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 06:12:02 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
You can go to one of those "buy here, pay here" lots that cater to those with low scores and worse. A "decent" down payment about the same as a regular lot is a good start. The more you pay down the less you'll owe and the lower your payments will be. Precise calculation of the down payment and the subsequent payments is dependant upon the type of vehicle you buy and up to the particular lot.
HOWEVER, you MUST be aware that:
1. you could be buying a substandard vehicle. So have it checked over THOUROUGHLY by your mechanic (if allowed to) for condition and run a CarFax and/or NADA.com report on it by using it's VIN #, usually located on the plate on the dashboard viewed from the outside and/or on the door. (Make SURE these numbers MATCH!)
2. if you are only a day or so late on a payment, that type of lot can (and most likely WILL) reposess the car, making your credit WORSE!!!
3. As in all cases, bad credit automatically goes on your reports but to get GOOD credit there you must request IN WRITING to the creditor that your good credit gets added to all three credit reporting agencies once the note is paid off.
This can be a good way to boost your Credit Score. But just research and be aware of the pitfalls of buying vehicles from these types of lots.
2006-12-12 06:28:22 · answer #1 · answered by x_southernbelle 7 · 0⤊ 0⤋
payment depends on interest rate, amount down, price of car, length of loan....not a question that can be answered with the info you gave.
with a score of 460 you will not be able to get a new car unless you have at least 25% of the price of the car as a down payment, if not even more.
you might want to find a used car dealer that deals with special financing or one that deals with Credit Acceptance Corporation. They take on bad credit for car loans and help you re-build your credit.
2006-12-12 06:16:45 · answer #2 · answered by Anonymous · 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.
2006-12-12 06:22:13 · answer #3 · answered by SKYDOGSLIM 6 · 1⤊ 0⤋
I don't think you will find anyone to finance you unless your over 500. And if you have a horrible credit score what the heck are you doing buying a new car? Don't u know new car's are the worst investment because the depreciate so quickly? Go buy a nice used car.
2006-12-12 06:16:17 · answer #4 · answered by eViL 2 · 1⤊ 0⤋
My best advice will be buy something you can afford. If your credit is low, and you cannot afford a new car...don't buy one. Save $3000 and buy an older car that runs well and save your money...or pay down your debt and get better credit. Nobody says you have to drive a new car. That is just advertisers trying to trick you into spending more than you have and going into debt farther than you need to.
2006-12-12 06:16:23 · answer #5 · answered by twicewise 3 · 0⤊ 0⤋
uhmm, Im not sure if my aunt was just lucky or was it because she got assistance from NHBS, INC..just check with them I guess thay have specialized programs to assist this kind of situation
have a great day
2006-12-12 06:14:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
OH BOY HIGH!!! 22 TO 24% EASY CAN U GET A CO-SIGNER
2006-12-12 06:27:18 · answer #7 · answered by bodacious baby 7 · 0⤊ 1⤋