Poor Credit Auto Loan

[preslove]

Originally posted by: BigJ

Originally posted by: preslove

Originally posted by: daveymark
ATOT is the wrong place to ask for this advice, we all have 800 credit scores, we own 3 mansions each, and pay for our cars with cash. It's only natural that we look down our noses at you

What about the private jets? You don't have one????

Loser.

Personally, I fly on the backs of griffins. Instead of driving a car, I ride unicorns.

I keep the unicorns in my private zoo. Griffins are for pansies. I take my dragons out every once in a while, but I'm discreet about it, considering 9/11 security and everything.

 

[DrPizza]

Be prepared to be raped on the interest rate...
It's important to re-establish your credit. It's a shame that others are so quick to flame you... little do so many people realize that they're just one accident, one major incident away from being forced into filing for bankrupcy themselves... it's a shame they have the high and mighty attitude.

However, you can probably expect at least 20% interest on a car loan. Personally, I'd get a car loan, but try to get one for a smaller amount. Then again, that will be difficult because it's more difficult to get financing as you get to older cars (and cheaper.) Most creditors view car loans as a secured loan... miss a payment or two in a row, and kiss the car good-bye.

Then again, maybe with >50% downpayment on the car, you may be able to find a loan with a little more reasonable rates. It wouldn't hurt to try. (But, when you try, do it in person; explain your situation, the amount of your down payment, and inquire about the interest rate first before they run your credit... I'm not an expert, but IIRC, it hurts your credit rating to have your credit run when you apply for a loan and then you don't get the loan.)

Good luck.

 

[Rubycon]

Originally posted by: DrPizza
Be prepared to be raped on the interest rate...
It's important to re-establish your credit. It's a shame that others are so quick to flame you... little do so many people realize that they're just one accident, one major incident away from being forced into filing for bankrupcy themselves... it's a shame they have the high and mighty attitude.

However, you can probably expect at least 20% interest on a car loan. Personally, I'd get a car loan, but try to get one for a smaller amount. Then again, that will be difficult because it's more difficult to get financing as you get to older cars (and cheaper.) Most creditors view car loans as a secured loan... miss a payment or two in a row, and kiss the car good-bye.

Then again, maybe with >50% downpayment on the car, you may be able to find a loan with a little more reasonable rates. It wouldn't hurt to try. (But, when you try, do it in person; explain your situation, the amount of your down payment, and inquire about the interest rate first before they run your credit... I'm not an expert, but IIRC, it hurts your credit rating to have your credit run when you apply for a loan and then you don't get the loan.)

Good luck.

:thumbsup:

Why doesn't this person have "Elite Member" under their title?

Good job.

 

[joburnet]

Originally posted by: KMurphy
Go to http://creditboards.com/forums/index.ph...a0ffbb6e8abca8101b97be3c4&showforum=17 for a lot of good reading regarding credit.

Also, thanks to compuwiz1 for being such a stand up person. I remember a few years back I posted a request to donate old computer parts for a college mate of mine that was dirt poor. I imagine that computer is still running today. Some people thought it was a scam, but there were a few stand up members of this board the sent me the parts to build a tool for someone that was struggling to make it. Thanks again for all your good advice and help.

I think that's what I needed, thanks.

 

[Cdubneeddeal]

Originally posted by: MX2times
You know, after my sister filed bankruptcy and it was discharged it seemed like more creditors were willing to give her a chance than when she had zero credit established.

Because they probably want her to screw up again. They'll always get their money somehow including interest.