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Poor Credit Automobile

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austinlee



Joined: 27 Dec 2008
austinlee's page
Posts: 1



67 Magic Points

Subject: Poor Credit Automobile
 
Posted on Sat Dec 27, 2008 7:03 am  

A poor credit automobile application usually has a high rate of interest and its monthly payment period extends from two to five years time. Certain things should always be taken into consideration before you take out a bad credit auto loan. You always must be aware of the current prices for used vehicles in your area since some dealerships may charge you higher prices just because you have poor credit.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Sat Dec 27, 2008 11:07 am  

Ain't that the truth!! In the small town, where I live, they have ALOT of 'Buy Here Pay Here' kind of things. I know someone who bought their car at one of these places. two days later, the engine 'blew' in the car. She called the 'dealership' and explained what happened. Their attitude was basically " you bought it, you pay for it." She never made a payment on it and it's STILL sitting in her driveway. This was a few months ago. They DO charge a very high % rate and DON'T report to the CB's (if you have a 'good' record with them). Becareful of these places.
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 684



17426 Magic Points

 
Posted on Mon Dec 29, 2008 11:13 am  

If you have a low credit score, the rate of interest is very high not only on auto loans but also on other loans. So if you have a bad credit first try to built up a good credit history just to improve your score because credit history contributes about 35% in your score. Prices on vehicles may not be high because of your low credit score but the interest rates may become very high and this high interest rate may push you to debt trap.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Mon Dec 29, 2008 11:24 pm  

You may put yourself MORE into debt, if you DO get a 'Bad Credit Auto Loan' and can't pay it back.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



541 Magic Points

 
Posted on Tue Dec 30, 2008 4:40 am  

A person should really plan out a course before making a major purchase such as a vehicle, if you know your credit is bad then take a year or two to clean it up before applying for an auto loan, a few points can make a major difference in ones intrest rate on a large loan such as a vehicle or a home even.

If you are not in dire need, I would say put off the purchase and take the steps necessary to start rebuilding your credit before committing to a large loan at a high rate.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Tue Dec 30, 2008 12:09 pm  

Hello, GN. I do agree with that!! However.....a few years ago, I SURE was in dire need of a vehicle! My car just wasn't going to pass Inspection anymore and it was getting REALLY unsafe to drive. It would have cost ALOT more money to try and fix up, than what the car was worth.
mdriver22



Joined: 01 Dec 2009
mdriver22's page
Posts: 3



26 Magic Points

 
Posted on Tue Dec 01, 2009 8:23 pm  

I do agree with that!! Most people I konw always end up in dire need. I say try to put as much on the principle as you can to get rid of all the interest.
Enriquehajela



Joined: 07 May 2010
Enriquehajela's page
Posts: 11



128 Magic Points

 
Posted on Fri May 14, 2010 10:21 am  

I agree with all above persons, for the bad credit score you pay high interest rate in every type of loan so first improve your credit score then go for any deal. best option for improving credit score is secured loan.
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Bad Credit Car Refinance

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