What is the best bad credit/no credit auto loan?
I’m 20 and a college student. My last car died on me and it’s not worth fixing so I’m in search of a used but newer, more reliable car. I do not make enough money to have a lump sum to just hand over to a private seller, but can make payments to a dealership and have a down payment no problem. I don’t have much credit though…what is the best bad credit/no credit auto loan site out there? I’m in IL. (Chicago). Suggestions?
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Not aware of any “sites”. Most people that seek sub-prime car loans do so from dealerships.
You can go to a buy here pay here dealer or a dealer that uses an outside finance company to finance you.
Regardless, you will need a substantial down payment, you will pay lots more than the car is worth and you will be charged a high interest rate.
No credit is better than bad credit but in either instance, you are not likely to get anything close to a good deal because you have to subsidize all the deadbeats out there who don’t pay.
That’s reality.
I would strongly encourage you to save up your money and pay cash or 80% down or something. In a situation like that, a bank or credit union would probably finance the rest at a decent rate since you put so much down.
I am a millionaire and drive a $1600 car.
So you don’t need a $10,000 car !
If you are unfortunate enough to have a bad credit rating then you will probably know how hard it is to get any kind of credit. Lenders will turn you down for as long as you are seen as too big a risk even if the credit problem was long in the past and you are back on your feet again. When it comes to loans for those with a bad history of credit then they are available and your best option is to look for the best deal for bad credit loans online.
http://www.quickloans.we.bs/
It is important to compare auto loan rates carefully when looking at fixed auto loans, because there can be fine print relating to the loans that can change the price.Another type of car loan is a variable rate loan.
freecreditreport.hotusa.org - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.