lei514 asked:
Tags: car loan I just want to get a general idea from people who have or who have known someone else who have gotten a car loan on bad credit and how high the interest rate is.
Let’s say the applicant has a well-paying job but only for the past few months (say, 90k/yr). Looking at a new car 20-30k, on a 5 year payments plan. Down payment is 10%-20%.
What interest rates would you expect for mid-500′s credit score?
For 500?
For high 400′s?
Even lower? (is that possible?)
So car loan companies look at a lot more than just the credit score, right?
As in, a 550 credit score (due to no credit history) is much better than a 550 score that’s due to collections and late payments.
