Auto Financing
Auto Financing questions and answers
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Q: Auto Financing?
I am looking locally (Kankakee County, Il) for a dealer that has guaranteed auto financing. I have alot of outstanding medical debt but need a car. Only need to finance up to $2500. Any help out there?
A: many dealers in your area will advertise themselves as "buy here-pay here". Those dealers self finance. Those are the ones you are looking for. Since you say you onl need to finance up to $2500, what is that based on? The price of the vehicle will have a lot of ideas of where you will need to shop. Most used car dealers only carry certain prices or certain years / makes / models.
Many used car dealers today will be able to do what you are looking for.
Q: What are the auto financing options we have with our bad credit?
My wife and I are expecting a child soon (that's the good news) and we need to get a vehicle with more than two doors! Due to a job loss and the following reduction in income our credit is seriously banged up (that's the bad news) Fortunately, we are back on our feet again but the past credit issues continue to haunt us.
I have done some research, but everything that I have come across seems pretty shady Are there any legitimte auto financing options available for us?
A: You might consider getting a cheaper used car until you credit score rebounds.
But if you need a new car I would suggest going to Saturn. They offer a sub-vented rate for customers on "new cars" for customers with some credit issues. The have a 9.9 APR for sub prime customers and their vehicles are more affordable and have 5 star safety ratings. (You have kids to worry about) Good luck
Q: How can I get real Auto Financing?
I need to get a car, I don't have any credit, but I have like 3 jobs. any one know of any good auto financing places online?
A: Capital One is good. I was in the same situation a few years ago and they approved me online and with a good interest rate.
Here's a link to apply http://www.capitalone.com/autoloans/?PFFSRCID=ADGT10SRCKEYCOAFTL0004010
Q: Anyone know of online Auto Financing sites?
I have a small dealership, 10-12 cars. I do not want to deal with the hassle of going through in-house financing. I know there are many sites that advertise auto loans, but the majority of them just refer people to a dealer who buys the leads. What I need are sources to refer my customers to obtain their own financing. Most of them have marginal to bad credit. What would be ideal is a site where I can sit the customer down, have them put in their information, and get a decision quickly, and a check sent to either me or the customer. Does anyone know of any sub-prime lenders who give online approvals?
A: careful scammers love this...
Q: What's the best way to get auto financing with minimal credit history?
My FICO score about 4 months ago was about 650, I've since cleared up some bad marks, so I'm guessing it's a little higher now but I haven't checked to be sure.
I'm a recent college graduate just about to start a full time job, and I really need a new car. Are there any reliable online lenders I should look to? Or should I stick with dealer financing? I already tried Capital One and they denied my application based on lack of credit history and one bad mark I have on my credit history.
A: Many car companies like Honda & Toyota offer incentives for recent college grads, perhaps their in house financing (American Honda, Toyota Financial Svcs) also offer discounted finance rates. As far as being a first time buyer, many banks such as Cap One are going to need you to find a cosigner. Go to the dealer and if you have a 650 FICO (you must have SOME credit or else you wouldn't have a score) you should fit into a first time buyer program offered by one of the many finance companies they work with as long as it isn't a little Mom & Pop dealership.
Q: I need to find auto financing that works with people?
I need a company that will look at my credit score and still say yes and company that won't need me to increase my down payment but if I'm lucky a company that will look at my credit score and finance me with no down payment.
Anyone know a real and good auto finance company?
A: Try Capital-One, H.S.B.C. and Wells Fargo. They are my largest lenders and you can apply on line.
Q: How to get auto financing?
I will be starting my residency in July this year. I would like to purchase a second hand car (4000-5000 bucks) before that. I know that the monthly residency stipend is close to 3200 bucks. Can auto financing be an option for me? I have limited credit history and was wondering what all options would be available to me. I would like to have the smallest downpayment possible. Any insights?
A: Is this a need or a want? Is there something wrong with your current car that can't be fixed?
If you absolutely need a car in July, start saving for it now. Then when the time comes, go buy a car in cash and don't fool with a car loan. It will be one less thing to worry about.
We just went car shopping for my mother in law in that price range, and the dealerships don't tend to keep cars of that level on their lots, and they don't want to finance those. The lots that do keep that level of car, will charge a much higher interest rate on a loan.
Q: Are there any hidden charges with zero percent auto financing?
We are in the market for a new car, and would like to wait until at least September or October, when the dealers will be trying to clear their showrooms/lots of 2008 models. We'd like to take advantage of any zero percent financing offers available, so I'd like to hear from someone who has experience with these offers. Thank you so much!!
A: I bought a 2006 Chevy Cobalt over the 4th of July weekend in 2006. I took advantage of the 0% financing for 72 mos.
