I make good money and have a strong work history with no bankruptcies. Just bad credit. Is it possible to get a loan in my situation?
2006-10-01 14:07:22 · 10 answers · asked by Joe Schmoe 2 in Cars & Transportation ➔ Buying & Selling
You will probably end up paying 16-26 percent, but I bet there is someone who will finance you.
2006-10-01 14:09:30 · answer #1 · answered by amber ɹəqɯɐ 4 · 0⤊ 1⤋
First you should apply directly through the manufacturer of the car you want without going to a dealership. For example if you want a Honda go to honda.com you can apply right on line. With bad credit a larger down payment will help, shows the bank you’re committed to purchasing the car and gives them an excellent equity position if you don't make a payment. If that doesn't work we have had success moving unapproved buyers into prepaid short term leases. Most banks will prefer this with individuals with damaged credit because there is no monthly obligation the banks only risk is that you turn the car in at lease end or buy it for the residual. On your credit this will look like a paid loan/lease.
2006-10-02 16:51:52 · answer #2 · answered by Frank C 1 · 0⤊ 0⤋
Considering that if you make good money, there should be no reason to have bad credit...most banks will turn you down for a used car.
Considering you said you want to purchase a new car, be prepared for a high interest rate...but they'll approve it on a new car, because in their eyes, odds are, they'll get the car back (reposession) and resell it...so they want a car with better resale value potential (a new one).
2006-10-01 23:40:20 · answer #3 · answered by Anonymous · 1⤊ 0⤋
i know this is a bad place to go but JD Byrider will finance you if you make enough money and have been at your job long enough. personally i think they are a rip off but by getting a car from there your credit will be repaired very easily by making your payments on time. although if you are late, you are screwed. maybe you might wanna try a buy here pay here place. or maybe try to save up the money to buy one with cash. good luck
2006-10-01 21:18:21 · answer #4 · answered by sunflower23 2 · 0⤊ 1⤋
The best way to buy a car in your situation is cash. If you don't have enough, you'll still need a good down payment and expect to pay high interest.
2006-10-01 21:11:41 · answer #5 · answered by vwhobo 4 · 1⤊ 0⤋
yes it is possible, but you will pay a very high interest rate. best bet, buy a real cheap car and save up to pay cash for a slightly used, not brand new because it will lose a lot of value just as soon as you drive it off the lot.
2006-10-01 21:22:37 · answer #6 · answered by Anonymous · 1⤊ 0⤋
go to a place that will tote the note.... they often say buy here and pay here..... at one of these places if you have 500 bucks they will put you in a car and take payments right form you... if you fail to pay the weekly payment they will send a wrecker to pick it up though
2006-10-01 21:11:51 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Why would you want to? You have bad credit for a REASON. Just save some money and BUY the thing...sheeze.
2006-10-01 21:14:26 · answer #8 · answered by Anonymous · 0⤊ 2⤋
When you have bad creidt. Well, Sorry all other's pay cash.
2006-10-03 21:48:31 · answer #9 · answered by Anonymous · 0⤊ 1⤋
you might be SOL
2006-10-01 21:14:28 · answer #10 · answered by !!!!!!!!!!!!!!! 2 · 0⤊ 1⤋