Marcus K asked:
I am trying to buy a car for around $18,900. I have a trade in worth about 11-12 thousand that i own free and clear.. I have around a 540 credit score. This will mean i need a loan 7-8 thousand. Should I expect to be able to get financing for this? with over 50 %down??? what kind of rates and terms can I expect. Also, I am on pace to make around 65k this year. I went through a forclosure almost two years ago and some bad credit cards from that time as well. that is the reason for my low credit score. let me know what i can expect to hear from the dealer or if you have any advice. thanks
Adrian
I am trying to buy a car for around $18,900. I have a trade in worth about 11-12 thousand that i own free and clear.. I have around a 540 credit score. This will mean i need a loan 7-8 thousand. Should I expect to be able to get financing for this? with over 50 %down??? what kind of rates and terms can I expect. Also, I am on pace to make around 65k this year. I went through a forclosure almost two years ago and some bad credit cards from that time as well. that is the reason for my low credit score. let me know what i can expect to hear from the dealer or if you have any advice. thanks
Adrian
Chester
That is a 50-50
Most banks will not loan anything right now with a score lower than 700.
You might find a bank, but the rate will be much higher. 10%-12% range.
Comment by Go Broncos — June 4, 2010 @ 11:36 pm
Cory
Get a cheaper car so you have more down, as a percentage. Buy a Nissan Versa and live with. It will save on gas and repairs.
Shop for loans at banks and then see what Nissan credit says too.
A foreclosure and bad credit cards is not a good thing and it might just be enough to sink the deal.
Comment by Obama's Aliens From Mars — June 6, 2010 @ 2:47 am
Wesley
Although 540 is a very low score — most lenders want about 700 — you might have a chance with your good trade vehicle. Every lender is different so you won’t know for sure until you try. Here’s an article that has some tips and advice:
.
Comment by overeasy — June 9, 2010 @ 9:15 am