It was straightforward and there were no surprises or hidden fees. My monthly payment was the price of the car, divided
by 72 mos. Just because you are getting
0% financing, don't think you have to pay MSRP. They will
try to pull this crap on you, but it's crap. Do you have a system for figuring out how much to pay for a car? You really need to have your ducks in order. I recently got a deal accepted for a GMC Sierra which I ulitimately
changed my mind on. But it was also a 0% financing deal
for 72 mos, and they agreed to sell it to me for invoice
(invoice is what the dealer pays for the car, as you probably know) in addition to the 72 mos 0%. I don't know why you would wait til Sept or Oct, there might not be 0% financing during that period. 0% financing seems to be a summer promotion,
mostly. Plus you won't have the availability in the fall that
you have right now. (smaller selection, that is).
Q: I am trying to get auto financing on a used car to replace one with maintenance issues. My husband and I are?
in credit counseling and are in a debt management program. We are making payments on time with no problems and have a reference letter from the counseling agency to present to financing departments. We have been turned down for financing by our credit union because of the DMP. Will a dealer be more likely to look at a DMP as a positive? Will we be able to get financed at a dealer w/o the "buy here pay here" ?
A: If you have to pay high interest and can afford the payments, make sure you get a fixed rate open end which means you can pay down the loan without being penalized. If you both work, perhaps you can increase your federal tax to 5% each so you'll always get a refund each year.
Q: What are my chances for being approved for auto financing?
I have been wanting to purchase a vehicle for sometime now. I paid all cash for my first car but for the car of my dreams, i'm going to need to finance. Now i'm not trying to buy an 07 Vette or something, were talking a '67 Mustang Coupe ($7000). If I tried saving up for it, it'd take me all year (don't plan on leaving my current job for awhile) and by then the car *might* be gone. This is not at a dealership. It's a used car lot where the owners sell the cars to prospective buyers through car sales people. So the owners sit back and relax at home till someones interested. I started my first credit card back in August of '05. Since then i've mostly paid my card on time (had two hiccups last year) and I usually pay more than the minimum. My only collatteral is my '86 Chevy Celebrity if that matters. I have a bank account and can easily save $1000 by the end of the next month (taxes). So what do you think my chances are of being approved? Should I pay off my credit card first?
A: If you are financing your next automobile, getting a good deal is probably a top priority. Each year, millions of car buyers obtain bad auto loans. These include upside down loans, loans with extremely high rates, and so forth. Before getting an auto loan, make sure you understand the terms of the loan. Here are a few techniques to help you get the best loan.
Boost Your Credit Rating before Applying for New Auto Loan
Your credit rating will determine the type of auto loan you are offered. If you have bad credit, lenders generally offer a loan package with an interest rate a few points higher than the current average. Dealership financing is the worse in regards to interest rate hikes.
To qualify for a low rate auto loan, improve your personal credit score. Before applying for an auto loan, check your credit. Inaccuracies and negative remarks greatly affect your rate. If errors are present, work to have them corrected. Moreover, do not skip payments to creditors and pay creditors on time. Read more about it at: http://www.credit-card-gallery.com/article/67,Low_Interest_Auto_Loans_How_to_Get_the_Best_Car_Loan_Deal
Q: Where can I find auto financing in Chicago for people with HORRIBLE credit?
I need to buy a car immediately for a new job and I have horrible credit. Does anyone know where I can go. I have $1000 to put down been renting my home for 2 years and at my job for 2 1/2 years. I'm looking for a cheap used car or a cheap new one.
A: Sounds like Buy Here Pay Here would be your best bet, you can usually find those dealers in the paper or the yellow pages, but be forewarned, your are going to pay at least %18 interest and probably more like %21. Don't do it unless you can afford to make double payments on the car or if you plan on getting your credit back in decent shape within a year or so. Once you establish a decent credit history you can refinance and get a more realistic rate, something like %8.
Q: Where can I get auto financing in Chicago while in a chapter 13 bankruptcy?
I was told by attorney to go out and get a new car loan deal for approval by the trustee, problem is many companies won't do a loan deal in an open bankruptcy. I would appreciate any leads.
A: You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html
Q: Does anyone know of an auto financing comp that lets you choose what dealership you want to use their loan at?
Not interested in banks. All the banks that I've checked out usually want you to have a higher credit score than the financing companies.
A: Well, if you know what kind of car youre going to be looking at, the best way to go is usually to go through the manufacturer's financing. Example, if youre going to buy a Dodge, go through Chrysler financing. If youre going to buy a Ford, go through Ford financing, Mazda, go through Mazda American Credit... yahoo search these or the brand of car you want... and it should say who their company finance goes through.
Q: Can people with bad credit "buy" better auto financing rates?
Suppose someone's credit was ruined from a bankruptcy...if they could get auto financing at all, then the interest rate would be terrible I'm sure. But what if they had a large sum of money to put down on the vehicle? If you buy a new $20,000 automobile, and put $10,000 down, would you be justified to demand the same low interest rates offered to people who have excellent credit but put virtually no money down?
A: You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html