How does a bad credit auto loan really work?
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My credit score is probably 0 (yes I know that’s not possible) but it’s pretty bad. Say for example I want a $5,000-$6,000 car, how much would I have to put down and how much would the interest typically be?
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You would have to put down minimum 10% and probably have to pay a loan that has a 30% interest rate.
In this case it would depend on the car dealer and then the bank making the loan. In the case which you describe it could range but my guess is it would be minimal in some cases as to what the down payment would be since they dont expect alot with you having a low credit score. The problem would come to you however as to what interest rate you would recieve. That will be the bigger issue as this will drive you overall investment in this car up. You might try your current bank if you have had good standing with your accounts. They may be able to help you more knowing you as a customer and being able to look up history of your accounts. They may also be a good place to give you advice. The bank that you go to might ask that you make a down payment however in this case depending how your car comes out in the deal if it is worth a significant amount less than what you are paying. In that scenario you will have to make up the difference. This is all depending on the bank. Good luck and enjoy the car hunt.
Hi!! by the look of the credit business following this sub prime fiasco, i do not think you would have much chance of getting your loan through the normal chanels and therefore you would be wide open to the loan sharks.. Certainly here in the UK things really are very tight now. On the other hand the car market is in trouble so you might be lucky with long payment period, and 39pt9 pc, interest.
Good luck to you.
You have an option of an unsecured car loan, secured car loan, personal car loan, and adverse credit car loan. You can opt for the car loan according to your choice. An unsecured car loan could be sought without putting collateral. On the other hand secured car loan needs collateral.
The benefit that you would get is that longer repayment term will be there in a secured car loan. The repayment terms would be shorter in an unsecured car loan. Since the risk is high to the lenders in the case of an unsecured car loan, so the repayment terms are shorter.
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