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| *Ostroff, Fair and Company>>>Personal Finance |
Will I be able to finance.......? |
I am looking to buy a 2007 Chevrolet Monte Carlo SS ($22,852.00). I have a couple questions... I pulled my credit and have positive accounts with over 1 yr 8 mnths of payment history all have been paid 100% on time except for 1 account which went 90 days late about 3-4 months ago. I have 3 that are in collections 1 will be off sometime this month, 1 in Sept. and the last in 2011 (which I'll be paying off) all of them are under $250.00 each. I also have 1 judgement which will be off my record in Sept. 07. I currently have 8 positives on my credit report, 4 are unfortunatly have high balances at the moment. I have FICO scores of: 573 Experian 546 Equifax 583 TranUnion 567-568 average Will I get dealer financing and if so what would my APR be (roughly)?? Answers from people who work for a dealer on financing are prefered..... Thanks in advanced You will get dealer financing. I would expect to have to put at least 3k down though. Bad credit won't keep you from getting any car at any price. It makes a difference in the amount you have to put down and what you interest rate will be. You will be around 18%. On that car again expect 3k at least down and a payment of 500 or more. Where did you find an '07 SS Monte for 22K? Make sure it is ok and not all screwed up. The person below me is completely wrong. If they did not finance people with credit scores under 600, 65% of people would not have cars. They do. You need a good income too. 26% interest is a complete joke. The law will not let you finance higher than 18%. A used car can be different and higher, but an 07 is going be considered new car financing, not used, which they can't go higher than 18%. Your trade it not going to be enough. They are going to want some cash. With a trade they will maybe take 1000-1500. Usually a dealer will work with you on that. They will give you 3 weeks or so to get it to them. Make sure you don't bite off more than you can chew. You don't want to get it repossesed. I know all this man because I have bad credit and have bought several cars. I make a lot of money too. I am now fixing my credit. It is a nightmare. Make sure you can afford the car. Don't just get it because you want it. You are better off to save a while and then go get what you want and even with bad credit if you can put a good amount down, you can get a regular deal then. Generally they are going to want some cash. That shows them you can afford the car. You can always try with just the trade in. It does not hurt to try. The worst they can do is say no. when i got my new car the dealer told me that they dont finance anyone with a credit scored lower than 600....and at that score the interest rate is like 26% or something crazy like that...i would work on fixing the credit problems first! never ruin your credit cuz it runs your LIFE!!....good luck my credit score is like 745.... If you are seeking for a loan lender or wants a financier,then I would highly recommend you for alexis,He helped me secure some business loan within the last working 4 days.He is the best,please if interested in getting a lender or wants an urgent need loan...then i will recommend him. He can be reached via this address(alexxyorkie02@yahoo.co... K Buying a $23,000 car when you make only $14,000 per year is absolutely insane. It is financial suicide. You should buy a car that costs less than half of your annual salary. Go and find yourself a $7,000 car. Are you nuts - drive your existing car till it dies. Get your debts paid off in full and get your act together. The last thing you need right now is another debt. You are on the right track, and it sounds like you are working on getting rid of all the debt you have. If your car dies, buy another $4,000 car and drive it until all those loans are paid. Then celebrate with a new car. |
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