Cars and Bad Credit
November 2nd, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Are there banks that offer auto loans for people with bad credit and aren’t connected to auto dealers?
I have poor credit but no major problems like bankruptcy, child support or anything similar to that. I make good money and I am trying to rebuild credit. I understand there are banks out there connected to dealerships that would finance me but I want to buy from a private owner and go right through an independent bank. I would like to put down about fifty percent cash. I need help.
Answers:
You might want to search the internet for banks in your local area that might issue auto loans for people with bad credit. You might want to call to ask that bank. Tell them your situation about your credit. At times, if you explain your situation ahead of time and your credit report reveals that you have been very active in taking care of finances, they may offer you finance, even more likely with a down payment. You just need to find the vehicle you like. Right now the economy is poor, and many banks are issuing out auto loans for people with bad credit. It is all depending on your debt, credit score, and your income. However, locating the right business is the main thing. As such, you might even think about getting a private loan to finance the other fifty percent. ( Capital One or Wells Fargo, etc.) Or the other alternative is to buy a decent used vehicle! There are many out there 2000 and over with prices around six thousand plus. It would depends on the shape and miles!
. Remember to get a internal report on the vehicle to check if it is not a lemon, how many people had the car or been in any incidents. There are many cars out there, so you just have to search. With determination, hard work and research you can locate the right one! It just takes time and patience! Read in the Newspaper for private owners, e-bay or even look at local bank for vehicles they are selling.
Hope this assists you.
By admin
October 27th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Purchasing a car poor credit but high income?
I currently have poor credit that is under 600. My husband and I would like to get a new car.
I make over 50 thousand per year and own a home nearly outright but we have bad credit. He has a score of around 680, but he has a small income. We currently share accounts. Do you believe that together we may finance a new car poor credit?
Answers:
Yes, purchase a used car that’s nice, about one or two years old. Have your husband sign first on the auto loan with you as a co-applicant. Make a down payment. Your income combined with his decent score would help a lot. I would speak to your bank or credit union beforehand see if they can accept you together. Many dealers will have to apply a higher rate than if you were preapproved.
I do not think any prime lender will approve your loan for a car poor credit. In the current market, a co-signer is not going to help someone with poor credit, only people with no credit. A subprime loaner will take a long, extensive look at your husband’s stability before it chooses whether or not to fund it. 680 is just at the limit with them currently. However, the biggest downside would be your credit history. Since even with subprimes, co-signers would not be of much help to a person with bad credit. After all, check out how many subprime lenders have closed up lately due to poor loans.
Partners too has a bad effect on lenders. Whether it is in business or with love, either relationship can quickly fall apart which usually means a person will let the loan descend into default, particularly if it is business seeing as so many are going under these days.
You might get bought via a subprime lender. And if you are, brace yourself for a very steep rate on interest. Many loans through them begin at 15.9% APR. That basically means a lot of finance charges across the term. And they now need enough down to place them in an equity situation. Based on the vehicle, that can equal up to 30% of the selling price.
None of this is really positive news. However, it’s the reality of the critical economic crisis we are in.
By admin
October 25th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
What are the possible bad credit auto financing options we have?
My husband and I are having a child soon and we have to get a vehicle with more than 2 doors. As a result of a job loss and the following reduction in income our bad credit is seriously banged up which is the bad news. Luckily, we in a good situation again but the past credit issues continue to hurt us.
I have done some looking, but everything that I have seen seems pretty shady. Are there any legitimate bad credit auto finance options available to us?
Answers:
You could consider getting a less expensive used car until you credit score improves.
But if you require a new car I would suggest consulting with Saturn. They allow you get a sub-vented rate for customers on new vehicles for customers with some credit problems. They have a 9.9 percent APR for sub prime customers and their cars are more affordable and have five star safety ratings. You have children to be concerned about. Good luck.
You could check out the automotive financing forum on the internet website I have listed.
Many individuals that ask questions in that site’s forum are going through similar cases. There is some good advice on how to handle banks, car dealers, what lenders deal with borrowers with bad credit or low income.
There is no advertising on that site. It is purely information and advice only, nobody will try to make you to do business with them. Spammers that try do that are kicked off that site very quickly.
Furthermore, check out the credit message board. Do some research and learn how to handle with those people.
http://creditboards.com/
By admin
October 22nd, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Has anyone ever been approved auto financing from a bad credit auto financing website?
Which internet site was it? How poor was your credit? Our car was destroyed and insurance was able to pay it off. My wife has horrible credit and has been rejected everywhere. I have too little credit and also have been rejected. I desperately require a vehicle.
Even with poor credit you still have a good chance of getting bad credit auto financing as long as you have a steady occupation.
