i know i can go 2 like a dealership n get a car financed there but i want 2 get a car loan from like bank n then buy the car cash so i just have 2 pay the bank back. I don't have really good credit actually my score is in the "fair" bracket so im really lost. please help if u know where or how i can get a car loan. i need a car really bad i don't want a big really nice car just somethin decent that can take me 2 work n back. thanks!!!
2007-09-24 08:52:24 · 6 answers · asked by gurl01 1 in Business & Finance ➔ Credit
now this is from my person experience i barely had any credit and went with capitol one got approved for around 8.00% i love their customer service and all they also offer alot better rates then car dealerships
2007-09-24 09:40:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Go to a bank or credit union in your area and talk to them. If you already have an account somewhere, go through them. Be aware that they are not going to hand you a stack of cash to go buy a car with. You will have to go find the car you want and then let your bank/credit union know what car it is, where it is, etc. They will research the car and then the bank will pay the dealership or private owner for the car and the bank will take the title. You will then pay the bank back and eventually get the title when it's paid off. Most banks have rules about how old a used car can be, etc. in order for them to provide financing.
2007-09-24 09:26:19 · answer #2 · answered by moonbeam 3 · 0⤊ 0⤋
No - you can't keep your car. A car loan is a secured loan and the car is the collateral. So they would take your car and sell it to get at least some of their money back. You can file bankruptcy on the 'remainder' but your car will be gone. And you won't be able to "finance" another car for up to 10 years after your Bankruptcy....
2016-05-17 11:14:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The secret is how much money you can put down in cash.
the minimum would be 20% of the cost of the car.
That's $2000 on $10000 , $4000 on $ 20000
If you have no personal stake, banks won't give out money.
If you can put down 20% most banks will finance.
If you belong to or can join a credit union, this would be better because the interest rate will be lower.
2007-09-24 09:08:41 · answer #4 · answered by Sophie B 7 · 1⤊ 0⤋
you can negotiate. If you have a job, you can talk. may be you need a cosigner. the credit score is not everything
I found interesting information about your answer & THE BEST car loans options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/car-loans.html Good luck!
2007-09-25 06:05:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Either way you have to have decent credit. And remember as long as you owe money on your car you have to have full coverage car insurance as well.
2007-09-24 08:57:21 · answer #6 · answered by ☆ღWifey Wifeyღ☆ 5 · 0⤊ 0⤋