i need a new car bad.poor credit.help?
July 27th, 2010 | 
Author: michelle asked:
i am in desperate need for a new car…i have a reliable job and paycheck, make more the the 1800 a month they ask for…and can make a sizable downpayment…about $6000. im wanting to buy used, but my credit is poor due to school loans i wasnt able to start paying back right away, and have no cosigner….will a dealership still sell me a car? what score is good enough for buying a car?
bad credit car loan
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bad credit car loan
If you have 6000, you can look on craigslist, and buy a very nice used car, that will probably last you 5 years or more. Then you won’t have a car payment. Otherwise, yes you will need a cosigner, and will pay a very high interest rate.
bad credit car loan
show them your latest paychecks(last 3 or 5), and make sure you pay 20% or more as a down payment and I guarantee that you will be driving out of the dealership in a brand new car. Dealers are desperate to make a sale and do not usually care about credit scores/Report as long as you can make 20% down payment and have a steady income. Go on a slow day if you want to increase your odds like on Monday to Thursday…
bad credit car loan
Hi,
Even if you have a bad credit history and thus a low Fico score, it is still possible to get credit, although with certain restrictions. There are now companies specializing in loans to people with low credit scores.
If you have a credit score of at least 660, you can easily qualify for a low credit score loan. If your score is lower, this does not mean you are disqualified. You could qualify, but with higher interest rates.
Low credit score loans, such as the FHA loan, were created to enable people with poor credit to get financing that is not readily available to them. An FHA loan does not mean that the Federal Housing Authority is the one lending you the money to buy your house; it only means that the agency is guaranteeing the loan made by the private lender to you. Because the FHA is a government-insured agency, lenders offering low credit score loans through it would assume less risk and thus be able to offer you reasonable interest rates.
The process for applying for low credit score loans is different from conventional loans. While your credit score is the most important determining factor when you apply for a conventional loan, lenders offering low credit score loans will look at your overall credit history and not at your credit score alone.
There is a rule of thumb for low credit score loans. The lower your credit score is, the higher the interest rate you are going to get for your loan. What is important is that you are able to get the loan, which you will not qualify for if you apply to a conventional lender.
Even if you do qualify and are able to get a low credit score loan, that does not mean you should let your credit standing stay there. If you pay that new loan on time, you will improve your credit standing, and by judiciously managing your finances you can get back on track to improving your credit score.
Thank you!
bad credit car loan
creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.