 | Auto loan with bad credit, high down paymentt and good salary??? |
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Question: Auto loan with bad credit, high down paymentt and good salary??Currently I've come into a stuck situation where I'm having some difficulty obtaining a car loan. I have bad credit due to several past layoffs, and I'm now working on recovering from that. I'm wanting to purchase a used truck for about $13,000 and I already have about $7000 saved for a down payment. I make a good steady salary now ($70k/yr) and I could probably get the difference paid off in a matter of months. However, I can't get banks or credit unions to finance me (they all but laughed at me when I applied) and I'd really rather not go with one of those rinky-dink operations that require a 60 month loan at 25% on their car lots only.I don't mind paying the higher interest rate as I'm expecting this, and the vehicle I'm looking at is from a private person and not a dealership, so I have to obtain financing myself. Does anyone have any ideas to finance something for a shorter term, maybe 12-24 months for $4000-6000? Any ideas?? Serious answers only please.
Answer: -Skip the banks. Try finance companies IF you must. I am very surprised you haven't considered financing it right through the company who would sell you the vehicle.Where I am, there are so many companies just crying to finance anyone regardless of the credit history. It's got to be similar where you are. ESPECIALLY with a downpayment that is more than 50% of the purchase price.So try that approach. I'm convinced they'd be more than glad to see you walk into their lot. -Honestly if you have bad credit, the only credit you will recieve will be with outrageous interest rates. I suggest holding off if possible and buying the car when u have the full amount to pay.
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