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Auto loan with bad credit, high down pymt and good salary??
Currently I've come into a stuck situation where I'm having some difficulty obtaining a car loan. I have bad credit due to several past layoffs, and I'm now working on recovering from that. I'm wanting to purchase a used truck for about $13,000 and I already have about $7000 saved for a down payment. I make a good steady salary now ($70k/yr) and I could probably get the difference paid off in a matter of months. However, I can't get banks or credit unions to finance me (they all but laughed at me when I applied) and I'd really rather not go with one of those rinky-dink operations that require a 60 month loan at 25% on their car lots only.
I don't mind paying the higher interest rate as I'm expecting this, and the vehicle I'm looking at is from a private person and not a dealership, so I have to obtain financing myself. Does anyone have any ideas to finance something for a shorter term, maybe 12-24 months for $4000-6000?
Any ideas?? Serious answers only please.
The vehicle I'm looking at is from a private party and not a dealership...
5 Answers
- krazykritikLv 51 decade agoFavorite Answer
Skip the banks. Try finance companies IF you must. I am very surprised you haven't considered financing it right through the company who would sell you the vehicle.
Where I am, there are so many companies just crying to finance anyone regardless of the credit history. It's got to be similar where you are. ESPECIALLY with a downpayment that is more than 50% of the purchase price.
So try that approach. I'm convinced they'd be more than glad to see you walk into their lot.
Source(s): That's exactly why I'm driving a car. - Anonymous1 decade ago
www.roadloans.com is a good place. You can request what amount of loan you want and you can even request your interest rate. They send you a blank check in the mail and you pay "cash" for your car. It gives you better negotiating power so you can get your car cheaper. The only thing is that roadloans will only allow you to purchase a car from a dealer. But you should seriously look into it. Good Luck!
- 1 decade ago
Honestly if you have bad credit, the only credit you will recieve will be with outrageous interest rates. I suggest holding off if possible and buying the car when u have the full amount to pay.
