Buying a New Car With Bad Credit and High Income?
February 28th, 2010 | 
Author: Sexy_Raquel asked:
I’m currently making excellent money at my job and have no debt to my name. However, this wasn’t my situation in the past and I managed to get behind on my bills and really hurt my credit. My credit did raise a little after paying off my bills, yet it’s still lower than I’d like. I am trying to buy a new car sometime soon and I can’t help but wonder… what is the likelihood I can be approved for my loan with a down payment that is 1/3 of the car price and with a high income… or is my credit going to be a dealbreaker?! Thanks!
I know the interest will probably be huge if I can get approved but I plan on paying it off QUICK!
bad credit car loan
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bad credit car loan
Your credit will be the INTEREST breaker….but if you really need the car and can double or triple your payments and pay it off quickly, go for it.
bad credit car loan
If you can wait then save up the money and buy it straight out. You get a discount doing that. Or look at buying a used car from the newspaper (just get it checked out by a mechanic and sign up for car fax.) You can save around 2,000 doing that.
Otherwise, there are plenty of people willing to lend you money to buy a car. They’ll just hike up the interest. Dealerships often do loans themselves, so you may be able to talk them down, especially if you go at the end of the month when they are trying to make their sales quotas.
Good luck.
bad credit car loan
i had a credit problem i file b chapter7, then need a car or i was going to lose my job. so i bought a car 26% . ichange jobs for more money made double payments for a year. had some medical problems miss one payment they repo the car. sold it for 800.00 i still owe 11,000.00 on a car i had for 18 months. i just took out chapter 7 agian becuase they had a 40,000 judgement against me and my business
bad credit car loan
Give this some thought. 1. 1/3 down is a very good down payment
2. Find out what the purchase price will be on the car you want to purchase( be sure to check out what incentives the car has as far as rebates and finance charges) Many cars have some type right now. Be sure to get the price quote in writting from the dealer.
3.Take the offer to the bank you use for your personal checking account, and see what they are willing to offer you as far as terms intrest and if they will process the loan. 4.If you are happy with what they offer go back to the dealership and see what type of offer they will give you on terms and intrest.
5.Compare the two offers as far as intrest and the length of the loan. and who ever is the cheapest then go for it if you can live with the payments.
6.Remember in a lot of the cases in the purchase the dealer may offer you a cheaper intrest, but the cash incentive is the better way to go. Who ever offeres the
lowest payment over the same period of time, would be my choice. Most finance company’s whant at least 10 to 20% down to make a loan, so 1/3 down will work to your advantage in the offers you will be presented with. Good luck
bad credit car loan
I would think you can get a car if you’ve paid off your debt. They do look at your income but it’s not as important as your credit. You may just have a large interest rate =) It’s good that you have a down payment though =)