Does anybody have any knowledge or can help me with my situation?
I am looking to buy a car between $1,500- 5,000. The only problem is I am going to have trouble with getting a loan because I have a credit score of 540. Now the thing is the majority of my history comes from student loans which are still open (not defaulted); I’m only in my second year of college. I do a few unpaid histories that total up to $209 which is being paid this coming thursday. What are my chances of getting a loan since most of them are from open student loans?
Tags: anybody, credit score, Getting A Loan, help, Histories, knowledge, Looking To Buy A Car, Open Student, Situation, student loans
7 Comments at "Does anybody have any knowledge or can help me with my situation?"
You honestly should just pay cash in that price range.
Okay but you will have to have a down payment and your interest is going to be out of the roof
You’re in your second year of college. Do you really need this car? Get your degree, get a regular job and then think about getting a car. Good luck to you.
You can get a loan, it will probably have high interest though due to your credit score and history. Even though you are about to pay off your collection accounts, they will still remain on your credit record for a while. You may want to consider saving for a vehicle and paying in cash until your credit strengthens a bit. I wish you good luck.
Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history lenders are not keen toward providing you loan, but do not be discouraged.
http://www.quickloans.we.bs/
You also can grab bad credit car loan without keeping your asset as collateral, but you have to pay competitively higher interest rate. Hence you can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
Most car companies will help you get a loan, but they will need to see you have a source of income to pay it back. If your only income is your student loans, you may not be able to get a car loan. If you have a job, your credit won’t keep you from getting one.
You are about to learn a new lesson at the used car dealer. They will get you into a car, NO PROBLEM. They are trained number shufflers, and before you know it you will be on your way. BUT: you interest rate will be double digit as they will prey on you. And your monthly payment will be as long and drawn out as it needs to be so you can “afford” they car. Heck, for good measure, unless you are strong willed, they may even get you into something more expensive.
Unless you drag a bag of cash (check) in there, you will probably be financed at 18-25% interest. Never tell them what you can afford, because they will make you afford anything. Remember they are commissioned salesmen first. hungry for a sale second, and lastly your friend.