Financing a Used car?
Okay..i've decided i've wanted to finance a used car. After being denied about a dozen times for an auto loan through banks, it looks like i'm going to have to finance through a dealership. I really don't know If i'll even be approved for financing. I'm young (20) and have limited credit history; thats why banks have denied me. Can i be financed, and is 500 dollars enough for a down payment? I'm looking to get a car around $8,000. What should i do? Okay now what about a new car?
Public Comments
- You may not be able to get financed through a dealership, and if you do you are going to be paying a very high interest rate, about 20% depending on the year of the car. The older the car is the higher the interest rate is, some banks may not even approve you on an older vehicle, because with the interest rate you are going to be paying too much for the vehicle and consumer laws protect this from happening.
- You really won't find a new car for $8,000. You are better off going to a dealership and going for a used car. There are gauranteed credit approval programs that some dealerships have. They ARE high interest rates, but there is a good chance you can get one for less than a 20% rate. But you can try to get approved without using one of these programs. If you are just young and don't have a lot of credit, you stand a better shot than if you have bad credit. Where are you located? It's easier in some areas than others. Good Luck.
