except for americredit. Should I buy a car with a high rate of 16%. Is it possible to refinance later or what could I do. I tried capitalone finance and a bunch of others also. Help please.
2007-04-26 17:52:39 · 6 answers · asked by ilovepool68803 1 in Cars & Transportation ➔ Buying & Selling
bite the bullet and take the higher rate for now. go join a credit union, make 10-12 payments on time, go to your credit union (which you should be a member of for 10-12 mos. at this point) and ask them to re-finance your loan. 90% of the time, if you have make all of your payments on time with the auto loan and your other debts, and you dont get raped on the car sale, they will do it.
Dont finance the car (the first time) for 72 mos. Go for the 60 mos term. Put a decent amount down. Remember, unless the loan is "Rule of 78", its a simple interest loan. Meaning you can pay it off at any time without a pre-payment penalty and you pay the interest and principal. Rule of 78 is when you pay interest first, then principal (a way for the bank to get their money faster).
The best way, and fastest way to rebuild your credit is to get a car loan. Also, consider traking in the car after 2 or 3 years of on time payments. Your next loan will be a lower rate. And, the 2 or 3 years of 16% isnt going to be a huge amount of money. Assuming your loan amount is around $15k - $17k.
Good luck.
2007-04-26 20:56:45 · answer #1 · answered by mac150 5 · 0⤊ 0⤋
It depends on what americredit's loan payoff terms are. Some lenders give you a pay off amount that includes the interest, but if paid off early it wouldn't be that much. Some lenders give you a payoff amount that includes interest and regardless if you pay it off early or not the amount will stay the same. And there could be a prepaymet penalty as well. So you may want to ask these questions of americredit before you decide to take this high interest loan. Otherwise I say save a couple thousands and maybe go to an auction or a dealership and buy a used car until you get your credit straighted out.
2007-04-27 01:05:32 · answer #2 · answered by ஐmoeb424ஐ 2 · 0⤊ 1⤋
Yes there are many Car Loan Financers.
I have a list of some good websites offering Loans with low Interest rate and fast approval. Its a policy voilation of yahoo if i post any link here.
Just mail me at solidoffer11@yahoo.com with subjet- Car Loan . I will send a link of best website where you can find best Loan offers,tips and resources.
best wishes
2007-04-27 03:29:04 · answer #3 · answered by Sam 1 · 0⤊ 0⤋
find a dealer with on lot financing, you do not use banks with those dealers you just give them the payments at the dealer, usually no credit checks either /
2007-04-27 09:25:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
repair your credit first
then buy a car
2007-04-27 00:58:14 · answer #5 · answered by megaherzfan 4 · 1⤊ 1⤋
Get Two jobs and pay your debt off.
2007-04-27 01:10:12 · answer #6 · answered by (A) 7 · 0⤊ 1⤋