bad credit auto Archives

No Credit car Loans

Thursday, March 15th, 2012 at 12:00 am  


Auto Source Financial is a Canadian Financial Firm that assists people with No credit or Bad Credit Obtain Vehicle Financing. We Specialize in New Immigrants and Foreign Student Vehicle Loans.

Car buying for people with bad credit..HELP Please

Wednesday, March 14th, 2012 at 12:02 am  

First: I apologize but this question is two fold…feel free to answer which part you like most.

1) Background: My credit score is 565. I just graduated from college 3 months ago and I am in my career job making 42000.00 a year. I’ve been at this job for 5 months and my previous job for 4 years. I have a two year old repo on my credit report so I know that getting a car loan/great interest rate my be difficult.

I’ve contacted a dealer and I found a used 2003 nissan with 40,000 miles for 12,000 and still under 10000 miles/10 year warranty. The blue book value is 13,700. Now for my questions:

A) should I negotiate with the dealer for a lower price/lower interest rate even though my credit is weak? Is it worth negotiating given my credit history?

B) If I do get a high interest rate, how can I avoid balloon payments?

Other suggestions more than welcome.

Thanks!

I filed Chapter 7 bankruptcy two years ago. I would like to finance a used car this year. Is there any hope?

Wednesday, February 1st, 2012 at 12:00 am  

I would like to finance a used car but Im afraid of being denied for a car loan and Im sure the interest rate will be sky high. Has anyone gone through this before. It’s only been two years since I filed Chapter 7. I hear about those loans all the time, Bad Credit, no problem, but is it true?

Is it possible for me to buy a new car with poor credit and have a low monthly payment?

Friday, January 20th, 2012 at 12:01 am  

I want to buy a new car in the near future, but I have terrible credit. I plan on keeping the car for a number of years, and I am a college student who makes about 900 dollars a month. I know that my interest rate will be high, but that is not my concern, my concern is that I will have a high monthly payment the loan that I use to finance the car with. Is it possible to have a lower monthly payment on a car loan with bad credit? I don’t know anyone that I can co-sign with so thats out of the plan. Please help.

How do i finance a car, but my credit isn"t excellent?

Wednesday, January 4th, 2012 at 12:02 am  

i have 3 collections , and in order to finance the car i need a co-signer . What can i do ?

Why will noone approve me for an auto refinance loan?

Wednesday, December 28th, 2011 at 12:01 am  

I have a decent credit score (650-700), lived at my resident long enough, been at my job long enough (almost 2 years) and make more than enough money to get a loan. I have paid on the car for 7 months on a 6 year loan. The interest rate is over 20% right now and have an excellent payment history on all my accounts/credit cards. So far, most reputable financing companies have rejected me online. I will soon go to banks and credit unions. Any suggestions?

Can I buy a used car with bad credit, but with a cosigner with great credit?

Thursday, October 13th, 2011 at 12:01 am  

My friend just paid off all her credit cards(about 00)& she also saved up about 00 for a down payment on a car she had her eye on for about 2years. Her credit score fell about 160-200points, she just finished paying 00 on her last card, & now wants to buy a ,000 car with 00 as a down payment, her mother is willing to co-sign but my friend is unsure if she’ll get the loan & if she does the monthly payments would be out of her price range. Will she be able to get a loan & how high can the interest on a car be?

bad credit loan approved by unknown bank?

Sunday, September 11th, 2011 at 12:03 am  

i have bad credit and have been trying to buy a used car, i got approved for a loan by road loans.com but has anyone heard of them before or has used them before?

Looking For Bankruptcy Auto Loans?

Wednesday, June 30th, 2010 at 5:33 pm  

Can I Get An Auto Loan After Filing Bankruptcy?

