What is the best way to get a bad credit auto loan?
I think that my score is about a 525. I do not have an money to put down and I need to trade in a car that I owe about 4000 on and it is worth about 2000. What should I do?
Public Comments
- You wont get a car loan.
- Check with a dealer/salesman. They would know which lenders might give you a loan, since they'd do anything to sell a car. I recently called a used car place near me and was told that they find loans for 99% of applicants. I think you could get a loan- you'll just end up with a high interest rate.
- Auto finance is what I do for a living and what you need to do is find a dealer near you that advertises Special Finance and go talk to the Manager, they will be able to help you. There are several lenders out there that buy down to your credit score and since you have a trade, you should not have to put any money down.
- Find a new car with a good rebate....that rebate could possibly make up for your lack of down payment.
- 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
* Some answers may have been provided by Yahoo! Answers.