I am looking to fincance a car, but i really dont have good credit. I have neve financed a car. I dont have anyone that could co-sign with me at all. What are some of the thing they look for? I am planning to put down 1000-1200. What type of interest rate would I expect with bad credit? How long do you have to be on a job? Because i know someone who ws on a job for like a month and got a car financed..and their previous car was reposessed.
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What Are The Chances Of Buying A Car With A Kind Of Bad Credit?No comments yet to What Are The Chances Of Buying A Car With A Kind Of Bad Credit? |
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Yes you can get a car loan with bad credit as a mater of fact that is a good way to help improve your credit score.
You will get a high interest rate though so I suggest getting a relatively cheap car and a short term loan but be sure that you will be able to make the payments and put as much money as you can down to make the payments smaller also go for a reliable car you don’t want to have to pay for repairs wile making payments.
If its new check the reports on the model don’t go by what brand you think is best because they all make lemons go with a model that’s been around awhile so they have all the bugs worked out of it.
If you are going used have a independent mechanic check it out for you.
With poor credit you may not be able to get the car you like right away, you need to think about what is practical for right now. Maybe in the future you will have good credit so you can get a low interest loan for a better car.
no i don’t know what you mean there is no such thing as kind of bad credit. It is either good or bad. With bad you can expect to pay a much higher interest rate or get gouged at a buy here pay here. Buy here pay here lots recover the cost of the car with the dowwn payment. If you make payments its good and can improve your credit score. If you don’t make the payments they reposess the car and sell it again. They have a total win win buisness.
You can always get a car, but the worse the credit–the more downpayment. If your credit’s super-bad, $1-2,000 might not be enough.
there are a lot of people willing to finance someone with bad credit as long as you are willing to pay the high interest. the fact that you are able to put such a large amount down my help to get you a better deal. in my area people with bad credit can get vehicle loans with about a 25% interest rate. most places i know expect at least 6 months at a job 2 years or more is better. They also take into consideration how long you have been at your place of residence again they expect 6 months at least with 2yrs being much better. here are a couple of websites that helped people i know.
yes but high interest
What do you mean by bad credit. IF it is below 600 credit rating, you will most likely be rejected for any loan over 10k. Plus your down payment is very much especially if you have a bad credit score. With that down payment and crappy credit, maybe you can get financed 6k. But, with bad credit, your interest rate will be between 18%-24%. So, I’d work on maybe getting someone to cosign, or save more money for a downpayment. A new car is unrealistic and anything over 10k is also unrealistic. As far as what they look at, first is your credit score, then, how much income you make, if you have iffy credit they may also request proof of income like your wage statements to verify that you can pay. Also, like i said, they would want more down.
If you are unsure about your credit rating, don’t go into a dealership doubting your credit. Go into a dealership like you have a credit rating of gold. Let them do the research on your credit. Let them tell you if it is good or bad. If you let them know you are unsure, they may take advantage of that and give you a higher rate of interest. Let the dealership tell you and then work out the details of a loan.