-This might be my only option. I went to my bank most likely to loan me $5000 and they basically said no unless i have a good co-signer. I have a good one but i dont want to ask for that kind of favor.
I can however make at least a 20% down payment on a 5000 dollar car. Is this a good choice and what interest rate can i expect? My credit score is honestly bad....its 540 with a charge off for several thousand dollars and also a collection agency after me for a few hundred.
What can i do to get the best deal?Sub prime lenders only lend to bad credit borrowers like yourself. As a result, they charge 2-3 & even more times a cars real value plus interest at 19-29%.
$1000 down might get you ....a $1200-1700 car (wholesale) that they charge you $6900 for.
Nicer cars will require more down and of course a much higher sale price.
They will all pretty much SELL you a car with the sufficient down payment but paying for it is the problem.
You would be FAR better off buying a $1000 car for cash. Sure, it might be a piece of crap but you own it and if & when it quits, you don't have to keep paying for 2-3 more years like at a buy here pay here dealer.
I cant stress how bad of an idea they are. Unless you like always having bad credit, having to pay thousands more than a car is worth plus nose bleed rates.
没有评论:
发表评论