2007-03-02 15:33:20 · 4 answers · asked by toya_neal 1 in Business & Finance ➔ Credit
There are dealers out there that cater to customers in your situation. You will pay a very high rate of interest. Generally, you will have to make weekly payments. Some dealers will even put a "shutoff" on your car. That means you can't drive it if you are past due. It's the reverse of OnStar - it keeps you out of your car.
If you really need a car, and this seems to be the best way to get one, be warned that the possibility exists that the car will breakdown and stop running long before you pay it off. If you do not pay the loan in full, then your credit rating will really be in the toilet!
2007-03-04 07:52:23 · answer #1 · answered by Chef dad 3 · 0⤊ 0⤋
Not sure where exactly to find a car with your credit score being low and no cosigner, but even if you DO end up approved for a loan, please be advised: You are gonna pay out the nose for interest rates and you're gonna end up paying either double or triple what the purchase price is of the car after you pay back the entire loan.
Why not save up a couple hundred or a cool thousand and buy a cheap car from a private party, and try to increase your credit score? That way when your credit score is good you can get a better interest rate, sell the car you bought privately, take that money as a down payment to a car dealership and then get yourself into a nice payment plan with a better interest rate and save yourself some cash.
2007-03-02 15:43:39 · answer #2 · answered by Angel 3 · 2⤊ 0⤋
Wait till you have a good down payment. or you will have to finance for long time. Talk to a bank ; not a car dealer. get pre aproved. then shop . I used to add subject to my bankers approval. If the salesman objects run dont walk.. My banker was wlling to get out of trouble more than once.
2007-03-02 15:48:47 · answer #3 · answered by Grand pa 7 · 0⤊ 0⤋
you can't
2007-03-02 15:48:10 · answer #4 · answered by the black hand 5 · 0⤊ 1⤋