Question by bryanlamb2007: Auto Loan with large Down Payment for Bad Credit?? Good interest rate?? I have heard from several people that if you have a large down payment (such as 40% to 50% of the purchase price), you will be able to get a good interest rate from nearly any dealer/lender. Is this true?? I was looking at getting a 2009 Acura TSX, my credit is bad (540, nothing new though), and I have $ 20,000 cash. No, I'm not going to buy a used one. I want brand new and total price will be about $ 35,000 including tax, title, license, accessories, and rims. So that would be a $ 15,000 loan with $ 20,000 down. Would I still be subject to high interest rates, or is it true that lenders will give you the preferred rate for such a low LTV on the car?? Thanks!! I hope some auto finance people respond.... Best answer for Auto Loan with large Down Payment for Bad Credit?? Good interest rate??:
Answer by decemberforever
Capital One Auto online helped me.
Answer by jeff g
I used to sell new and used cars for 3 years. In my experience a larger down payment will allow you to get a better interest rate. In addition to that, seek a loan directly from a CREDIT UNION, not a bank. credit unions are non-profit and generally have lower rates. avoid getting loans from dealers if possible. in some states the dealer is allowed to inflate the interest rate from a bank inorder to get profit in the financing. the only situation in which you should finance through the dealer is going directly through the manufacturer, ie.... honda finance in this case. hope that helps.
Answer by Maurice w.
as a rule they will work with you.if they don.t go to a other dealer,who will.with a big down payment you should be OK.it depends on who is financing it.
Answer by Hazel S
You'll definately get some preferred customer treatment due to your large down payment. And yes that could mean that your poor credit will take a back seat. But check out this site for more info: http://www.find-cheap-used-cars.com/used/buy-used-car.php
Answer by Renu G
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees. Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates. http://badcreditloans.50webs.org/badcreditloans.html
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What is a Bad Credit?
"Bad credit" is a generic term used to indicate a bad credit report, credit rating, credit score or credit history. In general, bad credit, a series of missed payments or defaults. Credit rating and music that the number of times an alphabetical and numerical figures, which reflect the creditworthiness of a particular person. Design rating and credit score depends on the number of activities related to the borrower. The score also depends on the nature of the claim that you see on late payments or defaults. For example, if you miss a credit card bill, so it's definitely more negative effect, was compared with the mortgage payment.
While bad credit is not intentional, there are many adverse effects, which are usually difficult to borrower for a fairly long time. This is why lenders have created a number of lines of credit and loans to address, as a problem.
Bad Credit Car Loans with No Money Down
Bad credit car loan is essentially no money to pay the initial financing loan sanctioned by the credit rating is not so nice. The concept of Bad Credit Car Loans no money can be explained as follows...
The basic intention is to provide loans for people with bad credit auto loans. As this bad credit loan is a loan, the lender will verify the application of three main factors to consider punishment.
• Credit Report: even if the loan is for people with bad credit, the lender will perform a routine credit. Credit report, essentially says the reason why a credit score has fallen down.
• The current financial market and the state: while the personal credit rating reported to be "bad", the entrance is a very positive role in the punishment of the loan. In fact, the principal and interest depends on the person's income. The lender often calculates the debt-income ratio to determine the percentage of income that a person would have spent to repay loans.
• Car Details: Finally, the lender will verify the details of the car such as engine specifications, insurance costs and other factors as the cost of vehicle operation, drivers' records of borrowers, etc. This is done because the car once purchased, which would affect the borrower's monthly income.
The term Bad Credit Car Loans, no money, means that the loan requires no down payment. Therefore, the borrower's car barely has the money to buy the car. This is basically a loan secured Auto Loan and the privilege of the writ is the lender. The automakers have started providing this service to their customers. Bad credit Car Loans, no money down has proved useful as the oil crisis of 2006-09 economic crisis has left many credit reports back on the floor. More Bad Credit Car Loans & Auto Loans with No Down Payment Articles
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