i need a car loan, but my credit isnt good enough!?

Question

Wells Fargo has the lowest interest rates, but my credit report sort of sucks because of my husband not paying his bills in the past(grr). Financers that dont care abut your credit report usually have insane interest rates.
My credit score wont go up for seven years, i learned, and im buying an suv, so i need an auto loan. Is there any place out there that will accept bad credit but doesnt have huge interest rates?

Answer 1

There are actually places that specialize in finding financing for people who have less than perfect credit. The one I am familiar with is:

http://www.mortgageous.com/noriskcredit

Their auto loan service is great - they find you the best financing rates possible for someone with poor credit, and they'll work with you to explain everything you need to know.

Answer 2

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Answer 3

There are so many options now to finance a vehicle. First of all go to a large dealership that grantees no refusals. They have lenders like HSBC who are willing to take a risk. Sure the interest rate will be high but after one year you can set an appointment to have it changed to a lower rate. A year of high interest insnt going to hurt that bad. Its just temporary to get your foot in the door. I did it, A year of paying off your vehicle without missing payments really does work in your favour. Plus I also up'd my payments for 5 months then had it return back to normal. That really helped... After a full year you can have yourself re-assest. And your interest rates will drop to a nice lower rate you can live with. Come next time you will get the interest rate you want.

Also make sure your husbands name is NOT on this loan. They look at the social insurance number or (security number (states if I'm correct that's the right name of it)

You want to rebuild your credit. This will cost you a bit but in the long run its worth every penny.

Answer 4

When you compare both the types of bad credit car loans, the secured bad credit car loan is more flexible as regards the terms and conditions. The unsecured is more rigid. Hence if you are certain about making regular payments, secured option is the best.

Find out a suitable lender who offers you loan on terms and conditions that are favorable for you. Spend time searching for the lenders both on the Internet as well as in the physical world. You are more likely to get a cheaper and better loan online. This can lower your total cost of the bad credit car loan.

Do not be taken in by the misleading ads released by the lenders. Their aim is to make the loan more alluring to the prospects. But it may not necessarily be true. Instead, find out for yourself the actual facts about the bad credit car loan.

Answer 5

Let's rethink this: You don't "need" a loan, you want one because you are trying to buy a car you cannot afford. If you two have made a habit of financing what you want, it is no wonder that your hubby cannot/has not paid all his bills on time.

(1) Unless you both signed on something, his credit does not affect yours.

(2) You are married, so even if it isn't on your personal credit report, his debt is your debt. The sooner you stop playing yours/mine, the better chance you will remain married.

(3) There are plenty of good used cars to be had for only a few thousand dollars. People are dumping 3+ y/o SUVs left & right because they cannot afford the gas. Don't tell me you cannot find a cheap car, either. We have only once spent more than $4k on a car.

Answer 6

If your credit is bad, you will probably get stuck with paying a premium interest rate. One place that does bad credit auto loans is HSBC. You can apply On-Line too.

For free valuable consumer information on bad credit auto finance companies read http://www.getbadcreditcarloan.info , this mat give you some inside tips to get the best deal on a interest rate with less than perfect credit.

Answer 7

Yes there are such lenders around. The problem is though that you may face higher interest rates but then again you can negotiate this with the lender. I presume the suv costs more than a credit card as you could get one, but then again you have to watch the interest rates. My profile has more information if you need.

Answer 8

SAVE YOUR MONEY AND BUY A CHEAPER VEHICLE
FROM A PERSONAL SELLER THRU THE CLASSIFIEDS..
NOT A DEALER....

YOU CAN BUY A NICE VEHICLE THRU THE NEWSPAPER FOR UNDER 4000 DOLLARS CASH... FROM PERSONAL INDIVIDUAL....LESS THAN HALF WHAT YOU WOULD PAY A DEALER AND THEN SAVE THAT IN INTEREST TO BOOT ..

BUY A CAR WITH GOOD GAS MILEAGE...NOT A GAS HOGGER...AND CHEAPER ON INSURANCE ALSO.

Answer 9

motor vehicle finance is what I do for a residing and additionally you ought to be high quality. funds is king actual now and every person that places that form of money down and is purely financing 28% of what the motor vehicle is worth would be authorized.

Answer 10

save up some money and get a used car suv's are a waste of money