Can I still get purchase a car from a dealership with bad credit?
Want to get a used car that costs 8,000 at the Honda dealership, but my credit score is like 425 (lol yeah i know haha)
But I have a really good job and have for the last year even been paying rent for 7 months and I'm down to put a 5,000 down payment on it. Even though my credit score is bad do you think i'll get approved?
First, great job at saving up 5000, but before you consider spending it on a downpayment on a car, do you also have another 6-12 months of living expenses saved up? Your credit is already bad, but think about spending that 5K, getting a loan and losing your job, you will lose your car and the 5K. You might get a loan of 3k with such a down payment, but consider getting that emergency fund save up and buying a car that is 5000 with 3500 down, saving 1500 for the payments, it would help your credit rating and you would not be putting yourself in a tough financial position
With that much down some lender would probably pick up the note, but at a very high interest rate
And you laugh when you say your credit score, why is that funny to you. You should be embarrassed about it.
Nope
No change - loo for a place that advertises Buy Here-Pay Here and PUT a huge down pmt on a lower priced car and make every payment on time - or just buy a $5000 car with cash
http://www.badcreditcash.net
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