2006-12-21 05:25:49 · 6 answers · asked by nt2000 1 in Cars & Transportation ➔ Buying & Selling
Roadloans is a good way to go. They'll buy deals that many banks have turned down.
Also, there are numerous "special finance" lenders out there that purchase very aggressively. It almost always requires down payment or an equitable trade. You can ask around and find a dealership with a strong special finance department that might use different lenders.
Either way, your interest rate will be high. You're "buying" your credit in a sense. But, it will allow you to begin to rebuild your credit and be in a better position when it comes time to trade again.
Buy here pay here lots are another option, but if they do not report to a credit bureau, it will not build your credit. Be sure and ask if they do so before doing business with them. FYI, some credit unions don't report to the credit bureaus either! These types of businesses would like you to be reliant on them for financing so your building your credit is not always their first concern.
And, no matter which way you go, the lender or the lot will want to see a good work history. If you're not employed or have had sketchy work history, even the local lots might not extend you credit.
If you truly do need a vehicle, don't get caught up in the interest rate being high. It's going to be. Your credit score follows you from dealership to dealership. Find a dealership you feel comfortable with, that offers a good product, and offers to stand behind those products. Just because your credit is not perfect, does not mean you can't purchase a late model, reliable vehicle.
2006-12-21 05:42:00 · answer #1 · answered by Jeff K 3 · 0⤊ 0⤋
What you need to do is look for a dealership that deals in Subprime financing. In order to qualify for this type of financing all you need is a job paying at least $1600 (With taxes taken out, no cash or under the table positions), a valid drivers license and some proof of residence. ie. a phone bill.
You will pay a higher interest rate so what your basically looking to do is buy a used vehicle for around $10,000 to $15,0000. Depending on how much you can afford monthly. The typical interest rate for subprime financing is roughly 16% to 19%. In some cases zero down is available, however $1000 is mostly recommended.
When looking for the right dealership, call a salesman and ask them if they deal in subprime, or special finance. If they are proficient in that field, don't pursue business with them. Move on to a store that deals with that on a constant basis. Best of Luck
2006-12-21 15:10:17 · answer #2 · answered by Mike A 1 · 0⤊ 0⤋
Maybe you should consider the fact that the banks think you are a bad risk and try to do something to fix that. Like not buying a car right now and getting everything else in order. Then save up and go get a car.
2006-12-21 13:29:34 · answer #3 · answered by Steve H 5 · 1⤊ 0⤋
www.roadloans.com
It's a legit company, but your interest rate will be high. They also make rules for you. It has to be a certain year or newer, bought from an actual dealership (not a person or private auto sales company), etc.
Interest rate can be up to 15% if the credit is bad.
2006-12-21 13:29:06 · answer #4 · answered by duritzgirl4 5 · 0⤊ 0⤋
Try to go to a credit union
2006-12-21 13:27:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
www.autoplazahouston.com
2006-12-21 13:27:18 · answer #6 · answered by Apricot 2 · 0⤊ 0⤋