Im looking for an auto loan for people with bad credit from a bank not a dealership in the chicagoland area any suggestions? Thanks in advance.
Related posts:
- Do banks usually give auto loans for a car you are buying that is "For sale by owner"?
- with loans money out there why do the banks charge almost 20 % interest for auto loan?
- Auto Loan for bad credit possible?
- Are there banks out there that fianance people with bad credit for auto loans and arent tied to auto dealers?
- Can anyone suggest loan companies that offer car loans for people w/bad credit? What 2 make large down payment?
{ 6 comments… read them below or add one }
No such thing.
Sure, a few BHPH dealers might say no interest or put down a low rate. Easy to do by jacking up the price of the car.
Your effective rate will be 40-300%.
There are no legitimate loans for people with bad credit. I am amazed people keep asking this.
Would you really loan $1,000 to a person known to have a history of late/non payment.
A loan involves a credit check which someone with bad credit will inevitably fail.
WAKE UP !! HELLO YOUR DREAMING. ( sorry, couldnt resist) unfortunately no bank or credit union makes bad credit auto loans. In order to get the best interest rate you have to have good credit. The reason dealers have a list of lenders, is because those "lenders" give the dealership 500 dollars to the dealer for referring you to the lender.
Which is why the interest rates are high, the lender wants to make you pay the 500 dollars back. The fix to bad credit takes time, you need to establish a checking and savings do direct deposit from the company you work for and then pay all the bills from checking , no bounced checks, open a secured or unsecured credit card, pay off the balance in full everymonth. Meanwhle put 25 percent of the paycheck in savings and dont touch it.
At the end of a year the bank can see your financial records through checking, your savings record through savings and payment history. Keep this for another year, and you have established a solid
history . The main thing to is income level needs to be above 3 grand which helps a lot when you go for a loan.It takes a lot of time , and energy, and maybe staying home friday or saturday nights, but it pays off in the end.
If you have bad credit, you don’t get a low interest rate. High interest is the price paid for not taking care of your credit obligations.
Yeah, sure… if banks were giving away low-interest loans to folks with bad credit, there would be NO incentive at all to have good credit.
There is no way around it… bad credit, high interest.
You have bad credit AND you want a low rate?? You’re an idiot.
Any suggestions?? Yeah, get a clue.