I have been missing 2 payments for 2 differents cards.I never had a court payment and I have been a good customer.Now I need to finance a car and I don t want made my credit score rating worst with refused applications.
2007-10-03 05:16:08 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
All car dealers have lending sources for buyers with less than perfect credit. The intrest rate will be higher and you might need a larger downpayment but they will find you a lender unless your credit is already worse than you think. You may want to start with a used car rather than a new one since there is more flexibility in the price.
2007-10-03 05:33:10 · answer #1 · answered by BigDog507 5 · 0⤊ 0⤋
"only 2 mispayments"
There is no such thing as "only". One missed payment is very bad; two are horrid!! Late and missed payments are the faster way to trash your credit score.
Save up and pay cash for that car. It sure looks like you can't afford to finance a car. You can't keep up with the payments you have now. And that is exactly whay potential creditors are going to think.
Work on improving your credit score by paying all your bills on time.
2007-10-03 05:47:01 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Paying late on a couple cards will lower your credit score, but if that's the worst thing on your credit (no judgments as you said) then you should be alright. You might have to pay a "slightly" higher interest rate, but certainly nothing like what people with bankruptcies or judgments have to pay.
To avoid having your credit "shopped" all over town, which is what most dealerships do (I used to work for one so I know) your best bet is to get pre-approved. Pre-approval also puts you in the power seat when it comes to negotiating.
You're welcome to visit my site here:
http://www.1-800badcredit.com and read about financing and pre-approval.
Also, feel free to sign-up for my newsletter on car negotiating. I used to sell cars and I know all the tricks dealerships use to squeaze you for more money. Read my insider tips before you head out so that you don't get ripped off!
In your situation I would encourage you to look at e-loans or Roadloans for pre-approval. You can find links to them on my site.
Both of them are national companies that do their own lending so your credit won't be pulled multiple times.
They will provide you with a blank check to take to the dealerships and that way you can negotiate for the best price on the vehicle you choose without having the dealershp try to take advantage of you!
I have a friend who used Roadloans twice (her credit was terrible!). Based on her credit most lenders she normally would have gotten a loan for about 10% HIGHER than Roadloans gave her! They were fair to her all the way through and even gave her a second loan 18 months later for less interest!
Good luck to you!
2007-10-03 09:50:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Try Orchard Bank. Their interest rates are a little higher of those so called low apr cards, but they take everybody
2007-10-03 05:20:29 · answer #4 · answered by ogantom 2 · 0⤊ 0⤋