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| *Loan,banking and credit>>>auto loan |
What is the process for auto loan approval for people with bad credit? |
What type of car do the dealerships use? 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://umgarticles.atspace.com/debt-cons... if it helps kindly remember me in your voting!.. cheers! They usually use a newer model, low-end car such as a Kia or a Hyundai. They will mark it up above what it should sell for because you don't have many options, and they will give you a rate usually in the 20-30% range. Basically, you will get ripped off, but it is a decent way to start rebuilding your credit and have a good running car. My personal experience, they tried selling me a 2002 Nissan Sentra for $17,500 at 29% interest for 60 months. I told them to shove it and got a loan from a personal friend. Autotown GMC Cheap models at high interest rates. The rates depend on your state and maximum allowed by law. Buy the car with those terms and plan on paying off as soon as possible. I did this a few years back but had a zero credit rating. I paid the 21% loan off in 8 months, not the 48 month length of the loan. It was throught Ford Motor credit and it really opened up my ability to borrow (which I avoid). The only loan I have now is my mortagage. your best bet is to try and get a loan from your own bank or credit union. if this does not work look on line.(road loans for example) If you get the money yourself from somebody, then the dealership cant mark up the rate any. On a bad credit deal, with their own finance they will mark the rate up the state max. If you buy at a buy here pay here place, they will make the rate whatever they want. Then go to a new car dealership, and buy a used car. The market sucks right now, and you can buy 1 year old cars, at about half the original price. Buy something cheap so you can easily make the payments. Pay it off early. Then you will have an auto loan on your credit report that shows a good repayment history. This will set you up for the next one. You interest rate will get progressively better with each car until you have brought yourself back up to a respectable rate. This also not only effects car purchases, but home, and any other type of loan that will require a credit check. I am general manager of a dealership |
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