Ok I am 22 yrs old. I have like a 630 credit score so its not that much..... I want to buy a no more than 15,000 car. I am going to put like 8,000 down payment. Is it better to lease or to get a loan? How can I get approved for one without a high interest rate? I will most likely be buying in in TN or KY if that makes any difference...
2006-06-17 20:17:44 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
In my experience, do not lease a car...you will be making monthly payments on something you will NEVER own. It is kind of like leasing an apartment. Get a loan, you will at least be making monthly payments and then own the car in the end.
The only way to get approved for a car loan is through your bank. Go to a smaller one, they will most likely work with you better. You could also look for an 8000 car....then you could pay for it outright and then use the time to improve your credit and get the interest rate you are looking for. There are many advantages to having a used car and most will get you through until you are satisifed that your credit is good.
Good luck...you are on the right track...I just don't want you to get a loan that could be higher than what you could pay...sometimes getting your hopes up can be disappointing. Use what you have and build your credit.
2006-06-17 20:25:40 · answer #1 · answered by forensicschick1615 2 · 1⤊ 0⤋
Your credit score will not get you high interest rate. It's pretty good, especially with a down payment that size. Buy the car outright though because leases are bad news.
2006-06-17 20:21:24 · answer #2 · answered by Disillusioned 5 · 0⤊ 0⤋
As far as a lease or ownership plan, that would depend on how many miles you are going to be driving. If you drive more than 12,000 a year, it would probably be best to buy a car especially since you can afford to put 8,000 down.
I recently bought a new car about a month ago, and researched different cars and options on http://www.cartipster.com
2006-06-18 04:26:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
your credit score is decent,with good down payment you should not have a problem,check on the web cars.com,but if you plan to lease you don't need a good down payment,in fact that is like renting the vehicle,you used until your contract expires,and if you decide to keep it the you pay of the balance,it's great if you get bored of your car quick,stay out of used car dealers,and auctions,hope this helps good luck!
2006-06-18 01:32:59 · answer #4 · answered by jose_valle76 3 · 0⤊ 0⤋
dont lease it, get a loan and pay payments. the intrest rate should be high because your credit score is not bad. dont worry about it, just shop around until you find a good deal. just dont get a saturn, hundai, or ford....
2006-06-17 20:23:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
get a loan the YOU shopped around for.
2006-06-17 20:28:45 · answer #6 · answered by firedragon 4 · 0⤊ 0⤋
get a loan
2006-06-18 03:16:02 · answer #7 · answered by JESUS O 1 · 0⤊ 0⤋
earn first
2006-06-18 00:31:13 · answer #8 · answered by preity 3 · 0⤊ 0⤋