Bad credit car loan help?
Wednesday, April 22nd, 2009
My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Some Additional Resources:http://www.autoloanlocator.com/
Auto Loans. Auto Loan Financing for new and used auto loans, auto loan refinance, bad credit auto loan, fast and easy free auto loan application.
http://hubpages.com/hub/Auto-Refinance-With-Bad-Credit-Refinancing-Car-Loans-For-Low-Interest
Some people wonder if they can refinance car loans even though they are plagued with bad credit. This mindset is probably due to the difficulties they faced
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I’m in L.A.
Clarification: By L.A., I mean Los Angeles, no Louisiana.
