Overhaulin'

How can I get a decent car loan interest rate with poor credit?

I have a credit score of 600 and I have had a car repossesion in the last 3 years.

Public Comments

1. Save up about $500 and go to one of them small car dealers that takes anyone with good to bad, even bankruptcy cases. They help u as long as u keep up with your payments. Most of them are $500 down with $150 monthly payments. That's how i do it with my car.
2. I would try to lease. Some dealerships will push you through. I just got a friend of mine an Altima lease, great lease price, and his score was around 620. Let me know if you need help. www.leasecarsforless.com
3. I work in the car business as an F&I director...a 600 credit score is not too bad these days. You fall into the catagory between B and C paper. On a new car you should see rates some where along the lines of 8.5-13.5% X60 months a tad higher on 72 months. (keep in mind the fed has been raising rates for the past 5 or 6 meetings...again on monday.) On used probally 10.5%-14.5% depending on make and year. The main thing the banks will look at is how you have paid since the repo...sloppy or good will determine alot of things. Find a car you like new or used and check into rates in your area...examples from chicage metro market on forigen autos. Most importantly is $down not like $500 but like $1000-$3000 depending on the car will make banks MUCH more willing buy your paper. Also find a dealership in your area that specializes in secondary finance. STAY AWAY FROM THOSE LITTLE USED CAR LOTS (in house finance doesnt report to any credit companies (transunion equifax or experian)That wont help in the future.hope that helps
4. AGREE WITH THE LAST GUY STAY AWAY FROM LITTLE DEALERS.... As with the rest yeah all is good. You may want to check capital one there really good with car loans.