Overhaulin'

If I have terrible credit can I still get a New car loan if I put enough money down?

how much would I need to put down to get a $20,000 dollar loan and what would my itererest rate and monthly payment be? my credit is about as low as it gets.

Public Comments

1. Then the only car loan you can get is one of those for - bad credit, no credit type things and you would have a higher interest rate and higher monthly payments. Go check one out, they can be good, but be sure you are using someone reputable.
2. Yes depending on who you get to take the loan. Problem. Don't get a co-signer because this ill cause major problems if you default. if you have enough money thye will finance you at what rate it could be as high as in the teens for an interst rate. Shop around, check your creit and make sure evrything is correct etc.
3. you'll definitely find someone to finance you, but probably spend yrs paying it back since your interest rate will be kinda high. Why don't you try cosigning for someone you know (and hey have good credit), of course some one you can trust. Until you can clean up your credit, then remove them.
4. I am sure you can only the interest rate will be so high. Maybe a second hand car would be better until you have more money. It is very bad money sense to loan that much for a car especially when you dont have good credit rating. Loan companies love people like you as they can charge you the highest interest rates. Maybe think about where you wanna be in 3 years, still in debt to a car which is no longer new but very very old.
5. Hello. why don't you look into using the money you have for a down payment to clean up your credit? Let's say you want a car for 20k and have 6k to put down and you have 3k in debt. If you were to take the 3k from your down payment, you would see your score increase dramatically in the next 1-2 months and then be able to take the remaining 3k and put down on the car (used or new...recommend used). By doing this you would have increased your score to get a better rate and also be more likely to get approved. By having the lowest score possible as you mentioned...it seems like you wouldn't even get approved for that amount. If you pay off everything and your score is then good, you could possibly get into a car with little or no $$$ down. I would recommend financing a car for no more than 3 years. The better the score the lower the rate and more money saved. I'm also looking at a new car for about 20k but I plan on putting at least 4k-6k down.
6. I think the above posters have answered your question with an affirmative answer. Let me elaborate though. No matter how bad your credit, you can always get a loan for a goods or service (your car) if you have enough equity (money) as collateral. A person with bad credit will get turned down for unsecured loans like most credit cards, but will be able to get secured loans or loans that are covered by some form of capital. When you take a loan for a car and default, the loan company can take your car as compensation. This will result in them not having a total loss. With a credit card, they have no recourse since the loan is unsecured. With that said, a low credit score means more risk. If your credit score is really bad, they will expect a lot of money down and charge you a high interest rate. More money down means more equity you have in the car. A higher interest rate means a higher return for them if you don't default (so they will take more risk). They will generally take the risk and give you a loan if you put down enough money to make your loans less than the value of the car. Let us say you buy a 20k car that is worth 17k the day you drive it out of the lot. They will expect you to pay ~5-8k as a down payment. This will mean that if you default, they can sell your car to cover the loan. The biggest issue though is the interest rate (APR). If they charge you a high interest rate, it is equivalent to significantly increasing the cost of the car.
7. if you can get a loan you will pay a high interest rate, you should start repairing your credit, start by reading this article, http://www.monitorbankrates.com/how-to-build-maintain-and-repair-your-credit
8. see what i say credit doesn't matter at all if your credit history is good, there are many online sources are there are providing new car for people have no credit or bad credit and also with low interest rates, try to contact them and get your problem resolved, for your reference try http://www.carloan123.net my one of friend had get a car loan with bad credit and also with a low interest rates, you may try them.