Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
I have a credit score of 440. I need a car; I live in Memphis ,have a small dwn payment. Is there any hope?
I have made some bad financial choices in the past and filed chapter 7 last year ( I was over $15,000 in debt). I make about $1918 a month. I do not have a co-signer and I can only pay around $500 down. I have money for insurance and I can afford to pay around $250-$300 a month + insurance. I contribute my low credit score to going to so many car dealerships in the past 7 months and applying for car loans online (I found out your credit score drops everytime someone checks your credit). Right now I am borrowing my sister-in-law's car and she needs it back in May. I have gone through BAR NONE online and am awaiting an answer. My application was accepted. I just want to know if I stand a chance.
2 Answers
- 1 decade agoFavorite Answer
You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.
This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.
- 1 decade ago
Lots of credit checks in a short time won't affect your credit, the scores allow for rate shopping. But dragging it out over 7 months has hurt you, no doubt.
I think you're better off to buy a beater, run it into the ground, then buy another, meanwhile saving that $250-300 until you have enough for a real car, or at least a substantial down payment.
