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Where is best place to get an auto loan with a low credit score ? Never signing up for a credit card and always buying my cars/ trucks cash. Is now coming back to bite me in the rear. I just started building my credit about a 5 months ago. And wanna get maybe a 8-14k car loan to help build it quicker. Thx.
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98sohc281 w/an 03 motor swap with hitech stage 2 cams,jlt intake,c and l upper, longtube headers,o/r x-pipe with No cats dumped ,4:10 gears and a 3k stall w/a lil spray -
It's going to be difficult with your only trade line being a 5 month revolving account. I couldn't qualify you based on what you've said. There are some lenders such as Lobel that specialize in first time buyers. Generally, expect state max - 17.99% if it's a vehicle within 5 years. If it's outside of 5 years, expect up to 24.99% APR. Some credit unions will dip into first time buyers, but usually if it's with a customer they have financial history with. Your best bet may be to set up an account with a credit union and apply for a loan in 6-12 months. With a substantial down payment that gets you around 70% LTV (loan to value) you can get the interest of many lenders and lower rates. It's all about reducing the risk. And with your only tradeline being a 5 month revolving account, you're extremely risky. Also keep in mind the older and higher mileage vehicle you choose, the riskier your loan will be. Getting a cheaper older vehicle may not always benefit you when it comes to financing."When the people find that they can vote themselves money, that will herald the end of the republic." -Benjamin Franklin
"A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury." -Alexander Fraser Tytler -
Well that's a bummer I was looking at some 06-07 tbss' s. But don't really wanna have to pay that high of an interest rate. That's for the info
98sohc281 w/an 03 motor swap with hitech stage 2 cams,jlt intake,c and l upper, longtube headers,o/r x-pipe with No cats dumped ,4:10 gears and a 3k stall w/a lil sprayComment
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Aren't you the kid that payed 5k+ for your 98?Comment
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lol, paymentsFull time ninja editor.Comment
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Why not ask your bank?Comment
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Nascoga credit union looks at your income. If you have a half decent taxable income, then your interest rates will be pretty good. 1% for a brand new car (the newer the car, the lower the interest rate from them). A 94 GT with 150k miles was 3.something% for one of my brothers.
I (as well as my brothers) have always used cash for cars, but I need to start building credit somehow. I may take a loan out against myself, and "buy" one of the car registered to my father's name.Originally posted by Buzzo
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Zomg car payments are da debil. If you can't pay cash you can't afford it. My life is so much better after I got rid of payments. Enjoy your debt lifestyle, plastic slaaaaaaaaaave.Originally posted by davbrucasComment
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Not surprised in the least you didn't realize he was joking...Originally posted by majorownage View PostComment
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No that was my nephew using my account and yes he paid me payments.Originally posted by racrguy View Post
98sohc281 w/an 03 motor swap with hitech stage 2 cams,jlt intake,c and l upper, longtube headers,o/r x-pipe with No cats dumped ,4:10 gears and a 3k stall w/a lil sprayComment
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Thx I will try and find some more info about them and check them out. I am a IUEC local 21.So I have a decent taxable income. Thx againOriginally posted by crapstang View Post
98sohc281 w/an 03 motor swap with hitech stage 2 cams,jlt intake,c and l upper, longtube headers,o/r x-pipe with No cats dumped ,4:10 gears and a 3k stall w/a lil sprayComment
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My bank teller told me they had shyt rates and I would be better off going with someone else.Originally posted by Sleeper View Post
98sohc281 w/an 03 motor swap with hitech stage 2 cams,jlt intake,c and l upper, longtube headers,o/r x-pipe with No cats dumped ,4:10 gears and a 3k stall w/a lil sprayComment
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