I want to buy a new car but my credit score is 460. How much percentage will it take to finance this car? How much down? how much will my payments be? NEED ADVICE!!
2006-12-12 05:52:48 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I'm not going to lie to you, your rates will be sky high. I'm looking around myself to trade my vehicle and just to get my car a rate I could afford after calculating it looks like the dealership wants to charge me 30 % and my score is well over 120 points higher than you.
However with my bank I can get a new car loan 12.95%. So think of how high my rate is with a score close to 600. If approved, expect to be paying forever at a high rate. See if you can get a co-signer, your rate will drop significantly. Another alternative is certified used and make sure its at a dealership with a warranty not a car-lot. However, I just saw a commercial for a company that states all applicants approved. Its called USAutofinance, I think you just need a job and checking account. Here's the number : 1-800-909-5668
2006-12-12 06:12:06 · answer #1 · answered by Mamajoy 1 · 0⤊ 0⤋
Your going to have a tough time with that score not to mention your monthly payments will be through the roof. I would suggest getting your credit fixed first and purchase a used vehicle for the meantime. Save up for a down payment and when your credit score goes up you'll probably have half the cost of a new car to put down.
2006-12-12 06:12:41 · answer #2 · answered by rokthunder 2 · 0⤊ 0⤋
Get a reasonably priced used car. It will be a while before you score goes up. In the mean time, work on becoming more financially savvy. I assume you have lots a credit cards, missed payments etc.
2006-12-12 06:46:38 · answer #3 · answered by Wil T 3 · 0⤊ 0⤋
go with a good used car for the meantime. on top of the payments for the car you will also have to carry collision with your insurance as well, and some dealers require a certain amount of coverage to be carried as well.depending on the vehicle,and your driving record,you can find yourself with a re-po in no time. if your present vehicle is still runnig an in decent shape,keep it,if no vehicle, buy a decent used one.the dealer may still require collision,but you can save a good chunk with a used car being financed versus new.some dealers may even be willing to do "in house" financing. i did that with my dakota an after trade in of my s-10, i owed 3200 on it,which i was able to pay at 200 a month. the extra collision coverage ran about 70 bucks.
2006-12-12 06:45:20 · answer #4 · answered by yankeegray_99 5 · 0⤊ 0⤋
visit creditboards.com and start working on repairing that credit!
2006-12-12 10:35:39 · answer #5 · answered by knowitall 2 · 0⤊ 0⤋