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 06:11:27 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Go to a buy here pay here place. A lot of them won't check credit, although they will rape you with interest rates. But atleast if you get it paid off, you'll have that on you're credit. Just check out the car before you buy it.
2006-12-12 06:16:27 · answer #1 · answered by Whit 3 · 0⤊ 0⤋
You don't need to buy a new car, you want to buy a new car. We all like a new car, but they cost you a fortune.
New cars are a depreciating asset. Financing them only makes a losing investment cost you more. If you pay 400.00 a month on a new car, in ten months you could have purchased a $4,000 car, but when making payments, almost all of it goes to interest and is blowing money.
If you need a car now, scrape together $1500.00 and purchase a beater. Save what you would spend a month on a payment (which would almost all be lost on interest). In a few months, sell the $1500 which will still be worth about that much and put what you have saved, say $3000-$4000 and put it with the $1500 buy a decent older used car. Save for another year and sell the car for a small loss and put another $4000 with it and soon enough you'll have a $8000-$10,000 car. Within a couple of years you could have a decent car like that and it would be completely paid for.
The problem with your credit score is you haven't been able to afford what you've purchased in the past. Credit is NOT the answer. You've bought into the myth that you have to use credit to purchase things. Banks love for you to believe that. All of your money is going to interest and none of it back in your pocket.
2006-12-12 06:30:58 · answer #2 · answered by CP 4 · 0⤊ 0⤋
You are going to just have to take the high interest rate because of your credit score however you can try and refinance through your financial institutions (I recommend credit unions instead of banks) to get a lower rate....better yet go to your bank and see if how much you can pre-qualify for and for what rate which SHOULD be better than what any dealer can give you...perhaps you can consolidate your debts to lower your monthly payments so you can show that you'll have more to put toward a vehicle....
Can't really tell you what interst rate you'll get and how much down you'll need to put because you haven't said how much the car is being sold for.
2006-12-12 06:23:24 · answer #3 · answered by mahree 3 · 0⤊ 0⤋
There is more than your credit score that goes into financing a new car. Your length of employment, debt to income ratio, and time at residence also go into it. You should gather the proper information you need on the type of car you desire and go make a deal with your local dealer. The special interest rates being offered on 06 models is probably your best bet, Good luck.
2016-05-23 00:11:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why buy a "brand new car". When you drive it off the lot a new car will depreciate almost $8,000. I'd buy a used car. If a car has at
least 6,000 miles it's considered used.
The only way you'll be able to get somewhat of a decent rate is to have a cosigner with decent credit otherwise you will have to put a load of money down-probably $3000 .
2006-12-12 11:26:10 · answer #5 · answered by sis79 2 · 0⤊ 0⤋
i put $2300 down on a $150000 demo...it might as well have been new it was a 2004 bought jan of 2005 and only had 12000 miles on it...my payment is 311.24 monthly for 60 months and my credit score was 575 then.....partly because of this loan and payments on time my score is now 650 and i have been able to get a couple of credit cards also....interest is a b**ch but its the price you pay for low score...good luck to you
2006-12-12 06:22:09 · answer #6 · answered by cookiesmom 7 · 0⤊ 0⤋
why don't you ask a car dealer. if anyone would know it certainly would be them.
2006-12-14 16:22:13 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