Just wondering how other people do it? Are there any companies that loan out to stuggling people?
2006-09-17 17:29:20 · 7 answers · asked by Debby 1 in Cars & Transportation ➔ Buying & Selling
You can find those dealers that will finance anybody...but believe me, by the time you pay the car off, you could have bought three cars. Better to repair your credit and save up for a nice older, reliable used car that you can pay cash for.
2006-09-17 17:40:25 · answer #1 · answered by Island Queen 6 · 0⤊ 1⤋
Sorry cannot tell you the name of the company off the top of my head. A friend of mine works for them. Here's the deal. You are buying the "program". They sell you a car with alot of miles on it. Lets say 100,000 and above. For like 7,000 dollars. At a high APR. What they are trying to do is to help you fix your bad credit.
While you are having to pay more out. Once you pay it off. You are now in a positive for good credit.
Or if you are going to a regular car dealership and have bad credit they could either: a) ask for a large down payment, or b) nail you with a high APR. or C) ask for a co-signer or D) or any or all of the above. It depends on where you buy it.
What it all comes down too is what year the vehicle is and how bad is your credit. Or is it you have no credit.
One thing you have to always watch out for is the FINE print!!!
How long is the payments for? They might say one thing in words but when it comes to a contract, things can change. I have seen good credit go serious bad fast....
2006-09-17 18:11:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would say a new car not likely. Unless you have a co signer with great credit.
If anyone does give you a loan the interest rate will be through the roof. My sister on her first loan had a 20% APR! That is horrible. Look around and try to get the best rate.
2006-09-17 17:32:45 · answer #3 · answered by sheltz32tt 2 · 0⤊ 1⤋
The car dealer will claim they finance anyone. They set me down in the finance office, had me sign five blank contracts claiming they would solicit whomever would take those contracts. The next day they called and said only the lease contract would carry forward. I didn't want a lease. And, it was a crummy lease with a big balloon at the end of five years or refinance.
Only sign one contract. And, it's not a contract unless you leave the office with a copy of the contract with your signature.
2006-09-17 17:44:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are some "mom and pop" operations locally in almost everytown. If you look close in maybe an older district of town they will sell cars where you pay weekly and have had bad credit in the past. Be wary of lemons though, make sure you consult a mechanic prior to the purchase though. :)
2006-09-17 17:34:09 · answer #5 · answered by cajunpalomino 3 · 0⤊ 1⤋
Yes but you will pay a huge interest rate on it because they consider you a risk. Your monthly car payments will be big.
2006-09-17 17:32:11 · answer #6 · answered by Molly 6 · 1⤊ 0⤋
Yes. Your interest rate will be higher but you can definitely do it.
2006-09-17 17:36:56 · answer #7 · answered by Truth Hurts 6 · 0⤊ 1⤋
http://www.researchitforme.com/wesayes/autoloans.html
2006-09-19 03:46:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