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I want a used car, but...?
I have bad credit. My score is in the mid 500's. I'm looking for something around 10,000/11,000 dollars and I will have about 3,000 dollars (this includes my trade-in) to put on it. What kind of interest rate should I hope for?
Also, the bad things I have on my credit report are past due hospital bills and a 2003 bankruptcy. I have a car reflecting on there that I paid off PERFECTLY in the past. I also have completely on time credit card payments. Any experience with seeing this? What can I expect?
3 Answers
- 1 decade agoFavorite Answer
Alot of dealers are "throwing" cars at people. I don't think you'll have much of a problem getting one. I know someone in the same situation and got financed through Ford Credit a 4.5%.
- 1 decade ago
Well to start off with you will probaly have a hard time getting finaced and if you do you will probaly have a really high interest rate probaly around 8-10% It doesnt matter how much you have for a down payment they will probaly want more. You might have to go to a buy here pay here for your next car and if you do you really wanna have it checked out good before you make an offer on it though so you dont buy junk. They will clean them up really nice and clean to hide problems, such as change all of the fluids to make them look clean and well maintained,shine the engine up real good,ect. But you will probaly have a hard road getting what you want.
Source(s): Been there, done that but back on track.
