bad credit?
I have a horrible credit score i am thinking 350. i know not good, but i need a car loan any help
Public Comments
- You don't need a car loan, you need to eliminate the credit problems. Stop spending, Dave R, harps on Food, Shelter clothing 1st, Drive a heap, take the bus to work to get to work. Get your bills up to current 1st, get serious, get a 2nd, 3rd, 4th job, sell some of the stuff that got you in the hole to begin with. then build a small saving, then start snowballing your debt. http://www.geocities.com/snidecl/debtsnowball.html I've been there, I am 49 years old, and have played the credit game and am sick of it. I've been following radio guy who has a program called Financial Peace University, I've been reading his book Total money Make over, and we've paid off about $50000 in unsecured debt in the last 3 years, we have a ways to go, (about 4 years and we are debt free except the mortgage.). Check him out before you dig another hole. http://www.daveramsey.com
- First thing would be to get your credit reports and find out you actual score. You need to make a list of everything you are doing wrong and start changing your habits. Make sure you a paying min. payments on your cards, pay on time, etc....work on these things over several months and overtime your score will go up.
- Forget the car, until you can pay for it. Get rid of your bad debt as the car will kill your checkbook and you can drive yourself to the poorhouse. Paydown your high interest credit cards first, then use cash. Wait until your FICA score gets better, like over 600, and then shop for a car. The interest rate on the car will really drop.
- Auto finance is what I do for a living and you need to go to a dealer that advertises Special Finance and talk to the Manager there are lenders out there that will give you a loan.
- dtndtt, There are sub prime lenders that do not use your credit score as part of their score card. For example CPS and Drive financial. Both of these lenders, however, do not lend directly to consumers, they are indirect lenders that partner with new car dealers. If your credit score is really that low you would need a substantial down payment or other compensating factors such as a long job time or high income. If you have not been on the job a long time and your income is not that great you may have to get your car loan from a buy here pay here car lot. With a buy here pay here car lot your credit is rarely checked, as long as you can afford the payment they should give you a loan. The down side to a buy here pay here lot is that usually you have to make your payments at the car lot, weekly. The other downside is that, more often than not, they do not report your good payment history to the credit bureaus, so the loan will not help your credit rating. I hope this helps, best of luck.
- 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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