does anyone have any idea what kind of interest rate i can get or if i can even get a loan. the only debt i have is a 4k school loan. i live in northern indiana. where should i look first. no buy here pay here rip offs.
there are alot of other variables when it comes to financing instead of just credit score. being that your self employed it can make it alot more difficult. most secondary banks will require proof of income. if your self employed that means they need the last 2 years tax returns including your schedule c's. most self employed people write off as much as they can so they don't get killed on taxes or don't have to pay taxes. the problem w/ this is that you then cant prove your income. if you show negative income or a smaller income the bank cant use it. a few lenders i use will take the last 3 months worth of bank statements showing what you deposited to figure your income but there are only a few out there.
A website I've recommended in the past would be...
http://www.safelinked.info/go.php?link=a…
Hope that helps.
You would be better off waiting for a little while and letting your credit build. My credit score is 581, it actually builds up quite quickly if you are paying off your debts.
I got a credit card through First Premier, a lot of people complain about them, but they are for bad credit, I use it every month and pay it off every month, I only have a $200 line of credit and I usually only use it for about $50 a month and it really helps get your score up.
Not sure if anyone has told you but if you apply for a lot of loans all at once all the companies will run your credit score which actually lowers your score, I know it doesn't make sense, but if more than two companies run your credit in a certain time period you will see your score drop. So, I would apply for a car loan if I were you, just with one reputable company, nothing over the internet and see what they can offer you. Go to a dealership, they will run your score and tell you whether or not they will loan to you and if so what percentage rate they will charge you.
Good luck.
As others have said, it will be an uphill battle. Even with my credit score of 795 (on 3/2009) it was difficult to get a loan on my car, that I was willing to pay, because of the credit crunch right now. Build your credit to the mid 600's, and it will make a WORLD of difference. With the economy still in tatters, it's not the best time for credit-challenged folks to be taking out loans, as you might make a mistake you'll regret.
Probably not
And, buy here pay here are for people with your score. They will also expect quite a chunk of money down, you won't be signing and driving for free or little money.
IF you found someone to take you on, you would be paying pretty much what a credit card charges...over 20%, probably closer to 29%. This, unfortunately, would be stupid to do, because it may force you to default at some point, because you will not be able to afford the payments, or the car will need work and you can't afford to fix it, or you will want to refi and no one will do it because you still owe so much on the car and it isn't worth what you owe.
There are a huge number of banks that deal with auto loans for people with challenge credit. The two best choices are:
1. Go to a very large dealership that advertises that they help people with credit problems. A large dealership will normally have more banks they work with, more talented leading specialist on staff, and stronger relationships with the banks. (There are exceptions to this rule of thumb.)
2. Put down a large down payment. The more money you put down, the more likely the bank is to give you the loan.
Also, note two additional things:
1. Depending on current rebate offers, a new car may be easier to finance with a lower payment and lower down payment for you.
2. Some credit unions are wonderful for people with credit issues.
My advice is to find a dealer you feel comfortable doing business with. Believe it or not, there are honest auto dealers and honest car salespeople. Try to find one you instinctively feel good about. Generally, you will get the best deal from a "good person".
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With the way that most loans lately been difficult to get these days. The websites places are easy to check and sometimes have easier approval sometimes.
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if you where fortunate enough to get one, expect to pay a high rate of interest. 28% isn't unheard of.
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