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I want a NEW CAR but have BAD credit>>>>

I have horrible credit. The vehicle I want is 17500. Will the dealership/bank/credit union work with me if i pay about 11000 in cash for the vehicle? This way I will own more that half of the vehicle upfront. Does anyone have experience with this? I really want a newer more reliable vehicle, but my credit has been ruined from late electric bills from a few yrs ago (due to job loss) So im just wondering if theyll let me finance with bad credit if i payfor more than half the vehicle in cash. It's ok if they won't, just wondering if anyone else has gone thru it. PLEASE only KIND and honest answers. Thankyou!

Answer Question
 
AdrianzMommie

Asked by AdrianzMommie at 3:11 PM on Apr. 11, 2011 in Shopping

Level 11 (618 Credits)
Answers (3)
  • Possibly but be prepared to pay a huge interest rate, maybe as high as 27%. Good Luck
    meooma

    Answer by meooma at 3:42 PM on Apr. 11, 2011

  • Dh and I are in this position. Get your credit score. Look into financing with other companies besides the company the dealership will use. Get all your info together, interest rates, etc...

    Once you have all this go to the dealership. DO NOT TELL THEM YOU HAVE FINANCING. Talk to them about the price of the car. Don't take any of the extras that they try to give you. When they sit you down to talk about paperwork ask them about financing. They'll want to run your credit score. Give them a copy of the credit score information you obtained on your own. They'll talk to their bank about financing you. When they come to you with some ridiculously high amount of interest ....lucky you, you have your own financing. Show them that and get the show on the road.

    Good luck.
    Anonymous

    Answer by Anonymous at 3:44 PM on Apr. 11, 2011

  • thankyou!
    AdrianzMommie

    Comment by AdrianzMommie (original poster) at 3:44 PM on Apr. 11, 2011

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