Bad credit auto loan?
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I have tried most online places and have been denied.
I have been approved through 2 dealerships but they want 20-30% down. Any suggestions on what I should do.
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SPIFIMAN1 said:
Auto finance is what i do for a living and the loans that require this type of down payment are from lenders that charge the dealers anywhere from 20%-25% of the amount financed as a fee to take the loan.
What the dealer is doing is asking you to put enough money down so they can pay the fees required to get a lender to buy your contract.
After 7 1/2 years of doing sub-prime auto finance I can tell you that if this is the best approval that the dealer can get you have two options. First if you do not really need the car right now, work on improving your credit and try again in about 9-10 months. Second if you do need the car, suck it up and make the down payment, then make 12 payments as agreed and refinance.
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0February 12th, 2010 at 4:57 pm -
sasha69 said:
I went through Road loans. The fiance rate wasn’t that great 16.39% bUT for my credit I was thinking it would be like 22%.
It was easy over the computer and I did have a check the next day. They are nice so far, but I have not been late at all. And hopefully won’t be. Try them it can’t hurt. (oh and no money down)Like or Dislike:
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Gary H said:
You CAN get a decent car loan, even with bad credit. I’ve done it, but you’ll have to look around. That’s one of the BIG mistakes people make…just taking the first offer that’s given to them when they go to the dealer. Be smarter than that.
WARNING: DON’T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It’s a better option, you don’t have to take what they’re offering if you don’t want it, and it’s better than dealing with the car dealer’s people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below…
http://www.axalda.info/bad-credit-car-loans.html
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