Payday Loan Fairy

Does anyone know where I can go to get a car loan or find a dealership that will work with bad credit in Arkansas?

Whatever you do, don't listen to the advice above about payday loans!! They will not loan you enough money for a car, and their interest rates are horrendous!

You'll want to check these guys out.....

http://www.123thebest.info/go.php?link=auto

Good luck

2008-08-22 21:34:13 by Caroline B

How to get a bad credit auto loan in the USA and Canada. Car loans for bad credit from Auto Credit Express

My fiance just bought a 03 vibe. His credit is bad after his divorce a couple years ago. We just found out that the bank charged us $4500 extra on a 13,000 loan (we put $2000 down) for his bad credit! We weren't told this by the dealer when we bought the car. Have you heard of a bank charging an outrageous fee like this, and are they even allowed? I live in Pennsylvania.

Yes, it's becoming more common. It's called predatory lending and states are just now starting to look into it and pass laws. My guess is for the time being, they can charge whatever you're willing to pay. Contact your state's attorney general's office for more info on what lenders can/can't do.

2006-09-29 09:11:59 by zoe and skylar's mommy

I have a low credit rating and I have no car. For obvious reasons this can put a damper in life in general. What is the easiest and legal way to get a car with bad credit?

lots of money down, and co-signer will help you. banks look at risk factors on car loans. value of car to loan value. Debt to income. income itself. etc This is why the more money you put down the lower the risk for the bank. the better the rate. Co-signer will help, but his or hers income will not help you as much. Unless it is a parent or spouse. The easiest way to get a car is to call a dealership and get yourself approved.
Don't get $$$ in your eyes and think you can purchase high dollar vehicles. your payment typically will need to be around 16% of your monthly income. and a good rule of thumb is that for every $1000 you finance you'll have $20-30 of payments

Dc you are wrong New can be a great choice. Larger rebates equal free money. And if you use a Costco program you are guaranteed of a fair price on your new car purchase. If you do not have a costco card. its $35 well spend. (costco is west coast store) Or otherwise have fun and negotiate your way down.

2005-12-12 00:33:25 by soonerbred981

I transport people to and from Bible study and I need a car but first I need a car loan. My credit score is kind of low though. I also need to get to and from work. Any suggestions?

It is merchandise for something that is secured by an auto, so even w/bad credit someone will finance you. You will pay high finance though, it will be a sub prime loan. Sub prime loans, are made, especially if you buy a pretty good car, still, unlike in the real estate market, because of the high interest rates.

Good way to boost your credit score also, make sure no late payments, but you will be paing some high interest rates, it won't be cheap.

Maybe on those old bad scores, rememer by law they are to come off in seven years, so with a good car loan, and your monitoring your credit bureau report making sure that if it is past 7 years it comes off your credit bureau report, and maybe make a settlement if you can, you'd be surprised at how you can restore your credit score in short period of time, as long as no bnkrptcy, law suits, or debt settlement programs.

2008-03-31 12:42:02 by Charisa F

I just want to get a general idea from people who have or who have known someone else who have gotten a car loan on bad credit and how high the interest rate is.

Let's say the applicant has a well-paying job but only for the past few months (say, 90k/yr). Looking at a new car 20-30k, on a 5 year payments plan. Down payment is 10%-20%.

What interest rates would you expect for mid-500's credit score?

For 500?

For high 400's?

Even lower? (is that possible?)
So car loan companies look at a lot more than just the credit score, right?

As in, a 550 credit score (due to no credit history) is much better than a 550 score that's due to collections and late payments.

Thats a decent down payment. It really depends not just on yuor credit score, but reasons why your credit is bad. Car financers will look closely at things like bankruptcy or collections If those things are on your credit you will be paying heavily. Upwards of 15-20%.

Now if your score is low just due to things like too much debt or lack of credit history, then you will be ok assuiming that your income is good.. maybe 8-12%.

2007-02-07 05:59:23 by lei514

How can you get a car loan with bad credit?

More details would get you a better answer. In general many franshised dealers will have a person (Special or Secondary Finance MGR) that will have a selection of lenders that deal with problem credit.

When you go to the dealership insist on talking to that person, don't waste time with a salesperson before you get to talk with the Finance Mgr. They will usually have the experience to look at your credit and application and tell you your chances of getting approved and the best way to present your situation to the lender. USE THEIR EXPERIENCE to your advantage. Listen to them when they tell you a price range or payment you will need to be able to get financing offered.

Expect to need a down payment of 10-25% and / or a Co-signer depending on the type of bad credit and the amount of good credit you have. Also expect a high interest rate 15-26%. Usually the more you put down the lower the interest rate. This is because your large down payment will help insure the bank will get all their money back if something happens and you don't finish your payment obligation.

Most online offers of auto credit will sell your information to these dealers when you fill out the online application. I know I have worked for dealerships that buy hundreds every month. So cut out the middle man and control where your personal information goes. Don't fill out an application on line unless you are convinced it goes DIRECTLY to the dealer or lender of your choice.

Make sure any loans you accept will be reported to the credit report. You don't want to make payments on a car and not get credit for it.

Most buy here,pay here lots don't report to the credit reports. like an outside lender at a franshised dealer will.

2008-07-11 22:36:56 by margin1718