I recently totaled my car. I now need to get a new/used car. I have poor credit rating and a recent foreclosure, and a FICO score one is 545, 526.
2007-06-04 02:35:20 · 6 answers · asked by texasjess 1 in Cars & Transportation ➔ Buying & Selling
Well, you can go to a cheap dealership (where cars are at $1000 and up) and they will probably approve you, or you can get a piece of junk that runs for like $500 with a credit card, or if you've been with your bank a long time, they should approve you for a loan if you've done good business with them, you may have to fight for it, but, with enough effort, you can get a car.
2007-06-04 02:43:07 · answer #1 · answered by Aaron M. 5 · 0⤊ 0⤋
1
2016-09-26 07:23:54 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The foreclosure and low scores are going to hurt. It is not likely that you will be able to get financed for a loan of any great size. If you do, it will likely be at an obscene interest rate. I would definitely not borrow with rates that some people report on here like 15-25%. I would scrape together what you could and buy a used car that runs. Then build up your credit for the next car. Don't build a higher mountain of debt then you may already have.
2007-06-04 02:47:04 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
texajess, i had just endured a repossession.. i went thru over 20 dealerships and all wanted something down because of the repo.. the lowest downpayment i found was from this company called JD BYRIDER.. they are located everywhere.. their downpayment was only $200.. they report to all 3 major credit bureaus and they are the only used dealership to offer a 2 year warranty on their vehicles.. their loans are for 3 years and give you a pretty good interest rate.. check them out.. other than that i was told a co-signer with excellent credit will get you out of a downpayment from a major dealership..
2007-06-06 14:07:07 · answer #4 · answered by ar0d77 1 · 0⤊ 0⤋
No, you'll need a cosignor at best. If you go to a "buy here,pay here" lot, with a cosignor, you'll still be looking at an extreme interest rate. 30% is not uncommon for these type of car lots.
2007-06-04 11:33:46 · answer #5 · answered by fisherwoman 6 · 0⤊ 0⤋
It's possible but if someone does finance you be prepared to pay an outrageous amount of interest. You may want to try a small car lot that has in-house financing.
2007-06-04 02:45:00 · answer #6 · answered by Coop's Wife 5 · 0⤊ 0⤋
You can, but you will need a larger down payment and pay a high interest rate.
2007-06-04 07:42:29 · answer #7 · answered by Tom V 1 · 0⤊ 0⤋
Apply on line at Capital One. They maybe able to help you out!
Their web address is www.capitalone.com
2007-06-04 02:45:08 · answer #8 · answered by sabfalter2010 1 · 0⤊ 0⤋