car loan help?

Question

well heres the deal. im 16 and i have a really really crappy car. i have a job and was hoping 2 get a loan for a new car. Lets say i could put down 700 for a downpayment for a 5000 dollar car...my mom would be the signer but she says she has bad credit....

how hard is it to get a 5000 dollar loan (700 down) with someone with bad credit?

Answer 1

At a dealership or bank the mini um loan for a car is $7500. any less amount it becomes a personal loan unless you buy from a buy here pay here type dealer.

At a buy here pay here dealer your financing with dealer and in most cases it will do nothing for your future credit rating as it wont be reported. the interest rates will be very high along with its buyers beware as the quality of cars are poor.

you have a job and if you play your cards right you can within a short period obtain credit cards along with obtaining a good credit score, go to this link to understand how it works http://www.usedcartips.org/CREDI.html the web page will also show your mom how to repair bad credit.

with patience and a little homework on your part there are cars in the thousand dollar range out there in good condition, forget shopping dealers or the Internet, shop your local community newspaper along with billboards at local supermarkets, you may just get lucky, its your best bet.

When you find a car within your budget study this web page to make sure you don't end up with a lemon http://www.usedcartips.org/TESTDRI.html

Answer 2

You will need to submit a claim to your auto insurance company. If you had a loan on the vehicle I know you have to have collision coverage. What will happen is the insurance will pay you an amount of what they think the vehicle is worth. Then if you agree on the amount they will send you some documents, and a check. You will have to sign the documents and send those back. The check will be in your name and alos the bank's name. What you will do from there is take the check to the bank, and if there is an amount left over then you will get the reminding amount. See if you have GAP insurance. If you have that, and the insurance company only pays you like 1,000, then GAP insurance will pay for the rest. Now don't think that the drunk driver is getting away with murder, because he ain't. Your insurance company will go after him for the amount that they paid. Now you can always go after him in small claims court. If he doesn't have the money, then his wages will be probably be garnished. If I were you I would contact your insurance company or a lawyer, and see what they think. I know that with some attorneys the first 15 minutes are free. I hope that I was some help to you, and I am sorry for what happened to you. Some people just don't think before they do.

Answer 3

It's hard to say whether you can get a loan since it's entirely up to the lender. Shop around and you may find someone willing to lend you the money -- but be assured it will be at a high interest rate, which will cost you a ton in the long run.

Here's a car loan calculator you can use to calculate various interest rates, loan lengths, and payment amounts: http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full

Keep in mind that buying a car is only a part of the expense of owning one -- you must also factor in insurance (likely very expensive for someone your age, no matter what kind of car you drive), maintenance & repairs, and gas. Cars are not cheap -- don't let one drown you in debt and ruin your credit, especially this early in your life.

Answer 4

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 5

owner finance where you areassured that if you fall behind they will take the car because they have the title on your name with a lein on their name.
go for as cheaper car and allways display a forsale sign. and constantly upgrade your ride , start with a 900 car that you got for 700 and sell it for 1000, then buy a 1000 car and sell it for 1100, get a 1300 car and sell it for 1500 you try out many models and you find your perfect dream car. at the end you have a paid for car that is cheap and great.
work on the details that raise the price.

Answer 6

Car loan help?

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Answer 7

try http://www.webloaners.com/