Bad credit auto loans?
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What do car dealership mean when they advertise that “Everyone Gets Approved?
Does everyone with a bad credit and/or minimum income gets approved as well? Or do they just give you, say, $5,000 instead of $20,000?
My credit is poor, and I need $18,000 for a car.
Thank you
Get a cheaper car!
You can get houses for $18,000. Why on earth would you want to lock yourself in to high interest payments for years on a $18,000 car.
You can get beautiful cars for $3000 all day on Craigslist.
High APR!
Auto dealership do look and check your credit history, and it is true that even people with bad credit are approved. They’ll be more lenient with your credit history, but they still look at your income amongst other things to determine how large of a loan you can afford.
It depends on what kind of car you’re getting, how high is the down payment you can put in, your income, your score and the type of derogatory items you have on your report.Although people with bad credit DO get approved, this comes with a price – the interest rate will be very high, and this makes the loan very expensive.
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