csbuyersguide: Car loan help! Not So Good Credit Q & A

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Friday, October 31, 2008

Car loan help! Not So Good Credit Q & A

HI,

I have a few questions concerning car loans. I currently want to purchase a car and I’ll need around a $20,000 loan. My credit isn't the greatest, I’m currently in the process in repairing it and it should improve a lot in the next few months, but I kind of want to purchase a car sooner than that. I went to a dealership and priced out a car, and they offered me a loan at 13.5% which is a lot higher than I wanted I was looking for around 6%. I've read that car dealership loans are usually higher. My questions are with my score (they listed it as 665) will I be able to get around 6% from outside the dealership or should I wait the few months to bring my score up. Also how easy would it be to refinance down the road maybe 6-12 months later if I took a high percentage loan then repaired my credit?

Thanks



Re: Car loan help!

I’m not a finance guru, but I would say (and this is probably not what you want to hear) wait.. continue to rebuild your credit .. better the credit better the loan percentage rate. You can also shop loans the way you shop for a car. If you have a buyers order made up from the dealership you can take that to your own bank that you normally deal with they can approve you as well and give you a letter of credit to buy the car. My suggestion still goes back to .. wait. Join a Credit Union they will have the best rates. But it takes time to rebuild credit through your fico scores and time with the Credit Union will help too. Hope that helps you make your decision.. Never let emotion get in the way of buying a car. Also .. I have not heard of much good coming out of refinancing cars after the fact .. it will just reset you back to 0 on your equity and in the long run could hurt you because the value of the car drops exponentially once you drive it off the lot. If your credit will not be that good in the near future you could try this program click the link's below they may be able to help.


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