Buying a car with bad credit

[Trent Reznor]

5 years ago if I can remember right..


800-680 I believe was prime. And there were 3 tiers of rates for prime.


i THINK 630 to 520 was my subprime bracket. 520 was the lowest I'd go. (not true, I've done lower with high high level exceptions though. I did a NY Giant with a 480 score. I forget who it was, but he was on the team for a few years and could prove income.)

Theres different tiers of rates for EVERY 10 points or so in your credit score and we had calculators with those formulas already built in. I had leeway to cut certain rates, and my bosses had leeway to go even further if again, "IT MAKES SENSE."

We asked ourselves that question dozens of times a day, "DOES THIS LOAN MAKE SENSE?"

 

[bigboss]

EDIT: Nevermind BIGBOSS. I've just realized where you work at and why your personal opinion on the matter is so skewed. My fault for not ready through the thread

What do you mean? You've been giving off the impression that what subprime lenders do is some how morally wrong.

 

[bigboss]

Theres different tiers of rates for EVERY 10 points or so in your credit score and we had calculators with those formulas already built in. I had leeway to cut certain rates, and my bosses had leeway to go even further if again, "IT MAKES SENSE."

We asked ourselves that question dozens of times a day, "DOES THIS LOAN MAKE SENSE?"

Exactly, we like to call them gut loans.

Subprime for us is 4-500 but I get people in cars with 5-600 as well.

Paying the entire loan out is what really gets you, I even tell customers to pay more each month if they can. Its on the paperwork they sign so they know what they're getting themselves in to.

 

[stillin729]

the benefits of being smart with credit have really benefitted me

I can't imagine getting into a car loan with a terrible rate

 

[heliumclinton]

My credit was effed up before I even turned 18 because someone* using my SS for utility bills, of course I'm not going to file fraud charges on that someone* I just took that L. I took out a bad a car loan for 6 months to get it in the 600s and refinanced

Not everybody credit is messed up from trying to get fly

 

[stillin729]

My credit was effed up before I even turned 18 because someone* using my SS for utility bills, of course I'm not going to file fraud charges on that someone* I just took that L. I took out a bad a car loan for 6 months to get it in the 600s and refinanced

Not everybody credit is messed up from trying to get fly

Yeah except the overwhelming majority are

 

[Betonblck]

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.

Did you make a suggestion?

Take the bus or buy a car they can afford for cash.

Every city has public transportation? I didn't even know

Looks like you just like to argue since you ignored the part of my statement that says buy a car they can afford for cash.

I don't do back and forth internet arguments

 

[jjs07]

My credit was effed up before I even turned 18 because someone* using my SS for utility bills, of course I'm not going to file fraud charges on that someone* I just took that L. I took out a bad a car loan for 6 months to get it in the 600s and refinanced

Not everybody credit is messed up from trying to get fly

Damn bro...assuming that "someone" is mom or dad, that REALLY sucks. Are you cool with the person who ****** up your credit? Is there anyway to recover some of your credit w/o filing charges? I mean, they kinda ****** you in the long run....

also, 20-30% interest??? Holy ****! Is that serious?

 

[heliumclinton]

Looks like you just like to argue since you ignored the part of my statement that says buy a car they can afford for cash.

I don't do back and forth internet arguments

I asked you question if you can't answer it stop crying.

 

[jjs07]

Looks like you just like to argue since you ignored the part of my statement that says buy a car they can afford for cash.

I don't do back and forth internet arguments

I asked you question if you can't answer it stop crying.

Helium...you asked a helium"esque" question, tho Patronizing/condescending/quasi devils advocate/etc.....people know your deal, bro

 

[heliumclinton]

My credit was effed up before I even turned 18 because someone* using my SS for utility bills, of course I'm not going to file fraud charges on that someone* I just took that L. I took out a bad a car loan for 6 months to get it in the 600s and refinanced

Not everybody credit is messed up from trying to get fly

Damn bro...assuming that "someone" is mom or dad, that REALLY sucks. Are you cool with the person who ****** up your credit? Is there anyway to recover some of your credit w/o filing charges? I mean, they kinda ****** you in the long run....

also, 20-30% interest??? Holy ****! Is that serious?

Yeah it was one of my parents and I was upset during the moment but I got through it. At the time I'm sure having gas and electricity was more important than my credit. It was like 5 bills in collection, some got knocked off just by me proving I was underage at the time. Others wanted me to file these fraud papers so I didn't do it. My credit is in the 700s now but I started in the 400s. That was like 10 years ago and it took me 2 years to just get to around 600

 

[heliumclinton]

Looks like you just like to argue since you ignored the part of my statement that says buy a car they can afford for cash.

I don't do back and forth internet arguments

I asked you question if you can't answer it stop crying.

Helium...you asked a helium"esque" question, tho Patronizing/condescending/quasi devils advocate/etc.....people know your deal, bro

Bruh it's annoying when someone comes asking for legit help and someone responds with something dumb, nobody wants to hear that. Dude didn't ask about bus routes he asked about financing with bad credit

 

[oidreez]

Looks like you just like to argue since you ignored the part of my statement that says buy a car they can afford for cash.

I don't do back and forth internet arguments

I asked you question if you can't answer it stop crying.

Helium...you asked a helium"esque" question, tho Patronizing/condescending/quasi devils advocate/etc.....people know your deal, bro

Bruh it's annoying when someone comes asking for legit help and someone responds with something dumb, nobody wants to hear that. Dude didn't ask about bus routes he asked about financing with bad credit

But he should be presented with alternatives. Where does he live? Does he truly need a $10k car with poor credit? Does he have the option to buy outright a used cheaper car?

 

[stillin729]

taking a 20-30% car loan is ridiculous tho; you can build your credit many other ways

start by using a credit card responsibly and buy off the FULL balances per month which requires self control

 

[bigboss]

taking a 20-30% car loan is ridiculous tho; you can build your credit many other ways

start by using a credit card responsibly and buy off the FULL balances per month which requires self control

Those rates aren't for people trying to build credit really. Those are for people who literally cant go anywhere else and don't have 2-3k up front to buy a CL car.

Do what you said with the CC and pay everything early/ on time and don't go over half the balance before paying it off also.