Just wondering how the whole thing works. We need another car and are trying to rebuild our credit.
2007-09-16 04:00:31 · 4 answers · asked by hmm 5 in Cars & Transportation ➔ Buying & Selling
All you can do is check around at various banks and credit unions....most car loans require only 20 percent down so you have more than enough for a down. Citi-Financial gives out personnel loans at higher interest rates for poor credit situations and will put a lien on the title till paid off. Always pay on time to restore your credit...just takes time. Get some credit cards if you can but don't use them AT ALL ---lenders look at what available credit you have to see if you're a good risk. And keep an emergency fund set aside for problems that crop up...I recommend 2-3 months of living expenses.
2007-09-16 05:34:43 · answer #1 · answered by paul h 7 · 0⤊ 0⤋
It depends on just how bad your credit is. If your credit score is in the low 600's or below, you may not be able to get a loan, regardless of down payment. The amount you qualify for also depends on your income and debt-to-income ratio. Here's an article that has more details:
http://www.leaseguide.com/Articles/bad-credit.htm
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2007-09-16 12:31:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Can't rebuild credit by borrowing more money--that you are not going to pay back... Borrow the money from a friend.. If your cool the friend will Co-sign the loan.....Bad credit history -- cash loan -- I think it will get turned down... But you can ask
2007-09-16 11:53:27 · answer #3 · answered by Gerald 6 · 1⤊ 0⤋
have you called geico?
2007-09-16 11:41:15 · answer #4 · answered by witchy woman 2 · 1⤊ 0⤋