2007-03-13 05:42:10 · 10 answers · asked by lala0022 1 in Cars & Transportation ➔ Buying & Selling
If you go to a place like CarMax they will determine how much you can spend on a vehicle monthly and show you to an area of the lot where only those vehicles are for you to select from.
No matter where you purchase a car from, if you don't have all of the money for the purchase, you will need credit.
2007-03-13 05:45:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If your dealing with a used car dealer, most of them want a down payment even if you don't have good credit. The down payment usually covers the cost of what the dealer has in the car, so he is already ahead on the deal. If you miss payments and the car is repossessed, the dealer starts over again selling it to someone else with the same money down. He may do this several times before he finds someone who can afford the notes and eventually buys the thing.
2007-03-13 14:25:12 · answer #2 · answered by dd 4 · 0⤊ 0⤋
Depending on the Dealership you go to. If your going to a mom&pop place you may just need down payment. If your going to a named big business you will need credit and depending on your credit score will depend on your monthly payment and interest rate. If your a first time buyer and credit is brand new(no credit at all) then you will need a cosigner with decent credit. Remember anything higher than 5-8% on interest rate will be a big mthly payment and longer note. Always remember key note --- shop around and negotiate this is always taken into consideration and never settle there is always something better down the street. Good luck
2007-03-13 12:50:52 · answer #3 · answered by memyslf&I 3 · 1⤊ 0⤋
If you do not have credit or have bad credit you can get a car, but your interest rates and/or monthly payments may be rather large.
whereas someone with great credit may even be able to get a car with a low monthly payment without putting a down payment at all.
2007-03-13 12:46:41 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you do not have credit a large downpayment helps but you will likely need a strong co-signer, as well.
There are places that finance people with no or poor credit, they typically have high interest rates.
2007-03-13 13:27:32 · answer #5 · answered by msdagney 4 · 1⤊ 0⤋
You need credit for any kind of loan. Some places will do it without credit (JD Byrider) but the interest will be really high.
2007-03-13 12:45:08 · answer #6 · answered by krysszilla 2 · 0⤊ 0⤋
you may be able to purchase the car if you have bad credit, but you will be paying a higher interest rate on the loan.
2007-03-13 12:45:37 · answer #7 · answered by blcria 3 · 1⤊ 0⤋
most places u still need credit, but u can find some place that say no credit-bad credit-no problem
Good Luck
2007-03-13 12:45:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋
your income and credit will determine payment if accepted .
2007-03-13 12:45:58 · answer #9 · answered by martinmm 7 · 0⤊ 0⤋
you need both in most situations. if your credit isnt good you might new a co-signer and a higher downpayment.
2007-03-13 13:36:53 · answer #10 · answered by MiaDiva28 6 · 0⤊ 0⤋