Bad Credit Agency

What is a good choice for auto financing for bad credit on a used vehicle (2004)? (580 fico)?

Public Comments

1. Drivetime.com formerly known as Ugly Duckling.
2. E-loan is pretty good. But I would call around and find out what the best rate for your particular credit situation. Call all the banks in your area, find out what financing company the dealership uses, or go on-line and do a search there. If you have bad credit then you can be expected to pay anywhere from 18-32%. My husband used to work for Nations Bank (now Bank of America) about 8 years ago doing underwriting for high interest rate loans. You will get a loan but it will cost you.
3. If you have sufficient collateral in a bank account, you can always take a loan against the collateral. The interest rate is usually 7-10% vs 24% for a car loan. Plus, the loan is secured by your collateral and if you don't pay the loan - the bank keeps the collateral.