My credit score is 575. where can i get a car loan for better than 16%, and no money down?
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In all honesty you are probably not going to find anything like that with that score. You may get one that is better interest rate or no downpayment but you are not going to get both. This is still considered sub-prime and actually if you were quoted a 16% interest rate that sounds good for your score. To get out of the Sub-Prime market you need to be at least 620 or above.
You should check your reports and work on improving your credit. If you have any collection accounts take care of those first, they have a very negative impact on your score. Also, make sure your credit card balances are not near the maximum and under 30% is ideal.
My credit score is 575. where can i get a car loan for better than 16%, and no money down?that is a hard question but trying going with a sub prime lender verses and prime and depends on how long you had you job for. Example my car i bought 8 months ago my credit score was 580 and i put 1500.00 down and my interest rate was 20.5% I have a credit card with the same company i had the car loan thru . I traded in my car for a brand new car with 1500.00 down and 13% with a crdit score of 620 now
My credit score is 575. where can i get a car loan for better than 16%, and no money down?honestly probably no-where because my score used to be that low and I settled with a buy here pay here dealer. But do not lose hope yet scout the papers and find dealers that say things like no money down and make sure you take the ad with you. Your best bet is to look for a semi-grime salesman who will do just about anything to get the sell. Your catch is the dealer is going to front you 3000 down in order to satisfy the bank and in return they raise the price on the car 4000 its called bait and switch the dealers know how to do it but its a matter of who they'll use it on and always go at the end of the month cause volume dealerships have to keep monthly numbers as high as but preferably higher than the previous month in order to keep a healthy competition with otter dealers. for you that means they'll pull out all their tricks for you. try to go near closing time but not that close give them about a hot hour to decide and they'll come back 10-20 minutes later and say yes. Also if you are paying any bills credit cards, cell phone, mortgage that's good because the bank needs to see some payment history to send it through quicker. In short dealers do not care who takes their cars so long as the bank is sending a check for it
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