auto loan rates

chrls_bann88 asked:


My score is 480 yes oucH I fucked up in college and well it has actually gone up since I’ve been paying shit off etC and I got an auto loan for 18000 for a car worth 13000 maybe I’m dumb but it costs that much because my interest rate is out of this worlD. So it turns out the car is not even worth 13000 more like 10K and now I’m stuck with it. Ill probably keep it for 7 – 9 months to build up mycredit, do u think ill be able to refinance after that time, what do I do if I want to trade the car in and get a better one. I feel trapped because my credit is so bad

Roy

K.C. asked:


I have an auto loan at 16% (I know a little high but when I got it my credit wasn’t as good as it is now) and I have a credit card that has an intro balance transfer rate (which includes just them writing a check to someone) for 6 months and after that ana interest rate of 12% which is still lower than my car rate — I don’t have enough available credit on the card to pay it off but was going to pay about $2000 in a principal payment I still owe in the high $13K on my auto loan…..Ieaving about $11K on my auto loan….I pay my credit card bill on time and pay between $300-$500 a month on the card so I pay well over the min payment amount….Is this a good idea — I’m just trying to get my principal down cause it’s not going down by much with the interest rate being 16% —- also a refi is not an option as I owe more than the car is worth
Thank You I will not use my credit card to do this — I’ll just try and make more the the monthly payment to my card
To my car, lol

Joanne

Show Breeders Sell Better Pups asked:


I am 17 and I am looking to get my own car in a few months time, after I have some paychecks from work saved up. I make about $400 a week and I want to have a good chunk to put down on a car that is probably going to cost me between $9,000 and $13,000 (thats my price range, anyway)

my mom says that without credit, I’m either going to have an interest rate that’s ridiculously high, or they will refuse to do one without a co-signer all together.

Would it be wisest to have my parents apply for the auto loan themselves? (my mom has excellent credit), and then pay my parents the monthly payment?
Thanks in advance!

Chad

Cupcake asked:


I just pulled my yearly credit report and my score is 648. A year ago I think it was 540, so it’s jumped up quite a bit. I’m considering getting a newer used car (Mini Cooper or VW Bug) next spring once I have enough saved up for a small down payment.

I’m curious as to what kind of an interest rate I might be looking at and how much of a loan I could receive. Granted I’d rather get a new car, but getting a loan on a $19,000 car with mediocre credit probably isn’t the smartest bet. This will be my first car and I want something that’ll last me for a bit.

Carlos

Derrick W asked:


I want to buy a newer car next year, but my credit is not the best. I”m currently rebuilding my credit, and my credit score should be between 620-650 when it’s time for me to buy a car. I’m current on the auto loan i have now and i have been on time for a year. However i was late numerous times before then, due to a job loss. I also have a credit card through the same company thats financing my car and i have never been late with the credit card payments. Matter of fact i have a balance of zero on my credit card. I’m also a member of a credit union, i get my work checks directly deposited into my credit union account. My car will be paid off in 8/2008, but i plan on paying it off earlier when i get my income tax check in 01/2008. I like the current auto finance company i’m with now, because they gave me a fair rate, eventhough my credit was’nt the best. Should i try to get my next auto loan threw them, or should i try to get it threw my credit union?

Fred

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

Carrie Reeder asked:




There are many ways to find the lowest car rate online. Today, many
lenders offer car loans for all credit types. Because of this, many smart
buyers are shopping around for the lowest rate before accepting an auto
loan offer. Having good credit makes it a little easier to secure low
rate financing. On the other hand, if you have a low credit score, it
may take a bit more effort on your part to find the cheapest rate.

What Contributes to a Low Rate Auto Loan?

Aside from comparing quotes from various lenders, other factors make
obtaining a low rate possible. For starters, individuals with a strong
credit history are more likely to receive offers with low rates. Never
underestimate the importance of establishing and maintaining a good
payment history with creditors. By following a few simple rules, you can
easily boost your three digit credit score.

If you are determined to get a low rate auto loan, make sure that all
creditors receive payments on time. Skipped or missed payments will
decrease your credit score by a few points. If this becomes a habitual
problem, your credit score will suffer.

Moreover, avoid applying for many lines of credits within a short
period of time. Credit inquiries are equally damaging. Lastly, reduce debts.
Having too much debt can actually decrease your credit score.
Additionally, it counts against your debt-to-income ratio, which may make it
difficult to qualify for a more expensive vehicle.

Use an Online Auto Loan Broker

To find the cheapest auto loan rate, you must be willing to search for
them. Several lenders advertise low rate auto loans. These loans are
generally reserved for individuals with superb credit ratings. However,
it is possible to get a good rate with perfect, fair, even bad credit.

Auto loan brokers provide a valuable service. If you are having trouble
finding a good lender, think about using a broker. Brokers have
dealings with many lenders and are familiar with various loans. Additionally,
brokers provide a unique service by matching you with up to four
different lenders. This is great for comparing and contrasting different
offers.

Frederick

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

Derrick

Jason Lanier asked:


You’re thinking about getting an auto loan but you’ve got “slow credit”? Have you thought about applying for an auto loan but are concerned that you won’t get approved and that if you do, you’re going to end up with high auto loan interest rates?

The solution is on the internet with online auto loans…

There are many different companies that can help you, however not all are created equal. Just like every other kind of business, there are good and there are “not so good”. You’ll find that there ARE reputable lenders online that can help you, but finding them may be a bit of a challenge if you’re not familiar with financial services. (Recommended Site)

One of the best things that you can do is to not accept the first offer that you are given, especially if it’s at a car dealership. Make sure that you’re getting the best deal for you, and not necessarily for the dealers commission check. There’s good options for you if you just take a little time an check them out.

Make certain that any lender that you deal with online is legitimate and reputable. Some are in great standing with the Better Business Bureau, which is always a good sign. Others just come and go and aren’t even around for very long at all. Using a respectable, legitimate source to get a real auto loan quote is the only way to go if you want a real loan that will be affordable and allow you to drive something that you’ll be proud to own.

The best auto loan rates for people with bad credit can be found with some good companies. Remember to always avoid predatory lending practices and make sure that you read the fine print in any auto loan contract!



Connie

Tiffany S asked:


I am 26 yrs old. I am getting ready to relocate to a suburb of Chicago around October and I would like to buy my own condo instead of just renting. I recognize that in order to do that I need to apply for a loan. I classify my credit as BAD but I have no credit card debt, no auto loans and no other loans. I am looking to apply for an FHA 30 yr fixed rate loan for 100,000 while putting 3% down but I don’t know how likely I am to be approved. Is there anything I can do or anyone who specializes in dealing with these kinds of loans that can guide me?

Micheal