Yes, you can. Bankruptcy Auto Loans are actually quite common and have helped a number of individuals to secure a vehicle at a time when they needed it most. Many believe that after filing bankruptcy their life as far as credit goes is over, but that is so far from the truth. You can still apply for car loans even after you’ve filed bankruptcy. Since every situation and every lender is different, you may or may not need a co-signer. As far as car loan rates are concerned, the interest will vary based on the lender.

Bankruptcy Auto Loans: Why You Need Them

An auto loan is a great way to rebuild your credit after filing bankruptcy. Some lenders actually have special financing programs for those in the middle of an open bankruptcy or those whose bankruptcy is complete. If you are approved your interest rates will likely be higher than the normal rates because lenders consider those who have filed bankruptcy a “high credit risk.” Don’t let that bother you because your goal at this point is rebuilding your credit.

How Long Do I Have To Wait Before Getting A New or Used Car Loan?

The amount of time you’ll need to wait before applying for a new or used car loan varies by lender, plus, every situation is different. Financing a car after you have filed bankruptcy isn’t as difficult as it may seem. Since a bankruptcy filing stays on your credit report for at least seven to ten years, there are programs in place to help individuals get bankruptcy auto loans quickly and easily. Depending on the where you go for financing a car, some places require you to wait until your bankruptcy has been completely discharged or liquidated (Chapter 7) or a repayment schedule has been put in place (Chapter 13). Other lenders and finance companies will work to help individuals get car loans while a case is still open.

Financing A Car After Bankruptcy

If you decide that bankruptcy auto loans are best for you, then you can go the long route and call around to several dealerships and find out if they have special financing and try to get an idea what their car loan rates are. However, a number or financing companies can provide you with a quote online, and you can find out if you’ve been approved in as little as 60 seconds.

Credit Unions can also be very helpful when it comes to good rates and bankruptcy auto loans, but, again, it could take days and even weeks before you find out if you’ve been approved – and that’s after you’ve gone through all the monotonous paper work. That’s why getting an auto loan quote online is so beneficial. Plus, most credit unions require a membership fee.

Minimum Credit Score Needed to Get a Quality Rate For an Auto Loan

Wednesday, June 30th, 2010 at 1:30 pm  

A few sources exist for automobile financing with poor credit, as well as bad credit auto refinancing. While borrowers with poor financial honesty have less selections than those with good to wonderful scores, there are lenders who specialize in helping high-risk borrowers buy new or used cars. Buy here pay here dealers, sub prime banks, online lending establishments, family members and pals are merely a few automobile financing options. Buy here pay here auto dealers are adept at helping high-risk consumers afford pre-owned cars, boasting ads, “No credit, bankruptcy, subprime credit… Everyone rides! ” Borrowers can expect to pay increased rates and some lenders require weekly payments, which could end in borrowers paying more than the car is really worth. However that’s's one of the downsides to auto financing with bad credit. Buyers can check the Blue Book worth before shopping for a second hand car and avoid buying a lemon just due to a blemished credit jam.

Credit union members may be able to finance a new or used automobile in spite of bad payment histories, if they have important checking or saving accounts. Some online agencies focus on auto financing with poor credit and will help buyers shop for lenders across the nation that are ready to give high-risk borrowers a second chance. Again, high-risk buyers who achieve success in getting car loans will possibly pay higher interest payments than those with perfect payment histories who qualify for prime lender financing. Sub prime banks also specialize in car financing with poor credit and can create deals that may put a buyer in a new automobile while giving them a chance to boost future borrowing potential.

If high-risk borrowers fail to be accepted for financing through local agencies, online establishments should help. Web-based firms can shop from a large database of domestic banks and lending establishments which specialize in high-risk car financing with poor credit. Eventually, if online lending doesn’t net a manageable automobile loan or bad credit auto refinancing, people with poor payment histories can ask family members or pals to help. Uncle Bob could be willing to either co-sign for a new or used automobile or lend a substantial down payment that may give a high-risk purchaser a hand up with lenders. But before asking good old Unc’ Bob to sign on the dotted line, consumers should be sure that they can solidly make monthly loan payments on time.