Where can you get a bad credit auto loan?
by Author on Friday, August 27th, 2010 | 3 Comments
Credit score is around 565 and need a auto loan. Any ideas.
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Any dealership that offers "special financing" should be able to help you if you bring an adequate down payment to the table. Be prepared for horrific interest rates.
You will need a large down payment and a buy here/pay here lot is about the best you are going to be able to do.
Problem is, with a score like yours, you are going to get screwed with the finance charge.
I got financed for auto loan through JP Morgan Chase. My credit score isn’t far from yours. I had a student showing up that I was making late payment but it was in deferment. I depends on your situation and income and the price of the car and down payment. I got financed for 2008 Nissan Altima 2.5S for $15,000. My interest rate is quite high: simple interest rate15.75%. But I plan paying off my car in 1.5 years. I have no penaly for early payoff. My payment for 6 years is 300.54/month and I plan on paying around 850.00/month. I am first-time buyer. This is my biggest purchase. I just graduated from college and my mother had screwed up my credit when I was younger. So good luck. It just depends on who you are getting your car from. My car salesperson was excellent and helped me get finance with a good bank at reasonable APR% considering my credit score and lack of good credit. So look around. If you want any car more than $15,000 they will require to put down a downpayment. I think you put around anywhere from 3000 to 4000 to show the bank that you are serious about buying the car. And they will see you as less of a risk.