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Bad Credit Car Financing?

Discussion in 'Members' Lounge' started by Lee7pcNOOb, Nov 19, 2008.

  1. Lee7pcNOOb

    Lee7pcNOOb New Member

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    :confused:
    So, im getting ready to try to buy a 7-8000 dollar car. Got about 3k, bad credit.
    Where do i look for cars loans for bad credit that isnt like a scam or something?
    Anyone else go through a problem like this?
     
  2. Briansol

    Briansol Admins Admin VIP

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    in today's credit crunch crisis, if you have bad credit you're simply going to be denied or get stuck with 15% interest.

    i would work on building your credit by paying shit on time before you take another loan.
     
  3. BigJ

    BigJ I'm just about that action Boss. VIP

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    I'll be there when I graduate school. I have serious school associated debt.



    Find out your score. Find out if you have anything in collections, etc and try and resolve those. Get a used older car and drive it until your credit has improved and you're out of the 20% and over car loans.
     
  4. Briansol

    Briansol Admins Admin VIP

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    just because you have debt doesn't mean you have bad credit. In fact, just the opposite is true. Debt that is being paid on actually increases your credit score.

    However, debt does effect your debt to income ratio, and thus limits the AMOUNT you will get approved for... but doesn't necessarily mean you'll get denied
     
  5. BodyDroppedNikes

    BodyDroppedNikes ...PENDEJO.... VIP

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    ive got bad credit and i got a car loan but then again im paying 20% interest which sucks. the bank im having the car financed thru (Chase) and ive had a loan thru them for 2 years now and ive never been late since ive gotten the car loan. im trying to get my credit back up.
     
  6. JDMPlaya

    JDMPlaya Senior Member

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    20%??? Holy crap! What is your payment?
     
  7. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Capitol One is really good, try to get a loan from there website, Or E-loans
     
  8. nootrac22

    nootrac22 Well-Known Member VIP

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    before you get the loan, get some lube. It's gonna hurt, but will hurt less if you don't clench up.
     
  9. chestercheeto48

    chestercheeto48 Senior Member VIP

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    I would recommend checking into a local credit union. I had terrible credit until recently and they worked with me to get a good rate/better score. I would suggest holding off on getting a car if you can. Like others said get a cheaper car that you can pay cash for until you can raise your score. One thing that worked for me was to get a small personal loan that you can cover with savings. Let it sit in a savings account and make the payments on time - then six months down the road pay it off in full. It will bump your score as long as you are making your payments on time. I did this with a personal loan to buy my wife's engagement ring and it raised my score significantly.
     
  10. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    This is great adice, not having a car payment is like the best. Unfortunetly for me i'm a car snob and like to have a nice car. Sorta like a lable whore.

    But at the same time, you'll need to get your credit up and a car loan is a good way to do it.
     
  11. Lee7pcNOOb

    Lee7pcNOOb New Member

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    Well yea i have a civic right now with a swap, but it cant pass inspection because of the TB, so im either going to sell that for like 3.5k and then try to finance another car that like about 7k. yea im trying to build my credit back up and alot of people say the best way to do it is through a car loan. plus with a price of 7000 financed for 2 years? how high can the payment possibly be not that bad. As far as my credit, i checked out all 3 of my reports and found an error so that getting taken care of but it takes 30 days to kick into effect. maybe that what brought my credit score down.
     
  12. chestercheeto48

    chestercheeto48 Senior Member VIP

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    I did a quick calculator on my CU's website with 0 down and a 13% interest (just a guess) 7,000 for 24mos. would run you 358.00 with 11% it would run you 350.00 and with 9% it would run you 344.00 that is WI 7% sales tax included.
     
  13. cressidakiller

    cressidakiller New Member

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    back to the original question. the 'car loans for bad credit' isn't necessarily a scam, but typically you're buying the financing, not the car. i'm not sure if your location is arlington TX or arlington VA, but arlington VA has easterns, and all sorts of ~wholesalers off clarendon near balston.
     
  14. 95b16coupe

    95b16coupe New Member

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    yep, thats what i was going to say. just pay cash and put some money in the bank.

    do you have $3,000 or is that just the value of what your car is worth?

    if you have bad credit, they will give you up to 24.9% interest.

    if you think it's the TB, just fix the stupid thing and save your money. don't get a loan to build credit. if you do, just get a "secured credit card". google it.
     
  15. nootrac22

    nootrac22 Well-Known Member VIP

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    well, if you're trying to build credit, you have to get credit. If you want to rebuild your credit take the loan and the 20% intrestrate that comes with it and pay. Keeping positive payment history will help you to rebuild your credit score. Also you could get the loan for 3K and turn around and pay it the same day. It will help your credit out some, but not as much as a positive payment history.
     
  16. DarkHand

    DarkHand Senior Member VIP

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    Pssh, 20%. My Aunt bought a $4k used car at 36% interest. :confused:
     
  17. 95b16coupe

    95b16coupe New Member

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    if you want to build credit, get some credit cards from the bank or credit union you belong to.

    or get something like best buy or other retail cards. good reports from them will raise credit. also, clear out any debt you have. it takes more than 30 days to fix an error on your report.
     
  18. chestercheeto48

    chestercheeto48 Senior Member VIP

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    I wouldn't pay it off the same day. I would make at least three payments on it to show you have the ability to pay on time.
     
  19. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    Why would you agree to 20% interest?
     
  20. BigJ

    BigJ I'm just about that action Boss. VIP

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    Which arlington?


    I'd suggest getting a loan through a credit union. At 19, I got 8.49% on ok credit.
     
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