J asked:
I have been watching a lot of CNBC and you see all over the news about the current economic crisis. It looks like we are in a credit crunch, and I have heard its affecting getting any kind of credit.
I have been watching a lot of CNBC and you see all over the news about the current economic crisis. It looks like we are in a credit crunch, and I have heard its affecting getting any kind of credit.
I want to purchase a used car. My credit score is far from great! It is right around 590. I was prepared to pay a high interest rate prior to the economic crisis, but now I am concerned I wont even be able to get a car.
I was looking at purchasing something for around 12-15k and putting 10-20% down. What are my options? What can I expect? Any links the news articles or real world examples appreciated, and any relevant references or resources in concern to CURRENT loan practices.
I knew what to expect two months ago, but I want to know what to expect TODAY! And references or real world experience backing up your statements.
Keep the smart ass comments to yourselves! Thanks! =)
Joel
Harvey
are you working? check with your employer’s HR, sometimes you got free membership to a credit union which is best known for their competitive interest rate. If not, try e-loan or any-credit loan, link here then compare between them to get the lowest one to go to the dealer where you’re buying your used car and see if they can compete with that. Advise to you, do get a reliable used car with best resale value like Honda civic, Toyota camry, Honda accord…good luck!
Comment by vitiger — April 5, 2010 @ 5:07 pm
Jessica
Buy a $3000 car for cash. Don’t finance something that goes down in value.
Comment by Bart M — April 6, 2010 @ 2:09 pm
Angela
J, Get a free online auto loan quote. The form will give you results based on your credit and financial situation. It’s free and you can get an answer in minutes.
Comment by Tilman X — April 6, 2010 @ 6:17 pm