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Where can a young person get a car loan with poor credit in BR?
Posted on 1/25/21 at 4:20 pm
Posted on 1/25/21 at 4:20 pm
Like the title says, I'm trying to help a younger family member purchase her first car on her own. She does not have a co-signer.
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I'd assume she'd get declined by the traditional banks or credit unions. Is her best route to try to find a subprime lender understanding that she'll probably pay a fairly high interest rate.
Does anyone know of places that make these types of loans in this area? I don't have any experience going through non-traditional sources.
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I'd assume she'd get declined by the traditional banks or credit unions. Is her best route to try to find a subprime lender understanding that she'll probably pay a fairly high interest rate.
Does anyone know of places that make these types of loans in this area? I don't have any experience going through non-traditional sources.
13
Posted on 1/25/21 at 4:23 pm to fallguy_1978
Posted on 1/25/21 at 4:24 pm to fallguy_1978
Anywhere that advertises "Buy here! Pay here!"
Posted on 1/25/21 at 4:24 pm to fallguy_1978
Try neighbors
Posted on 1/25/21 at 4:26 pm to fallguy_1978
Reliableautosbrrrrah.com
By wooman hospital
By wooman hospital
Posted on 1/25/21 at 4:28 pm to fallguy_1978
She needs a less expensive vehicle, because the rate she's gonna get for a car loan with that score is gonna be ugly no matter how much she puts down. I'm talking 25-30%, which should be criminal, but it isn't.
Get a decent $6K car and pay it off as fast as humanly possible
Get a decent $6K car and pay it off as fast as humanly possible
Posted on 1/25/21 at 4:31 pm to fallguy_1978
Go see my friend Puss...tell'em I sent you
Posted on 1/25/21 at 4:48 pm to fallguy_1978
Your probably best bet is just to go to the dealer and see if they can find financing for you.
Posted on 1/25/21 at 4:48 pm to fallguy_1978
She needs to ask every person she knows and that they know if they have a car for sale for 3500. You can get reliable transport for that price. Jmho
Posted on 1/25/21 at 5:56 pm to fallguy_1978
Southeast Auto Inc, Walker LINK
Owner is BR born and raised, Redemptorist HS Basketball state champ and LSU BB player as well, from the early '80's.
Perfect for your situation. Sub-prime specialist.
Owner is BR born and raised, Redemptorist HS Basketball state champ and LSU BB player as well, from the early '80's.
Perfect for your situation. Sub-prime specialist.
Posted on 1/25/21 at 6:08 pm to fallguy_1978
It wouldn't hurt to try a credit union. With that much down and as little as she wants to finance, they may work with her. Depending on why her credit score is that low. If it's just lack of credit history, that would help her case.
Posted on 1/25/21 at 9:15 pm to fallguy_1978
She is better off buying a car she can pay cash. Older model honda or yota
Posted on 1/26/21 at 12:31 am to fallguy_1978
quote:
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I don't know if I would be borrowing $5,000 to buy a car if I'm only making $18,000/yr. I don't care if it's a 2 percent interest rate.
Posted on 1/26/21 at 7:03 am to fallguy_1978
IMO, the worst thing she can do is finance that much money, with her income, with the high as giraffe poonani interest rate. Get a reliable 3500 car (which are everywhere) and keep saving what her car payment would be and in a year she can be driving around in an 7k paid off car. Rinse and repeat.
If you buy a used car for 3500 and drive it for a year, theres a high chance you can sell it for close to the same especially if its a honda or toyota. Ive done it 10+ times.
If you buy a used car for 3500 and drive it for a year, theres a high chance you can sell it for close to the same especially if its a honda or toyota. Ive done it 10+ times.
This post was edited on 1/26/21 at 7:04 am
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