Does anyone have a recommendation for a bad credit auto loan? We will need to roll over some negative equity into the loan as well at the dealership. Who has the most approvals? When I search online, there is just so many that come up, and I don’t want to fill out information for all of them just to have tons of phone calls from people that say no…
Anyone have an experience with one that worked for you?
I already have a high rate, 17%. How much worse could it get? I need to get rid of this truck, I can’t afford the gas in it!
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Auto finance is what I do for a living and you need to find a large dealer that advertises Special Finance and go talk to the manager they will be able to help you.
In the past Wells Fargo and Citifinancial gave the largest advances but in today’s market all of the banks are cutting back due to massive losses at the auctions.
Most generally a dealer will help you look for financing as well as determine the amount of negative equity, and exactly how much needs to be financed. The most common "bad credit" auto lender is Americredit. However, don’t be surprised if you end up with an extremely high interest rate, which will quickly put your new vehicle in negative equity also!