Monday, October 26, 2009

Car loan with little or no credit?

I need a car, and I have no credit. Live in the Joliet, IL area. Have heard about JD Byrider, and heard it was OK for people with no credit to get a car, but the interest is sky high. Is there anywhere else in the area that might finance me without much credit? Little down payment, and not looking for a real expensive car, just something that will get me where I need to go.

Car loan with little or no credit?

I was the finance manager of an auto dealership several years ago.

All the auto companies have a %26quot;first time or %26quot;new%26quot; buyers program%26quot; for people just like you. The program does not expect you to have a lot of credit history. Any at all is a %26quot;plus%26quot;, especially if it is good. The interest rate might be a little higher due to no credit experience, but it will get the job done for you, IOW you won't be walking.

It gets a car sold off the dealers lot %26amp; the credit arm of the mfg makes some money.

Pick out the car (probably a base model new one) you want from a local dealer %26amp; let the dealer do the work to get you financed thru the manufactures finance arm--ex: GMAC for GM dealers.

If a dealer gives you any grief or starts BS'ing you about this, go to another manufacturer !!! All the car companies are hurting for sales (especially Ford %26amp; Chrysler)--exception is Toyota (they are doing great)

One advantage to a new base model inexpensive (?) car is that you'll have a great warranty, an extended warranty %26amp; a service plan (if you choose to ad these 2 last items on to the deal--but don't get screwed on the price of them by the dealers finance people) which means no repair or maintaince expenses for 3-5 years.

your car payment + insurance will be your total transportation expense (of course you have to feed the thing gas, but....)

Good luck

Car loan with little or no credit?

If you have little or no credit as well as a small down payment, you will be paying a crazy amount of interest, no matter what.

Car loan with little or no credit?

Either save your money to get a car outright or at least to have enough money for a decent down payment. I paid $1,400 down on the car I have right now and my interest rate was still 21%. So, you need to have a down payment of at least 30% or $3,000, but for $3,000 you could look in the classified section of the paper for a car. Really if you can't afford a down payment you really shouldn't be looking for a car loan.

Car loan with little or no credit?

have you tried to borrow money from a friend or parent? i know some will not agree with this method, but i would sooner do this than pay the 20-25% APR that you will get charged

if you are a reliable person, you have nothing to worry about with borrowing money as long as you have a contract and a traceable payment history(pay by check)

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