What chances does someone have to get a brand new car with bad credit?

Question

A new/used vehicle for less than $8,000 or lower? Is it possible?

Answer 1

Until you can pay cash, get the absolute cheapest car you can find that actually runs. With bad credit, you can certainly get any car, but with an astronomical interest rate. Drive the clunker as long as it will go, saving as much money as you can for a down payment on the next one.

Answer 2

It is possible but your interest rate may be horrendous. If you absolutely have to get a new car, go ahead, but after about 6 or so months paying on time try to refinance the loan for a lower rate because since you've been paying on time you have boosted your credit score. But make sure if you do this- the car value has to be higher than the loan value at the time you refi. If you have any accts that are past due try to pay them at least to be current again a couple months before you try to get the auto loan so you get lowest interest rate possible.

Answer 3

Well, awhile back I would have said it can't be done. Buttt..I watched my niece get a brand new car ....she has never paid a bill in her life. Could not believe she drove away with a brand new car. 8 months later they repo'd it and it was filthy inside and out. Low and behold, she waited a few months and here she came in another brand new car, listen to this....she bought it from the same car dealership that had repo'd the last one. Needless to say, a few months later they came took that one back. So far, I have not seen her in another one, not saying she won't pull it off. Had I not witnessed this with my own eye's I would not believe it, but its true.
So, yes, its very possible you can do it. If someone trusts you, pay the payments and maybe you will build your credit back up.

Answer 4

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 5

it is possible your going to need $1500 in income and $1000 or better down do not go over $7999 if you do $9999 max but you will get a car. i did this for about 10 years in california. and for your credit visit http://www.lexingtonfs.com and enter id#6570 $99 down $39 month for 6-8 months great service