Large Down Payment on Car with Bad Credit?
Hola friends, i'm a first time car buyer through a dealership with a credit score below 600. I'm looking at a used 2010 Honda Accord Coupe worth 12,000$ or less. If i put a 50% down payment (6,000$) will i still need a cosigner or will that be enough for them to give me the loan?
Before signing, ask them how much it will cost by the time you have paid it off and get them to put it into writing.
Have you seen the ads the car dealers run where they say "bad credit, no credit, no problem" They would be glade to have you. The interest rate will still be set by your credit score so it will be high don't take the first offer. With that kind of down payment you should be able to do better. Those same words no credit bad credit no problem were used right before the banks collapsed a few years back, it is starting again in the showrooms everywhere so pay attention.
REALITY CHECK: The DEALER doesn't loan HIS money to buy cars. You have to get a loan from a bank or finance company, and THEY work on different rules. Your credit rating is an indicator of the risk the bank is taking to loan you money. The lower the credit score, the HIGHER the risk, and the more they will charge for interest on the loan. You MIGHT get a better deal on financing if you arrange your own financing through your bank or credit union instead of going through the dealer.
A word of advice, don't go to the dealer stating you have 6k down. See what can happen with no money down and work up for there. Also, 6k down on a 12k car won't be 50% down after apr % and all other fees, well you see.
$6000 down will get you a car virtually anywhere.
The TERMS are what's killer.
Subprime lenders pay 55-90% of a contracts value.
That means you will be overcharged just about as much as the dealer/salesman dares to ask you for.
As in, a $6000 car for $12,000 with $6000 down.
Skip the middleman. Pay cash.
$6000 is more than plenty.
The last time I bought a car, 9+ years ago, it cost me $2125. I'm still driving it.
Credit has nothing to do with. I have plenty of cash & credit.
Its just my cheap old car serves me well.
There's no such thing as a good subprime loan. They are all really bad.
These guys at least attempt to get you a car that will last the note.
https://www.car-mart.com/
But with $6000, I wouldn't go near one.
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