how do bad credit car loans work?
I want to buy a new truck.i came across an ad that says that everyone is approved, the truck i was looking at said 87 dollars a week. i dont have a very good credit score. how does this work, how much approximently will i have to pay every two weeks.
Usually if you have bad credit you have to pay a considerable down payment..but if you pay 87.00 a week it would be 174.00 every two weeks. Usually people with bad credit pay a very large interest payment.
Ask them how much the interest payment is first before you commit yourself to anything.
They work…. Badly. LOL
These are high interest loans on cars that are being sold for more than they will ever be worth, and, in some cases, may come with some mechanical problems that YOU will have to pay for, or will have in their shop over and over again while some unlicensed mechanic tries to fix it!
If the loan asks for $87 a week, if you are paying every two weeks, that would be $87×2.. LOL Since you have to pay this loan weekly according to your testimony here, you would take that $87 and mulitply it by 4. But, I am sure there are some other fees, taxes and whatnot above and beyond that $87 … READ the fine print in any contract you sign, and if the dealer won’t let you take the car to an independent mechanic to be checked out…DO NOT BUY IT!
Most of these buy here/pay here weekly type lots use your job as your credit. They do in house financing, and don’t expect your payments to be reported to the 3 credit bureaus as far as helping re establish your credit. Most of these operations do NOT report. If you are LATE by one hour, these guerillas will send out a posse to pick up the car! Believe me, buy a car at one of these places and consider yourself to have made a deal with the devil. LOL