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Bad credit car loan help?
My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I'm in L.A.
Clarification: By L.A., I mean Los Angeles, no Louisiana.
7 Answers
- SPIFIMAN1Lv 71 decade agoFavorite Answer
Auto finance is what I do for a living and I do not see a problem.
Find a dealer that advertise Special Finance and go talk to the Manager, they will be able to help you.
You can also try Capital One, H.S.B.C., Wells Fargo and Citifinancial Auto on line and have your own money before you go to the dealer.
Source(s): Finance Manager for over 7-years. - Anonymous1 decade ago
dont spend so much on the car. if you have 4-5000 dollars you can get a decent car that will last a few years.cars are the worst life investment you pay 20,000 dollars which is about 30,000 after interest payments. eventually that car will be worth zero dollars.not a bright investment..buy a car for 5000 and pay the 25000 that would have went to finance the expensive car and buy a house that will appreciate.then rent out rooms or the basement and let the renters pay your mortgage.no one cares what you drive .as long as its safe.i am 40 and own 2 properties with no mortgage and thats how i did it.now i buy a new car every 2 years
Source(s): personal experience - Anonymous5 years ago
A finance company called HSBC does bad credit auto loans. I have also listed a site below that has free information for consumers on how they can a car loan with bad credit. It also explains the pros and cons of them too.
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- Anonymous1 decade ago
You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
- 1 decade ago
check with the bank you are having account with, they might give you better deal. I don't trust the dealer, those so-call "0 finance"deal is only for 2 out of thousands with perfect credit. The rate of the car loan in dealer usually high. check with your local or state bank.
Source(s): personal experiece, bought 4 cars - secret societyLv 61 decade ago
The dealership will direct you a bank or to a shark at the very least.
Look up
Auto Fundz or autofundz
