i was just wondering about that situation.some car dealerships won't help people who bad credit but some people do.if you did get a car what did you to put down on it? what kind of car did you get?
2006-10-23 09:59:14 · 9 answers · asked by Meow4Moe 5 in Cars & Transportation ➔ Other - Cars & Transportation
I got a car with bad credit. It was a 2005 Honda Civic. My girlfriend put it in her name. When we broke up she took the car back though so I don't recommend that route. Since then I've looked into getting a car. There are plenty of shady car dealerships that will give you credit. You can expect to have to come up with a $500 to $1000 downpayment and you will be able to get a $3000 loan at the most. That means that you will get some piece of junk car for say $3500 that is really only worth maybe $1500 at best if that. It won't be pretty, probably American made like a Ford Escort, Chevy Malibu or Saturn. These aren't very good cars. My dad insisted that I just buy a car instead but I want an auto loan to help rebuild my credit. Here in the Seattle area there is a dealership that deals with bad credit but they sell newer cars but at 29% interest which is really bad. They require you have a checking account, a job, and some references. The place I'm talking about is called Pierre Money Mart. I don't know what they have in your area. For now I'm driving an '89 Chevy Celebrity with no heater so I'll be looking into these credit options real soon.
2006-10-23 10:11:38 · answer #1 · answered by redsoxxfan 1 · 1⤊ 0⤋
You can get financed zero down at almost any B lot (used) you will just have to pay a huge interest rate usually 22 to 28 percent. You will also have to pay a hefty lending fee usually $3000.00 to $4000.00 on top the price of your car. It sucks but it's an easy way to start building credit again. Be sure to really work on your credit! Get those scores up so you can refinance in a year and knock that interest rate down. Make sure you can handle the huge payment including full coverage insurance. You never want to make a late payment it will totally screw what you're trying to accomplish, which is reestablishing a new good credit history. That way in a few years you'll never have to worry about interest rates. Having good credit can save you hundreds of thousands over the rest of your life.
2006-10-23 10:12:51 · answer #2 · answered by lex 3 · 0⤊ 0⤋
I don't think anyone has credit so bad that they can't buy a car (assuming they are employed). The Finance & Insurance (F & I) Dept. at a dealership makes money off of high risk creditors. They'll get you approved and it it will cost you a high interest rate. The higher the rate, the more money and commission they make.
2006-10-23 13:56:22 · answer #3 · answered by Todd 1 · 0⤊ 0⤋
Yeah, my car has lots of credit cards, old doctor bills, plus a student loan. It will never get a house loan. I guess it's stuck in my garage for now.
JK. Yeah, I had bad credit and couldn't get a car loan from anyone. I was trying to get a used car from my local Chevy dealer, and couldn't get financed. Finally, they told me that GMAC (General Motors) would finance me for a new Cavalier. It was a really high interest rate (17%), but I did get a new car. I've not missed a payment yet and my credit is back in good standing.
2006-10-23 10:09:00 · answer #4 · answered by Answer Schmancer 5 · 0⤊ 0⤋
Don't move to the smaller dealerships or the ones credit score expert areas until they do in residence financing. the better dealerships probably have bigger relationships with creditors and when you get a hungry shop clerk they are going to uncover you a mortgage it doesn't matter what. additionally credit score unions are a well situation to seem as good.
2016-09-01 01:32:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I got a $600 Nissan 200SX. It was a 1986 I believe.
You should look to spend completely within your limit. Usually overspending is likely what landed you in bad credit in the first place.
2006-10-23 10:03:59 · answer #6 · answered by Wil T 3 · 0⤊ 0⤋
You can instanly receive an online payday loan up to $1000 using this service: http://loans.servermatrix.org I managed to get the payday loan even though I had extremely negative credit rating.
2014-08-29 16:09:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
its like 20% interest just buy a car with cash
2006-10-23 10:08:00 · answer #8 · answered by meandmyskate 2 · 0⤊ 0⤋
yes but you will have to pay a higher payment or alot of money down
2006-10-23 10:04:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