Bad Credit Agency

Bad credit history but have 610 credit score whats the best place to get a auto loan?

About 2 years ago I had a repo put onto my credit *my ins company was charging me 2 times what they should have been and before I could fix that problem I was in debt and ended up lossing my car* Now I have all my credit paid off and a credit score of 610 and looking at getting a auto loan but im not sure who the best credit company to go with to get a good APR. I know im probly looking at 20% APR im sure. I need a auto loan of 15k and putting a down payment of 7k, total cost of vehicle about 22k. Looking at getting the car at the end of May. Is it better to go to the dealer and see about financing or try going throu capital one auto loan? Was also wondering about capital one because I have a good standing credit account with them. *my monthly income is over 2k*

Public Comments

1. Check out the rate tables on bankrate.com. They are updated daily with most lender rates. You can sort rates by loan amount and credit grade.
2. I would encourage you to use that $7,000 to purchase a used car outright. Then take the money you would have used on car payments and put it in a Money Market account where it will gain interest. At the end of 5 years (or whatever the length of your auto loan term would have been) you can take whatever money you have and put it to another car if you chose, or just have a nice stash of money.
3. Capitla One is a good bank to stick with. The only thing is you have to let them know if you going to fall behind a payment. They'll work with you if you talk to them. If you don't speak with them and fall behind a payment, they'll come looking for your car.
4. My advice would be not to get back into debt. You are much better of saving and paying a car off in full. You don't want any other liabilities that could ruin your credit. Start investing you money and build more into your asset column and less in the liabilities column
5. first pay off your debt.. jeremy big mistake for having him to take out 7 grand... then he'll owe the bank they add interest rates on top of it... you need to find an APR lower than 20% i have seen chevy commercials with 0% APR that's your best bet or no payments go to different dealers find out what their APR is first and foremost
6. Auto finance is what I do for a living and with a repo on your credit you should try Capital One direct first because if you go to a dealer they will get you done no doubt but your interest rate will be whatever your State maximum is.
7. I agree with the poster regarding Capital One. I was in a 28% interest loan a while back and they got me into a 12% interest loan. Not only that, they are very good to their customers. After the hurricane, they worked with me on my next payment and did not even count my late payment as late..very good company.
8. You may also want to look at local credit unions for their rates. They tend to have better rates on vehicles and will try to help you get a good rate and the right payment.
9. 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