Car buying with bad credit, trade in and a check?

Question

I want to trade in a 98 SUV for a used car. I have pretty aweful credit, an alright trade in and a check for $2000.00. I want almost no payments, and low financing. The car I'm looking at costs about $11,000. What should I say to the dealer in order to get the best price even though I hope not to use their financing? How will they budge?

Answer 1

Right up front your trade in is almost worthless. Everyone is getting rid of their SUV's and they can't move them. I'm guessing you are going to need more then what you have to get the car you want. Your going to pay outrageous interest too.

Answer 2

You have to treat this as separate transactions. Too many people get confused at dealerships by confusing purchasing, with a trade in and financing. Oftentimes dealers will lower purchase price but raise the rate. They can give you a lot for your trade and then raise the price. The hope is that you get lost of the details. So forget about it. Treat these are three separate processes.

First, sell you car privately. You will get the most money in the end. Take that money and go into the dealer with a bigger check. Keep it simple.

Shop for financing on your own. Get approved for a loan independent of the dealer. Nothing says you have to use their banks. Try a local credit union or a bank that you do business with. Once you have that, you can always see if the dealer can do better. Sometimes they can. Sometimes they can't.

Finally, negotiate your best price on the new car. Now there are no complicating factors. No trade to worry about and no financing. Try the end of the month when sales quotas are due.

I don't think your going to walk away without payments. Depending on what your trade is worth, you are going to have to fiance many thousands of dollars. Be prepared for a high interest rate due to your bad credit.

Answer 3

well, you can go to www.kbb.com and get your car appraised for free, then if you have awfull credit, you are not going to get low financing, $2,000 is a good down payment for a car, when you have bad credit, there are some lenders that will finance anyone with $2,000.00 as long as they can afford to pay it with proof of income, a full time job with at least 3 month there and 3 months at the same residence. you can go to www.sunrisechevy.com the midlothian store. and I can do an application and get an approval for you as long as you are not in Michigan. If you do make it attn Gabriel
Thanks !!
as a responce to the first anwer, we can finance 1996 and above, to the other person who answered"hold back all your information" it is wrong, because we need to know everything before you call the deal in to the bank to get financing if your credit is really bad. because if they deny you right away some banks will not rehash (relook the deal for a counteroffer)
be truthfull, but maby hold back some money, say you have $1,000.00 down, see what they say. Then to help with your payment after the deal is done, put the other $1,000.00 down if it is nessesary or if it helps you.
Now for selling your car, you will always get more money on the street, no matter what, but the problem is the had times, not a lot of people are walking around with big buck in their pockets.

Answer 4

well,every thimg said so far sounds pretty good with the exception of your credit.you have no negotiating powers. special finance is an option,but you are going to have payments.you ruined your credit,and now you want to screw the dealer out of a profit. used cars are extremly expensive rigt now,and you will get your best deal on a new car. also,these folks giving advice about how to jack a dealer around? they came to do buisness this way,in part,to make a profit.its not a non-profit center.especially on a customer they cant make money on rate. they can only profit on used,and you dont want paayments. smell reality. if we didnt know all the tricks and lies that customers use daily,you could do that. dude,you need to find a tote the note lot.

Answer 5

Do not tell them you have anything for a down payment...get them to go as low as they can on the price and then say "Well I have a trade in" Get them to lower it more..then admit you have a check for down payment...that way they have to lower the price a lot more, then if you tell them how much money you are going to put down up front

Answer 6

Banks will only give you a loan on a 99 and up. If you don't believe it call your bank