You have to be really careful will whom you choose on the internet. Please check out the following website, they are special finance specialists. I know you will get all your inquiries answered and even apply for a loan if you would like. Best of Luck!
www.autocreditexpress.com
Answers:
If you cannot get a co-signer or get a loan from family or friends, you may have only one option: a buy-here-pay-here used auto dealer who finances his own loans. They specialize in bad credit auto financing.
On the other hand, you should know what you’re getting yourself into if that is your choice. BHPH dealers sell vehicles that are overpriced, may request a high down payment, charge the steepest interest rate allowed by your state usury laws, will put you on a strict biweekly or weekly payment plan, and will install a starter interrupter device on the vehicle (and maybe a GPS locator). If you are tardy with one payment by one single day, the car won’t start. If you miss a single payment, the car is immediately taken away and put back on the sale lot. You might or might not still have to pay them money at that point.
If you agree to go with the BHPH dealer, check them out with your regional Better Business Bureau, which has a website, know the correct value of the car (www.kbb.com or www.nadaguides.com), and obtain a CarFax vehicle history report — and make sure that all your payments come in on time.
Best of luck.
By admin
October 3rd, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Does anyone provide low interest car loans with bad credit?
I have lousy credit and need to purchase a new car because my existing car is having many problems. I understand there car loans with bad credit available to purchase a car but are there any that don’t have an extremely high interest rate? There has to be something out there that isn’t so outrageous.
Answers:
If you have poor credit, the finance companies will not see a very happy track record as far as you paying them back goes. If they do take a risk on you, you are going to pay a really high APR. I am sure you know about all of these mortgage companies going bankrupt, well that is basically why, because they were doing subprime loans and it ended up destroying them. Now the car finance companies are becoming a lot more careful than they were five years ago. So, what I’m telling you is that you will be lucky to obtain car loans with bad credit at any rate right now.
Good Luck!
No, that is the price you pay for not being on time with your payments.
Credit is very important. It affects your car loans and personal loans, if you can rent an apartment or not, how much you will pay for insurance, among many other things.
To have bad credit will only push you into the corner and make you pay higher rates in turn holding you in that corner.
The only way out is through suffering. get rid of all you can, sell off all you can, pay back your debts, deal with a junk car or no car at all for another year or two until you fix up the report. It will only get harder and harder.
If there is a carmax in your area, that would be a good place to start. A couple of years ago, my credit wasn’t so good and they were able to locate a good lender of car loans with bad credit and with a good interest rate.
If you’re wanting to purchase brand new, your best situation is to have money to put down. Most locations will also take your car for a trade-in even if it isn’t in very good shape.
By admin
October 3rd, 2009 at 12:00am
Under Cars and Bad Credit
Question:
I wish to refinance car loan bad credit has made this difficult. Are there any suggestions on where to obtain a loan?
I have a very high car note with an 18 percent interest rate. I really would like to refinance with no co-signer. Would this be possible?
Answers:
I personally wouldn’t refinance car loan bad credit. Other than depending on how long you have had the loan, you likely have paid a significant portion of interest already. I would suggest paying approximately $50 dollars more a month and the Interest should shrink down. Not to mention that you will pay off your car faster. You can also gain from paying half your payment every 2 weeks.
As soon as you have a car from a loan and you obtain delivery from the dealer, you would have been able to drive the car around the country three times with mileage that makes the car worthless. The banks won’t refinance car loan bad credit. You no longer own trustworthy collateral. You can’t clear the first loan with the same vehicle now, even to open a second one. A vehicle is a consumer retail asset, nothing like real estate. What will happen is if the loan is settled, you would obtain the money as if you were selling your own car. The first contract would have to be settled and the dealer would have already got payment. So then you have this property to pay the bank and the repo man finds the vehicle in a junkyard. The only method is the use of a co-signer with more decent credit, unless your credit rate went up very high since the 18 percent loan. You could pay off a big amount, slashing the months of the loan and its compound interest.
Hello.
I went with “Credit Solution” to settle our loans. They were able to reduce my loans up to 58 percent. It’s legal. I discovered this company on their NBC News Special Edition. Go to the site:
http://d6b0.easyurl.net
By admin
September 30th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Would anybody know where one can get poor credit auto financing?
Answers:
There are a large number of financial institutions that deal with poor credit auto financing. The two best options are:
- Go to a really big dealership that claims that they help people with poor credit. A large dealership will generally have more banks with which they work, better experienced leading specialist on staff, and better relationships with the banks. However, keep in mind that there are exceptions to this.
- Give them a large down payment. The more cash you put down, the more probable the bank is to lend you the loan.
Also, keep two additional things in mind:
- Based on current offers for rebate, a new vehicle may be easier to finance with a smaller payment and smaller down payment for you.
