2007-08-28 15:17:06 · 8 answers · asked by Wandering in Texas 1 in Business & Finance ➔ Credit
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
2007-08-29 13:16:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 15:05:37 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It's possible. I was getting people approved with sub 500 ficos when I worked for Americredit back in the day. They use a different scoring model that isn't entirely based on fico. You will need a down payment and there will be a "bank fee" of around $1000 to do the loan. Find a cheap car (less than 10K) and have about 15-20% down. Expect a rate around 24%.
2007-08-28 16:11:57 · answer #3 · answered by Richard S. 3 · 0⤊ 0⤋
There are and you see dealers all the time advertising "no credit bad credit " but you will have to pay a much higher interest rate . On the bright side if you get the loan and I suspect that you will just make sure you are not late on any payments and your FICO score will improve and then when you need a loan down the road your should be much more attractive.
Good Luck
2007-08-28 15:22:28 · answer #4 · answered by BILL 7 · 0⤊ 0⤋
Yes there are, in fact, there are some online lenders that specifically do auto loans no matter what your credit score is. The nice thing about applying for a car loan online, is that you can go to the dealer with a check, issued by the auto lending company; that is as good as cash to buy your next car.
There are some excellent bad credit auto loan companies with details on what they offer here http://www.creditimes.com/apply-auto-loan.shtml
450 is a low fico score, but many times your job is your credit when it comes to automobiles.
2007-08-28 15:42:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. The only lenders willing to give you an auto loan will want up front fees, and extremely high interest..
Save up and look for a cheaper vehicle.
2007-08-28 15:38:30 · answer #6 · answered by bdancer222 7 · 1⤊ 0⤋
you can try prosper.com
Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan.
Good luck!!
2007-08-28 15:31:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Go to one of those " all credit good" car lots. a 450 is pretty bad
2007-08-28 15:20:35 · answer #8 · answered by zib 2 · 0⤊ 0⤋