Auto loan with bad credit?
What are my chances of getting a car loan with bad credit? I'm 22 and this is incredibly embarassing but i've got $8,000-10,000 from hospital bills. I've been at my job for a year but i really need to get a better car. I'd like to take a higher paying job but its 20 miles farther and i need a reliable vehicle. i can put about $1,300 down right away. I'm basically willing to pay whatever high interest rate in order to get a loan. Any suggestions? Will it help my chances of getting one if i'm currently taking part in credit counseling? Anyone know of any companies i can apply with? I've thought about keeping the car i have now but in reality its just about done in. Its got 150+ miles on it and no heat. If you've ever been in Chicago in January you know how bad it can get outside. Its a 93 model and not even worth the money i'd need to pay for it to get fixed.
Public Comments
- Chances are someone will give you a loan. It will be a higher interest rate more than likely. However, if you have $1300 that you can put down now, than I would trade in the car you have and pay the $1,300, and you will probably be able to get something decent for less money financed. You should go talk to your bank before you deal with any dealers though.
- join a credit union and have your money directly deposited there. Most credit unions offer better rates than other banks Any chance you can get a cosigner ? Why on earth are you embarrassed by hospital bills? i suspect that if you had the job that you are trying to get you would not have had these bills at all (better insurance usually goes with a better job) so I think what you are attempting to do is VERY intelligent. I do hope it all works out nicely for you. If you do decide to purchase anything other than a new car, please look into getting a carfax report so that you are not stuck with a lemon or a katrina car
- I personally have almost $25,000.00 worth of outstanding debt and got approved by Lobel Financial, out of Anaheim,CA, for a nice A to B car.......My payments are 280.00/mo for 20 months. Just a lil personal testimony and a possible financial option for you.
- Do you really need another car? Would it be cheaper to invest the $1300 into your current vehicle to make it more reliable? If you go to any dealer they are going to make you a deal, but the problem is that it isnt going to be the deal that you want. They are going to want more money down and they are going to give you a huge APR. In the long run you are going to be paying way more for what you get. You should keep the clunker you have and use that extra money from the new job and try to settle and pay your hospital bills down and then when you have good credit you can get the better car. Credit counseling will not be a factor in you obtaining a car in the short run of things, but you would want to think about credit counseling as a way to get on top of your finances.
- Hey, Do not fall for Tim A, this guy is trying to hook you with another bad bait. How dare you Tim A, you are ashame of yourself. Stroll out of here.
- Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com
* Some answers may have been provided by Yahoo! Answers.