I have bad credit and want to buy a car. what are some predictions???

Answer 1

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.

WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.

There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...

http://www.axalda.info/bad-credit-car-loans.html

Answer 2

If you want to buy from a dealer new or used you will have a high interest rate because of your credit. You may have to also put a substantial amount of money down, between 1 and $2,000. If you buy a new car you may eb able to get a first time buyer thing. If you are getting used make sure you know the interest rate before signing anything.

Answer 3

Buy only what you can afford to pay cash for- or you will get reamed with interest, plus have to carry comp and collision (but just liability if you own the car outright), and your credit will be worse a few months down the road. Interest is VERY expensive. Save your money and pay cash for things....better to drive an old beater that you own outright, than a shiny car that you're paying for for the next 5 years. If you want aq nice car, drive a beater for a while...and while doing so, save your money for a nicer car. You'd be surprised how fast you can save when you dont have monthly payments.

Answer 4

yes..yes...yes.... high rates, down payment etc...

these guys saying your going to pay double for the car just dont understand. if you have bad credit thats just something you have to deal with. when you have bad credit that means your repayment history isnt good. which means that whoever is going to loan money to you is taking a risk doing so because you've proven to either not pay or pay slow which means more work and money for the lender as they now have to employ someone to call/harass you to pay your bills. so as a result they are going to try to get as much out of you as quickly as possible in order to hopefully come even or make a profit by lending you money. so yes your going to pay a higher interest rate.
does that mean your buying the car for more than you should normally? not really. that means that you buy a $10k car, and your going to pay alot of interest on it. which means you could be paying close to double back. but thats just a reality.
if you need a car, your better off buying from a larger dealer if you can. they generally do a better job getting the car ready to sell which means less problems later on. they generally will also use larger companies that will report it to the credit bureaus which will help your credit more than the little buy here pay here places.
all are going to require a down payment. most will require a minimum of $1000. how much down also depends on how picky you are with the car. the more car you try to buy the more you generally have to put down. most banks want 10% down minimum if you have negative credit.
if you have a larger down payment often some of the better lenders/primary banks will often consider lending you money on a car vs. the secondary banks. why? because the more you put down the less you owe on the car the less risk it is for them to finance you. because then if you fail to pay your note and the bank reposseses the car they will not be losing money when they go to sell it. again.
another thing to consider is possibly a lease. often banks will lease you before approving a purchase as its less money financed. depends on the lender though.

Answer 5

Someone will sell you a car on credit.
Ever see those late night commercials....the car dealer that will give anybody credit.....
An they got those retarded people giving testimonials about how nice the car dealer was to them.
You will get credit alright...but you are going to pay twice what the car is worth.

Answer 6

Go to a jewelry store and apply for an item that costs 250.00, pay it off over time with small payments.....a 6-8 month
loan from them is enough to jump start your credit....

Get your credit report and start being proactive in fixing your credit.

Answer 7

buy a used car from a private owner like from newspaper ads who are desperate to sell there car and the car still running good

Answer 8

An insane intrest rate for an overpriced used car.

Answer 9

High interest rates, require a high down payment not 1-2,000 more like 5,000