Most banks are turning me down for car loan and if a bank approve, they want big down payment up front.
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May 25th, 2008 at 4:26 am
Save the money you have for the payments and pay for a nice used car in cash.
May 25th, 2008 at 4:26 am
That's the price you pay for having bad credit. You're a proven bad risk and have a history of not paying on time or defaulting on your debts.
Pay cash for everything. Avoid the credit trap. And stop paying unnecessary interest to others.
May 25th, 2008 at 4:26 am
Save money for a bigger down payment.
May 25th, 2008 at 4:26 am
Malcolm, there are businesses out there that will help you out now a days.
Call some of the car dealer ships and see what they can do, even a used car lot might finance you.
Good Luck!!
Hope you find something worthwhile and fun to drive!!
May 25th, 2008 at 4:26 am
you'll have to build your credit first. If you need a car soon i say go for a high interest loan for about 6 months to a year then as soon as possible refinance
May 25th, 2008 at 4:26 am
This is because if you haven't paid your debts in the past, why would they think you will now. Credit has tightend up all over. You will need a good down payment- banks are very tight so you might do better to see about a buy here pay here type car dealer. Rates are high but alot easier to get financing. Try to clean up your credit- it will haunt you.
May 25th, 2008 at 4:26 am
Some dealers have financing available at the dealership. The problem is that if you've got bad credit, your interest rate will be substantially higher than someone with good credit.
I'd actually suggest that you save the money you'd pay monthly for a car and buy one when you have a larger down payment and not so big of a loan, or pay cash for a used car.
May 25th, 2008 at 4:26 am
You need the car?? Then you do what is required of you!! No not 'THAT THING" on TRU TV!!!
May 25th, 2008 at 4:26 am
Is there anyone with better credit that would be willing to co-sign with you? Don't know if that would satisfy a regular bank, but it would help at a used car dealership.
May 25th, 2008 at 4:26 am
It seems like whatever you do, you'll need to start saving now. You can either save up enough money for a big down payment, or just keep saving enough money to buy the car in cash. The latter is the best idea, financially, b/c of the interest you'll save. However, you need to build your credit back up, so you should probably do the former (and make sure you pay every last payment on time!).
May 25th, 2008 at 4:26 am
whatever you decide …
STAY AWAY FROM THEM LOAN SHARKS WHO WILL BLEED YOU FOR ALL THE CASH YOU HAVE AND DONT HAVE!
You may just have to ride this out bro and keep saving and build up a credit rating with your bank. Dont put youself or another person ina position that would be compromised by asking them to be your guarantor. You already stated your bad credit history, is it truly worth it asking a close friend, family or relative to front up with the money should you default on principle loan? Keep saving bro! Your better than this and sides there is a sense of achievement when you work and save hard for the things you want.
Sounds old fashion but guess what - IT WORKS!!
May 25th, 2008 at 4:26 am
yeah this happened to me and i dont have bad credit. life sucks… wait till ur bad credit report clears.. yeah that takes like 6 years.. but havent i already said LIFE SUCKS
May 25th, 2008 at 4:26 am
Malcolm,
I am sorry you are having so much trouble. However, it seems that your troubles are deeper than this. People with bad credit get auto loans all of the time. The fact that you are getting turned down tells me that you have serious credit problems.
You must have unpaid bills yet you still believe that you need a NEW CAR.
Why dont you just get any used car for about $1000. One that can get you from point A to point B. Then, use the monthly car payment that you are so anxious to pay…to pay off some of your other debt?
Or maybe your plan was to get the car and NOT pay. I have a feeling that is what the banks are thinking too.
May 25th, 2008 at 4:26 am
If you're a member of a credit union, or can be, try them first. They don't require down payments and usually give you very low interest rates. You can also find a "buy here pay here" lot that allows you to make payments on the downpayment. However you will not be able to drive the car while you're paying on the downpayment. Some will put the car on your credit after you pay it off to help you boost your score.
May 25th, 2008 at 4:26 am
Keep driving what you have, save up for huge down payment.