My husband and I are in the market for a new car (as in an 06) and we've been told that our credit is horrible and we would need a huge down payment and a co-signer. I know of about 5 different people who bought new cars and their credit is worse than ours and they managed to get no down payment and didn't need a co-signer. How does that work.
2006-08-14 11:20:24 · 8 answers · asked by sweet_sassy_female 2 in Cars & Transportation ➔ Buying & Selling
I'm not sure how you know how their credit compares to yours, but that's a whole other story.
Most 'bad credit' car loans wind up costing you a fortune - either in very high interest rates or high car price. My best advice is to fix your credit, then buy a new car.
While your credit is under repair, keep finding $500 cars to get you through. Even if one only lasts 6 months, you're 5 car payments ahead, see?
Also, a downpayment should be seriously considered. Even if your trade is the downpayment, your monthlies are that much lower. Pay the sales tax up front as well. Why pay interest on tax? That makes no sense. If you owe more than the trade is worth, keep it! Trade when the value exceeds the remaining payments!
2006-08-14 11:44:17 · answer #1 · answered by InjunRAIV 6 · 1⤊ 0⤋
Why don't you ask them where they bought their cars? Then go there, since they approve just about anyone.
Different dealers have different requirements. For my first ever car, I went to a FORD dealer to buy the Mustang. But they wanted a co-signer and a large downpayment. Went to an Acura dealer and they approved me with no co-signer required and smaller downpayment. So it all depends.
2006-08-14 11:48:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, honey, do you really want a new car at 23.5% interest?
If you have bad credit you do not, repeat, DO NOT need a new car. You are inviting diaster to move into your home.
PS -- check up on your friends in about two years and see how they like their new cars -- providing they still have them and aren't bankrupt.
2006-08-14 11:30:09 · answer #3 · answered by Anonymous · 1⤊ 0⤋
GMAC and Ford Credit will finance marginal credit at higher than standard interest rates
2006-08-14 12:20:37 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
money is unquestionably maximum suitable suited. Your parents motor vehicle circulate to a purchase right here pay right here lot. you will nonetheless decide on approximately $2000 down for a respectable motor vehicle. that kind of dealership is going to completely rip you off. shop you cash
2016-09-29 06:41:28 · answer #5 · answered by ? 4 · 0⤊ 0⤋
ask them what interest they paying or they went to a buy here pay here lot
2006-08-14 11:26:55 · answer #6 · answered by Christian 7 · 0⤊ 0⤋
their interest rate must be real high!
2006-08-14 11:27:32 · answer #7 · answered by angie1412 3 · 0⤊ 0⤋
maybe they used a dummy.
2006-08-14 11:24:59 · answer #8 · answered by Anonymous · 0⤊ 1⤋