Question:
I am currently in the market for a vehicle. I want a newer car for less than $12000. I know my budget and including insurance I will be more than fine financially if I finance this over 48 or 60 months. I have a mid score just under 600. I have a successful auto loan payoff. I have a valid credit card that shows on time payments for the past year. No bankruptcy, no student or outstanding loans. With little or no down payment(up to $1000) how likely am I to be financed on a new or one or two year old vehicle? Also what can I expect percentage wise? And has anyone in a similar position tried eloan?
Answer:
Well, it depends on how much dept you have at this time. It is very possible to get finance for a new vehicle with that credit score. My husband just bought a $ 28,000.00 truck and his score is in the mid 550's. The interest rate might be a little high all you can do about that is just try and pay an extra $20.00 each month and it will help more than you think. Good luck.
it would help if you told us why your score is so low.
There's no doubt you'll probably get the loan if you agree to a high interest rate.
You should put a limit on just how high of an interest rate you're willing to accept...say 6-7%.
Anything over 10% and you'll never pay it off.
Check this out:
http://www.buy-new-car-used-car.com/arti...
Maybe you can try below website to get the information. It's about bad credit car loans online articles for your second opinion
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