Wednesday, May 26, 2010

How can I buy a preowned car with limited credit history?

I've been trying to figure out how I can buy or lease a preowned vehicle with my age (20) and credit history. i don't have have bad credit but not enough credit history; i've been denied several times applying for an auto loan through a bank. I have about $700 to put on a down payment. The problem is I don't have a cosigner with good enough credit that could sign the car loan with me. And i don't have a car i could trade in or collateral. It's seems so difficult with me with so many obstacles. How can I make this happen?



How can I buy a preowned car with limited credit history?

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.



WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.



There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...



http://www.axalda.info/bad-credit-car-lo...



How can I buy a preowned car with limited credit history?

the smartest thing to do is try and get your down payment higher if you are intent on betting a loan, that can help in some cases.



have you tried Capital One? they are the best loan option for limited credit people, but with that said, you shouldnt apply everywhere or as much as it sounds you have



worse case, try and find a decent car for cash while you save your money. You could go to a buy here pay here, but you will pay a very high interest rate and may not get a good car



How can I buy a preowned car with limited credit history?

Go to a used car dealer and let tham finance it at a higher interest rate. If the $700 down don't work, promise to pay double ot triple of your monthly payments along with proof of the job and income with employers recommendation.

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