- A number of credit unions are just great for poor credit auto financing.
My suggestion would be to find a dealer you are fine doing business with. Believe it or not, there are genuine car dealers and genuine vehicle salespeople. Try to search for one you instinctively feel comfortable with. Usually, you will get a great deal from one of those good people.
Try going with auto lease and finance company. When I had bad credit they assisted me and the actually took my payment out of my account every friday. I had direct deposit set up with them, so I never needed to worry about it.
Lending Tree has some application forms. If you first apply, then you will gather offers from which you may pick the best one. I have went with them a few times to find the best deals available out there.
By admin
September 29th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
I’m searching for help trying to get a bad credit motorcycle loan. Could someone assist me?
I need help with a bad credit motorcycle loan. Please help me.
Answers:
In my opinion, you would have better luck paying cash for a less costly used bike and riding it until your credit has increased. A bad credit motorcycle loan is going to get you some very high interest rates, well over 10 percent and maybe even as steep as 25 percent. That’s as steep as, or steeper than, most credit cards.
You can get a good, mechanically stable used bike for four thousand or less. I have purchased all my bikes used and have never been let down by them. With the money you keep on payments, you can pay for for a down payment on your future bike.
My first question is, why do you require a motorcycle? But besides that, why don’t you take out a home equity loan against your home to purchase the motorcycle? Then you may even be able to write off the interest you pay in the taxes.
Another alternative is to save up and purchase a used motorcycle with cash. You do not require credit. A more beneficial use of your time and money could be to purchase a copy of “Total Money Makeover” by Dave Ramsey and start reading it.
To be serious, it’s one of the greatest books I have read in a long while.
If you have an issue with credit, you might want to look at the price of the insurance before you even search for the loan. Many places are using credit reports to determine insurance costs, interest on loans, and even employment. I am sure if you consulted with a motorcycle dealer they could get you a bad credit motorcycle loan, but at very high interest like car dealers can do with vehicles. Beware: between the cost of the motorcycle and insurance, you might return to debt with even worse credit, for your information. Good luck.
By admin
September 28th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Poor credit car loans through credit union?
My credit score is currently really low due to me being late on my mortgage. I will be catching up on my mortgage in two weeks from now and I am waiting until late July to buy a vehicle. The previous time I applied for poor credit car loans, I was desperate since my car had just died for good and I did not have any money. The dealer informed me that he had found a bank to approve me for a loan, but I needed to put a thousand dollars down. The only issue was that I did not have a thousand dollars. Well when I make a purchase in July, I will be putting 1500 dollars down and I’m thinking about financing about $14 thousand. My monthly net income is 2500 dollars. Is it worth it for a person in my situation to apply through a credit union for poor credit car loans? This is not an issue of wanting a car. It’s an issue of not being able to maintain my job without a dependable car; pretty soon I will not be able to drive my really bad car anymore.
Answers:
Late July should be sufficient time for you to save a little more money and pay cash for a vehicle. If not, why would you wish to go into $14 thousand more debt right after recovering from tardy mortgage payments? If you are not able to pay cash for a car, get a dependable say $3000 to $7000 vehicle. You can still put in $1500 towards it and your monthly payments would be far less than they would be for a $14 thousand vehicle. This way you would be able to more closely concentrate on paying more towards your mortgage, and on schedule.
I hope this helps.
For many of us, a car is a requirement like food and water. Go on and try your luck at that credit union again. You can also check out this website. They have quite a lot of information regarding new and used cars, poor credit car loans, etc. They may be of help.
By admin
September 17th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
If I was offered a poor credit auto loan with an interest rate at 18.9%, would refinancingbe a good option?
Is refinancing a good idea after twelve months of having the vehicle and after paying the amount on schedule for one full year as well additional debt owed and would that help improve my credit?
Would that be an okay idea? I require a car since my current car is soon to die and I have to get a reliable car.
Answers:
Nothing helps to rebuild credit better then either a poor credit auto loan or a home loan paid as planned for at least twelve months.
Auto financing is actually I do for a job, and I am going to let you in on a small secret: dealers have points on auto loans. The rate that dealer is paying would be most likely approximately two points lower than the rate that they have told you.
An additional thing: many Special Finance lenders determine their rates based on loan to value and if the individual you are dealing with is at all decent, you will owe so much more money on this car then it is worth that in a single year, it will be quite difficultd to refinance.
Keep in mind that on a 60-month loan you will not be in a equity position until month 42 and on a 72 month loan, it is going to be month 54.
I am not trying to talk you out of buying the car, because it will help your credit rating a lot just as long as you pay on schedule. I’m just letting you find otu what your up against.
That interest rate is very high and it is never a great idea to finance a poor credit auto because in the end you will pay much more than what it is worth.
By admin
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