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{ 5 comments… read them below or add one }
If you have a bad credit rating, forget getting a car loan. Finding a loan is difficult for someone with good credit.
Set your sights lower. Use the money you were going to put towards a down payment and buy an older used car for cash. You have money for a down payment, don’t you? Take the money that you would have used to make the payments and put it in a savings account to put down on your next car.
Also, pay off as much of your debt as possible to improve your credit rating.
In a few years, you will have a very good down payment towards a better car and a better credit rating so you can get a loan.
Forget about it, even people with excellent credit can’t get a loan.
It depends on how bad your credit is. If not below subprime, about 550, there are still a few companies out there who offer such loans, but will demand at least 20% down payment and a higher interest rate. Here’s more details:
http://www.leaseguide.com/Articles/bad-credit.htm
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The Company I used was
http://www.carcredit.com
they specialize in bad credit car loans, try it you like it
Ford is the easiest right now..