Will a down payment increase my chances at a car loan?
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I want to buy a pre-owned car in January and use my tax return as a down payment but I have bad credit. Does a down payment increase the chance that they'll give me a loan? I am planning on a $2000 down payment and buying a car that's not over $10k. I make $2800 a month, so I can afford it.
Will a down payment increase my chances at a car loan?NO... if your labeled having bad credit that means high rates no matter size down payment.
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Will a down payment increase my chances at a car loan?Car Loan Guide: http://carloanguide.automobile... Report It
Will a down payment increase my chances at a car loan?A down payment will definitally increase your chances of getting a descent loan. Having a significant down payment means that there will be equity in the car from day one. Making it more likely that the loan company will not lose money if they have to reposses the car down the road.
Will a down payment increase my chances at a car loan?Sure. The more you put down the less risk you are to the lending agency. With bad credit the interest rate will be higher than if you had good credit though. If you can make this work and pay it off with no late payments it will help your credit rating a great deal.
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