I need a car really bad. I would like to get a car under $8,000 and over $5,000 but my credit is so bad. I dont want to pay the high APR and i dont have cash to pay for one....im in such need of a car is not funny....asking family for credit not opptional. I live down south of Cali, Los Angeles.
2007-02-27 08:45:08 · 19 answers · asked by TUCK 2 in Cars & Transportation ➔ Buying & Selling
A co-signer is always an option, but just remember that if you miss a payment, then it's their credit that gets screwed. Either that, or purchase from a private party. They may charge you a rate if you make payments, but that seems to be your best bet. See if you can find a friend who is either selling a car or knows someone who is. Just be sure you have legitimate contracts, clean title, and bill of sale to cover yourself. Finally, you may want to try this website. It always you to apply for a loan and have banks "compete" for your business. But, if you are that concerned with your credit, I would try to purchase privately first. It may even save you money.
2007-02-27 08:51:29 · answer #1 · answered by Living for today and a good wine 4 · 0⤊ 0⤋
There probably are not many options other than buying a cheap cash car to avoid the higher APR's.
If you have to finance a car, then the best thing to do is put as much money down as possible, thus reducing your amount financed, term, payment, and total interest paid. Then, pay the loan off as quick as possible.
Find ways to clean up your credit, pay off debts, collections, etc... or else you will be in this situation for the rest of your life.
2007-02-27 08:54:30 · answer #2 · answered by Robert S 3 · 0⤊ 0⤋
i know it sucks now but you may have to bite the bullet and take whatever they give as far as apr goes as you have bad credit and will never get good credit unless you pay that i, the point of a high apr is a penlty to those who have bad credit so really you have 3 options and you already canceled 2 of them out 1. fam,ily co signs for you
2. pay the higher rate
3. save up and pay cash
there is no way to do what your talking about sorry
i'd also try some of the small mexi-car dealers they might be
able to do some crazy in house stuff for you but thats a long shot
you'r probaanly a citizen i think they save thier special deals for the illeagals lol hahaha no joke
2007-02-27 08:51:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maybe you should just buy a car that you can pay for with cash. I don't know about CA but here in MI you can buy a decent running car that gets you from point A to point B for $1000 -$2000. And if you are lucky it may last 1 - 2 years or more.
2007-02-27 08:56:23 · answer #4 · answered by morris 5 · 0⤊ 0⤋
There isn't much you can do. With bad credit, you are a risk. No one is going to loan you money, especially since you haven't bothered to save up for a down payment and you actually have the nerve to not want a high APR.
You need to rebuild your credit and pay back the people you screwed before you try to get more money.
2007-02-27 08:54:10 · answer #5 · answered by Hot Pants 5 · 0⤊ 0⤋
I have an answer but, you may not like it. It is painful rebuilding your credit. The best card that I know that does exist, because I used to sell the card is First Premier Bank card.
There are fees with this card as well, but the APR is a fixed rate. However, there are first up fees with the card. The minimum monthly payment is 20.00 but, I suggest paying more. This card will help rebuild your credit.
2007-02-27 08:51:25 · answer #6 · answered by Don't Know 5 · 0⤊ 0⤋
You wave your magic wand!!! Voila!!
Honestly, what are we going to tell you? You dont want a high rate but you dont want to save a down payment and you need one now. You dont have other options.
If you do go shop, get preapproved onilne first- online lenders like lendingtree.com, eloans, or capital one can often get you much better rates than the shady "we can finance anyone!" car lots. Plus you can have them overnight you a blank check so that you can go to the lot and bargain for the best price on the car and not worry about it being "lost" when you cant get financed.
2007-02-27 08:48:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you have bad credit you have to pay high APR. Why would a bank loan money on a high risk loan without a high interest rate? Your stuck my friend.
2007-02-27 08:48:16 · answer #8 · answered by Chris B 3 · 1⤊ 0⤋
maybe try purchasing a car from a person instead of a dealership. it may be a little risky when it comes to the condition of the car but at least your credit wont be a big deal.
2007-02-27 08:48:46 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Maybe you can try a buy here pay here place but if you do make sure you get a warranty. Also try places like Drivetime.
2007-02-27 08:56:30 · answer #10 · answered by onlyoneshea 2 · 0⤊ 0⤋