I have bad credit, so they asked me for a cosigner. It turns out that my cosigner does not have that great of a credit either. Now the finance rep is asking me for someone who has had a car loan already. Is that always the case? I make 35K a year and the car is going for 15K im puttting 2k down, The rep still says hes waiting for the banks to get to him, how long does it take for the banks to reply with the loan and are there any banks that will approve the loan even with bad credit.
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{ 8 comments… read them below or add one }
way it goes really
there is always look for a cheaper car
i payed 1300 for my car 6 yrs ago still running great today
save another thousand or so can buy a great used car and not make any payments at all
and sure there is places that willl loan but at a higher cost to you so that 15k might cost you 25k or more
ive not had to get a loan in 25 yrs to buy any car
there is buy here pay here car lots works same higher payments
just shop for a older car at a cheaper price
learn how to shop
learn type into search box
how to get a car loan
how to shop for a used car
how to buy a used car
how to check a used car
how to shop for a used car
all will help you learn more when buying or shoping
aim for a lower price older year
he gets approval in 10 minutes/if not he is trying to shop you to the WHAM finance company and the rates will be out of sight/forget co-signers in this instance you are not going to be able to do this deal/by what you can afford and build your credit/only way
A cosigner must have good credit or he is worthless.
Usually you can get an answer in a few hours to a few business days.
There are sub prime lenders that will lend to you even with bad credit.
However, you will overpay for the car by thousands and pay 29% apr. And you can only buy from that dealers overpriced inventory. With $2000 down, you can probably get a car worth $4500-5000 wholesale but they will charge you $9000+ plus interest.
You made your bad credit bed. Now you have to lie in it.
Your best bet is to buy something you can afford for $2000. That way when it breaks down, you wont ruin your credit even worse by not paying for it and having it repoed.
Either that or have someone with perfect credit cosign. And they would be stupid to do that because when you stop paying it will ruin their credit too.
$35k income and you’re wishing to buy a $15k car with your bad credit?
Yeah, right.
Since it is all but a given that this will not happen, do take N’s advice and buy a $2000 car, because that may be all you can get with your "qualifications" or lack thereof…
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
There are many ways to get a fast auto loan, however, some ways are faster than others as well as more efficient. If you are looking for a fast auto loan, you most likely want to know if you are going to be approved right away. Some finance companies claim to give you a fast quote or fast approval within seconds, when in reality it takes days once you’ve already given them all of your information. This can add "inquiries" to your credit report which LOWER your credit score
http://www.worldbestloans.com/
The solution is simply to find a reputable auto loan source, one that can actually deliver an approval answer within seconds, and one that can actually supply you with a fast auto loan. You can read customer reviews and/or testimonials to find out whether one particular source stays true to their claims. However, nowadays many car loan websites that say they approve you within seconds, really DO. That is the great thing about the internet.
Recenlty my friend got Auto loan of 25000$ for 10 years on 3% which should be paid annually my friend doesnt have good credit his credit score is below 700 but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Auto loan with Bad credit he found a site which contains links for bad credit so i checked all of them one by one .
go to
Dixiloan.com
Then Go to "Auto Loan"
Note each link contain different interest rates and repayment period.
Take Care
Bye!
There are a huge number of banks that deal with auto loans for people with challenge credit. The two best choices are:
1. Go to a very large dealership that advertises that they help people with credit problems. A large dealership will normally have more banks they work with, more talented leading specialist on staff, and stronger relationships with the banks. (There are exceptions to this rule of thumb.)
2. Put down a large down payment. The more money you put down, the more likely the bank is to give you the loan.
Also, note two additional things:
1. Depending on current rebate offers, a new car may be easier to finance with a lower payment and lower down payment for you.
2. Some credit unions are wonderful for people with credit issues.
My advice is to find a dealer you feel comfortable doing business with. Believe it or not, there are honest auto dealers and honest car salespeople. Try to find one you instinctively feel good about. Generally, you will get the best deal from a "good person".
For car loan quote
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http://www.loansandinsurances.com/