to carry the note for you. If that fails try second chance financing with a car dealer. They usually carry the note, but be warned, the interest rate is usually really high! |
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Cherry Bomb
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Get something used. I know you may not want to hear that. Get something from a dealership for about 1200 dollars with like 4 payments on it. It will build your credit score and trust in others. It may not be what you want right now, but it will be great for you in the end. |
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d3wanG
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dont buy a car save a little more first.... |
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Kurious
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how much can u spend? usually car dealers can help you with good financing options even if u dont have any credit! if u are a student, then you are luckier, as some banks will have good options for you.
good luck |
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David H
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Call Karmart in Washington state. If they can't get you financed, nobody can. Go only for new (Banks won't loan to high risk consumers on used cars more than two years old). Look at vehicle under $15000 to keep your payments within reach. Decide for yourself what a comfortable payment is.
Vehicle loans are great credit builders. In a year you'll see great improvement (as long as you pay your bills on time).
Oh, and I would like to hear from people who could actually save money for a down payment. |
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djk
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You can apply for a loan through a dealership that offers credit to those with bad credit or no credit and even those that have filed bankruptcy. The interest rates are usually higher, they will check your credit score and if you have a job that you are able to afford the cost of your monthly expenses, they use a ratio to determine whether you are going to be able to keep up your payments. That would be a start. You could also send for your credit rating to see what it is and then you will know where you stand depending on your present income and expenses. |
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jelly_bloo
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don't get a car. you can't drive. just take the bus. |
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