Overhaulin'

Can I buy or lease a car if I have terrible credit and no money to put down?

Am I able to buy or lease a used decent car even though I have horrible credit?I also have no money to put down. I recently defaulted on my gmac car loan.

Public Comments

1. Buy here pay here
2. you need to look into a bus pass. you clearly aren't ready to handle an adult car loan
3. Absolutely no. Why should you get to lease a car when you are one of the people messing up General Motors. You do know that leasing a car is just a big a deal for credit as buying a car?
4. Not from a respectable dealer. The only place you may some hope is with a buy here/pay here lot. But even they are being much more cautious today. If you do get approved, don't be shocked at how obscene a price you'll end up paying on anything on their lot. They can charge you practically anything b/c they know they have you over a barrel. You must have a car but you can't get one anywhere else. So they take full advantage of that. Keep in mind, your default will be on your credit history for the next 7 to 10 years. During that time, you won't be able to finance any car, even with a cosigner. So also prepare yourself for paying cash or using bh/ph lots from now on until that repo is off your report.
5. not in this economy, i suggest saving up a couple thousand and buying a civic or corolla from the recycler.
6. check around ur local car dealers and with our yucky economy they are a lot more leanient. u might have to pay more interest or more for a car so beware. if u have a clean driving record u should be able to rent one. good luck
7. You defaulted on a car loan, and now you want somebody else to give a car loan? You're dreaming. Save your money and pay cash for a car you can afford.
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9. no i dont think so my friend. maybe you can go to one those places where it says if you have bad credit no problem, no ssn# no problem but you will be paying a high amount of money which is just not worth it. its better to save..
10. It's gonna be tough to lease anything at all with bad credit. However, if you absolutely have to have a car, then there's always the option of buying a used car. This may mean you'll have to work some extra hours in order to save up some money. But if you know what to look out for when buying used cars, you can find yourself a really nice one that you'll pay for with cash. And let's be honest... after all the economy has seen, I think we'd better adopt the "cash is king" attitude towards our expenses.