Bad Credit Auto Loans Do I Have To…?
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Hi, My credit is bad and I’ve filled out a few applications on line but I always get responses from dealerships – I want a specific car and none of the dealerships that respond back are places that carry the car (Yaris). I keep getting referred to Kia or Hyundai…are there any places that will give me a loan I can use at different dealerships?? Or will the Toyota dealership work with me/find a bank that will finance me, even with my bad credit? Thanks
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Jack S said:
Rule of Thumb: When you have a low credit score, you will need to come up with a higher down payment to get a car from a traditional dealership. Meaning you will need to come up with 10-15% down payment of the entire price of the vehicle before GMAC, Honda, Toyota, etc, will give you the vehicle. Why? Because you’re a high risk of non-payment and they’d just have to pop the car and try to recoup the losses.
What is it about the Yaris that you need? Hell I’d love to have a Viper but I know that right at the present time I cannot swing that sort of payment even though my credit score is enought o get me one.
Why not think about just getting the next best thing, prove yourself on your payments for a year or two and then try them again. You will need to establish that you’re an acceptable risk once again.
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0January 21st, 2010 at 7:51 pm -
dayna said:
check and see if your local credit union will finance you. they usually have really good deals, and since it will be a secured loan, you should be ok. you’ll be able to get a better deal also. you won’t be going through the dealership, and you’ll have the cash up front, so you can haggle.
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0 0January 21st, 2010 at 7:51 pm -
Kiffin said:
The Toyota dealer will PROBABLY try to get you financed; be aware that with a poor credit rating, you’ll be paying an exorbitant interest rate. You might also try one of those "1-800 get-a-car loan" numbers or apply at whatever bank you have your checking and/or savings account. Good luck!
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0 0January 21st, 2010 at 7:51 pm -
Bill W said:
You can try your local dealership. If they sell enough cars and finance them through a specific bank they can sometimes call in a favor. You will also need a good down payment. Make sure this is the car you want you will have to live with It for a while.
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0 0January 21st, 2010 at 7:51 pm -
baha_smokey said:
NUMBER ONE::: IS WHEN YOU APPLY FOR CREDIT IT BRINGS YOUR CREDIT SCORE DOWN FURTHER….FIND ONE,AND MOST WILL ALWAYS WANT A DEPOSIT….BUT YOU DO NOT HAVE A CHOICE IN WHAT YOU WANT TO BUY..THESE PEOPLE TELL YOU WHAT THEY WILL GIVE YOU AND THE AMOUNT THEY ARE WILLING TO GIVE IN A LOAN…
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0 0January 21st, 2010 at 7:51 pm -
patty said:
Firstly, I am glad to hear that you are looking for a reasonably inexpensive car and not a Lexus or something like that.
I know this may not be the answer you wanted to hear, but I would wait 6 months if I were you. I would do this for two reasons.
1. This is a new car on a new platform that very few people have had for any amount of time, which means that if there are problems with it they may not have been found yet.
2. If you can put away an extra 300 bucks a month you’ll have about 2 grand to put towards the purchase. (remember this rule of thumb: FOR EVERY 1000 DOLLARS YOU PUT DOWN YOUR MONTHLY RATE WILL DECREASE BY ABOUT 20 DOLLARS. )
If I were you I would check out a local credit union and if you can put down at least 50% of the car’s cost I am certain you could get something with a really good interest rate.
Check out used or program cars too.
Most of all, Happy motoring and best of luck.
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0 0January 21st, 2010 at 7:51 pm -
TERRY H said:
Try Capital One,they are great for bad credit auto loans.You can apply right on line and get an answer from them not a dealer.
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0 0January 21st, 2010 at 7:51 pm -
ambi i said:
The best way out of your situation is to approach a private lender. I just received a car loan of $20,000 from them yesterday without a collateral. Reach them on phillenders@yahoo.com.
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0 0January 21st, 2010 at 7:51 pm -
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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0 0January 21st, 2010 at 7:51 pm -
Brindha C said:
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on<!–bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/autoloans.htm
You may find want you want. You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to–>arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
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0 0January 21st, 2010 at 7:51 pm -
rajesh k said:
If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.
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0 0January 21st, 2010 at 7:51 pm -
SusieM said:
One of the fastest ways to get cash with bad credit, and little hassle, would be with a payday loan. Yes they have terrible interest rates but they are taking a risk. This site offers more details about the payday loans as well as various sites offering the loans, many without even a credit check. Do your homework. Best starting point is here:
Good luck.
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0 0January 21st, 2010 at 7:51 pm -
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