Hello! I have made some bad decisions in the past, and they have messed up my credit. I was wondering if anyone knew of a place where I can get financed with a decent interest rate and approximately 500-1000 down for a vehicle of nearly 6000 dollars. HELP! I am on yahoo messenger at lawguy04_1984 if anyone has any further questions to help in the answering process, thanks!
2007-01-31 14:57:16 · 4 answers · asked by Randizzle 2 in Business & Finance ➔ Credit
With poor credit and a small down payment, it is going to be hard to get a good rate on a car loan. Banks and other finance companies base the rates on the amount of risk they are taking! With poor credit history, you are a higher risk. The more you put down, the lower the risk the bank must take.
Talk to your bank or credit union to see if there is a way that they can help you. Credit unions, and smaller banks will sometimes take more of a risk with customers they know!!
Good luck!
2007-01-31 15:16:34 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
When I bought my first car, I didn't have much credit. The ONLY place that would finance me without a cosigner was American General Finance. However, BEWARE, the interest rate was about 30%. The good news, was that after paying on it (on time) for a year, I was able to go to a local bank and get a loan to pay it off at 8.5%.
2007-02-01 09:32:37 · answer #2 · answered by reandsmom77 6 · 0⤊ 0⤋
If you have bad credit and financial problems why do you need a $6000 car? Take your $1000 down payment and buy a beater to drive. Pay cash! The borrower is slave to the lender!
2007-01-31 15:40:06 · answer #3 · answered by tastoller 2 · 1⤊ 0⤋
Try one of the free online services where you can get competitive quotes from several lenders. Here's a page that lists several - http://finance.necessaryvirtues.com/debt-resources/car-loans/
The first one on that page specializes in car loans for folks with less-than-stellar credit. I hope it works out for you.
2007-01-31 15:33:48 · answer #4 · answered by Anonymous · 0⤊ 1⤋