Car loan help!

[kyizen]

HI,

I have a few questions concerning car loans. I currently want to purchase a car and i'll need around a $20,000 loan. My credit isn't the greastest, i'm currently in the process in repairing it and it should improve a lot in the next few months, but I kinda want to purchase a car sooner than that. I went to a dealership and priced out a car, and they offered me a loan at 13.5% which is a lot higher than I wanted I was looking for around 6%. I've read that car dealship loans are usually higher. My questions are with my score (they listed it as 665) will I be able to get around 6% from outside the dealership or should I wait the few months to bring my score up. Also how easy would it be to refinance down the road maybe 6-12 months later if I took a high percentage loan then repaired my credit?

Thanks

[corbinse]

I’m not a finance guru, but I would say (and this is probably not what you want to hear) wait.. continue to rebuild your credit .. better the credit better the loan percentage rate. You can also shop loans the way you shop for a car. If you have a buyers order made up from the dealership you can take that to your own bank that you normally deal with they can approve you as well and give you a letter of credit to buy the car. My suggestion still goes back to .. wait. Join a Credit Union they will have the best rates. But it takes time to rebuild credit through your fico scores and time with the Credit Union will help too. Hope that helps you make your decision.. Never let emotion get in the way of buying a car. Also .. I have not heard of much good coming out of refinancing cars after the fact .. it will just reset you back to 0 on your equity and in the long run could hurt you because the value of the car drops exponentially once you drive it off the lot.

http://csbuyersguide.blogspot.com/

[Autotropolis12]

Hi,


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[Internist]

Hey don't feel bad. i have credit score of 591 and i have people offering me loans. it is about at 9%. but it is on a car that i do not like. maybe it is cause i make so much money.

[jimmyt123]

if you already have finance you could have it written off due to unenforceable loan agreements. check out my other post or www.writeoffmyfinance.350.com

['97ventureowner]

Originally Posted by jimmyt123

if you already have finance you could have it written off due to unenforceable loan agreements. check out my other post or www.writeoffmyfinance.350.com

The info is for the UK, not the US .

[freecarforum]

ok, I would like to suggest something here. have you ever considered about new Cars auction agency? if not then start considering it now.

[usedfreecarforum]

forget about car loan. its the time to own a car from an used cars auction agency. Good values on the ride and a too good deal you will found.

[talkingcarloans]

well, car loans are there. all you need to choose the right one as per your budget.

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