Overhaulin'

How do I buy/lease a car with a bad credit history? Good answers please?

I have bad credit history but I recently joined a debt management company that's really helping my debt. I need to know if there's a lending company that will consider me or if there's a way for me to buy a car without having to "give away" so much money to a dealer

Public Comments

1. you can get a car some dealers will welcome you and might even get you in a car but the interest rate is going to be thru the roof depending just how bad your credit is
2. All banks go by your credit score. In today's economy banks are very picky on who they lend money to for a loan. If the dealership can find a bank to carry the loan your interest rate will be pretty high. The best choice is joining a credit union and see what they can do for you, they will provide you the lowest interest rate. Toyota is the most aggressive lender of all manufacturers. You are going to be required to put some money down of at less 20%. Hope this will help yout out.
3. The first thing you need to understand is buying a brand new car is out of the question. This just isn't going to happen, not with a lease and not with a loan. Your credit situation won't allow it and you shouldn't even consider it. If you need a car shop for a good used car in the $5000 or less price range. There are plenty of them out there. Work your credit repair plan to the end and then consider a better car when you are back on track.
4. There are lots of places you can get money from. But the problem is, the interest will be so high, that you end up paying for the car twice. Concentrate on getting your credit score up before making such a huge purchase.Purchaces like this with your credit rating, can cause you to be deep in debt for decades. First you buy a car that you have to pay though the nose for. and then eventually something happens that causes you to have to borrow money from one of those check cashing places at 30% interest to keep from getting behind on your notes. And then you have to borrow more money to pay them,or if you have to get work done on it. Then you dont have enough money for bills, so you have to start buying stuff with a credit card. You cant afford to pay the whole ammount on the card,so you only pay minimum. And before you know it. one dum decision ends up costing you about $75,000 over a 10 year period. The smart thing to do, is ...Pay Cash for everything! Never go in debt in the first place. You are just taking money from the mouths of your children to pay for some rich guys yauht.
5. Depends on what you mean by "good" answer. Do you want the honest truth or a big fat lie? Ill give both just in case. You can decide which is the good answer. Answer #1: Of course you can! By admitting that your current debt is overwhelming and hiring debt consolidator you are showing that you are a responsible borrower. This what lenders look for and reserve their best rates. Answer #2: You cant even handle your current debt and needed debt management. So what makes you think you can handle more debt? To lease you need better credit than to finance. With your credit you wouldnt even qualify for a credit card with a $500 limit.
6. I like the website below www.ezbadcreditcarloan.com because besides getting you a car loan, they show you two other things you can do after you get you loan to help raise your credit. I think motorcycles are ok too. Since you will now be paying on a new bad credit car loan, your credit will start to improve and it is a good time to dispute other derogatory or bad things on your credit report and get them taken off which will raise your score even more as well as create awareness of where you stand by knowing all 3 of your major credit reports. http://www.ezbadcreditcarloan.com
7. I also have issues with my lease. I posted my question on wish123 and got an answer from an expert who solved my problems. Highly recommend the website.