Buying a car with bad credit

spamandsugar

spamandsugar

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Sep 20, 2012
Hey has anyone bought a car from the dealership with bad credit? How much down for a $10,000 car, will I need a co signer and anything else you can add. Thanks y'all
 
I bought one for 7gs five years ago only put 2 down payments were like 160 a month. No cosigner needed but I had very steady income My credit was the worst it could be...
Paid that ish off quick!!!!! I would say try to put atleast half down if ya credits bad.
 
nerd.gif
...and will probably be needing a vehicle at some point too
 
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Ishnaga said:
I bought one for 7gs five years ago only put 2 down payments were like 160 a month. No cosigner needed but I had very steady income My credit was the worst it could be...
Paid that ish off quick!!!!! I would say try to put atleast half down if ya credits bad.
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What did you credit score look like after you were done with the payments? It must've improved since then.
 
I know it doesn't sound reasonable but I would say try to save as much as you can to put down

Paying $18,000 for a $10,000 at the end is going to upset you :lol:
 
I did. I put down 3k and my payments were $300 a month for ~36 months. I'm about to pay it off in under 2 years. Income is the most important aspect in getting a loan but I didn't have any broken leases or repod cars on my report
 
I work for a buy here pay here dealer that helps people with bad credit. We get a lot of people in cars with only 500 down and give them 2 weeks to get the tax, tags etc...

We do have 25-29% interest rates though and our cars are priced high.
 
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BIGBOSS said:
I work for a buy here pay here dealer that helps people with bad credit. We get a lot of people in cars with only 500 down and give them 2 weeks to get the tax, tags etc...


We do have 25-29% interest rates though and our cars are priced high.
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:x lawd.
 
BIGBOSS said:
I work for a buy here pay here dealer that helps people with bad credit. We get a lot of people in cars with only 500 down and give them 2 weeks to get the tax, tags etc...


We do have 25-29% interest rates though and our cars are priced high.
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:x
 
BIGBOSS said:
 
I work for a buy here pay here dealer that helps people with bad credit. We get a lot of people in cars with only 500 down and give them 2 weeks to get the tax, tags etc...

We do have 25-29% interest rates though and our cars are priced high.
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Making decisions like that, no wonder those people have such bad credit...

@Spamandsugar Why not just pay cash for a beater, save a couple hundred each month, then move up in a year? Within 2-3 years, you'll be able to get the same $10,000 car, and only pay $10,000 for it instead of the $20,000 you'll likely have to pay at some ripoff joint?
 
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Interest rate is EVERYTHING. Some people will never own their car making the minimum payment with a high rate
 
If you have bad credit no bank will approve you on a loan regardless how much you put down, and if you are getting a car loan there's usually a minimum amount you'd have to take out, usually around 7500. With that being said what makes you think you have bad credit? If your reasoning for your bad credit is legitimate you probably will need a cosigner so let's go over your options here. A car loan from a bank is usually at an average rate of about 6.25%, banks also will only finance a vehicle that is 5 years or newer on that rate for a term of 60 or up to 84 months. The older the car the shorter term so if you get an older car say a 2006-7 you'd only be able to finance for 2-3 years, and also on those shorter term loans your rate is usually around 10%. So that following scenario was for someone with average credit, now if you can't get a cosigner you may have to deal with subprime where the rate is usually 19-29 percent so you're going to end up paying way more for the car. Intrest rates from actual car companies are always better than from the bank, but then you would have to go with a new car so you would be starting at a higher principle like 20 k but be at a rate of 0-3.99%. The benefit you have here is that your cost of borrowing will be virtually nothing, now you said you have poor credit, some motor companies have programs to help establish credit. I believe Nissan is one of them and they do have 0 percent financing on some vehicles. When you are purchasing a new car vs used it does seem like you're spending much more but when you calculate in all the expenses, fuel savings and intrest rate you're usually better off going new. When you purchase used you're usually going to have to run into maintenance issues that will cost a couple hundred one month maybe a thousand the next. When you go new you usually won't have to worry about any repairs for 5 years.

All that being said just make sure you calculate what you will be paying total in the end. Your salesman will usually break down your payments to a biweekly format instead of telling you your overall total. To calculate your total just take your payment say its 180 Biweekly for 84 months. Take 180x26 (when it's broken down bw ppl make the mistake by multiplying by 2 and thinking that's what you would pay per month) so that first calculation is for one year, 84 months 7 years, so just multiply that by 7 and you have your total payment for the car. Total was 32760 btw, so 180 Bw seems very affordable you are actually paying 32k for a ride in the end.
 
Just how bad is your credit op? I have less than decent credit and was able to get a loan from Wells Fargo on an 9,000 car and I only put down 1k. My interest rate is 18% though. I pay a little over my payment in order to neutralize the interest.
 
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Financing a car when you have bad credit is a horrible financial decision that you will regret unless you have a cosigner with good credit.

Paying 20-30% interest, just terrible.
 
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crcballer55 said:
 
Making decisions like that, no wonder those people have such bad credit...
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Huh?

Not paying your bills on time and going on shopping sprees with credit cards when you don't have the money is what gets people bad credit.

Having to pay high interest rates or put 2-3k down is the after effects. Majority of people that come in know they have **** credit and understand the high rates.
 
cguy610 said:
Financing a car when you have bad credit is a horrible financial decision that you will regret unless you have a cosigner with good credit.

Paying 20-30% interest, just terrible.
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While I agree with this, most of my customers have no other option because they have to go work and take family places. Taking a bus isn't an option for some, so they just bite the bullet.
 
cguy610 said:
Financing a car when you have bad credit is a horrible financial decision that you will regret unless you have a cosigner with good credit.

Paying 20-30% interest, just terrible.
Click to expand...

Did you make a suggestion?
 
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