I applied for a loan and went to a couple of dealerships a while back ago to try and trade in my car. I dont have a very good credit history, and my family wouldn't help me out with a co-signer. Any other options so I can get a car newer than a 93?!
2007-10-02 22:11:08 · 6 answers · asked by mindless 1 in Cars & Transportation ➔ Buying & Selling
Generally speaking, these days and times it is much harder to get credit on a vehicle loan. Some tel you to repair your credit and then apply. Jeez that takes time and if you need a car now, search for loans with less than perfect credit on the net. Like Bar None, they specialize in loans with less than perfect credit. The other option is the tote the note lots. The interest rate is usually very high but with a down payment and a job you can drive a car you desire off the lot the same day! Hope this helps!
2007-10-02 23:50:02 · answer #1 · answered by c3man2003 2 · 0⤊ 0⤋
I know what you are going through because I am in the same. Here is what happened. There are car dealers that will give you cars that are from 98 up, but with bad credit you will have to have at least from $1,500 to $2,500 on hand to pay as a down payment. This is here in Puerto Rico. There is a car dealer that I went to and there was this family with bad credit and no co-signer. The owner had the financial officials there due to a sale event held. This family had only $1,600 on hand. The owner talked to the financial officers and with the promise of the family to pay on time and giving the $1,600 they drove away with a 2005 Dodge Caravan. In the States, there are some car dealers that have used cars like new with guarantees and with a specific amount of money you can get a car but you will have to have maybe more than $2,500 depending on the dealer.
You can get a car from off the street such as an ad of someone selling their car, but there is no guarantee or nothing in case the car fails.
So check how much you have on hand, and if you have to save up and in the mean time check with a few good good used car dealers. Some places do help you. My daughter has 0 credit due to her divorce, so her boyfriend gave her his credit permission. The dealer had a 2003 Dodge Durango with only 20,000 miles, and every thing in it and on it as new with a good guarantee. It was for $14,000 but he talked to the dealer because of the age of the car and the price was cut down to $11,000. It is like new from an elderly man who only drove it to the doctors. So you see, you will have to walk around check dealers, and talk to them and make offers. I mentioned my daughters case because I know that there are dealers who will help. Another factor is if your job is full time and permanent. If not, then you may have a problem getting a new car. All depends on cash on hand, your job and if you 93 car is not so bad you can trade it in with a smaller amount of money to make up the difference.
Hope this helped you out.
2007-10-03 01:05:56 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Trying saving a little bit for a larger down payment and some finance companies will finance you w/o a co signer. Or try Capital One Auto Finance. Or Wells Fargo Bank. They generally loan to consumers with low credit scores but they do charge higher APR's. I would try one of them first.
2007-10-03 02:39:06 · answer #3 · answered by ♥Kempa♥ 4 · 0⤊ 0⤋
Only other option would be to have a larger down payment. Of course you would be using a subprime lender and you interest rates are going to be outrageous. If your "93" is in good shape keep it until you build your credit back up
2007-10-03 07:53:23 · answer #4 · answered by stingray41042 3 · 0⤊ 0⤋
Get a car older than a '93.
2007-10-03 00:36:56 · answer #5 · answered by bestonnet_00 7 · 0⤊ 0⤋
It all comes down to having more money on the down payment. The worse the credit, the more money on the down payment. The only other way out is to have something they can use for collateral. Good luck.
2007-10-03 01:10:27 · answer #6 · answered by Jack B 2 · 0⤊ 0⤋