Is it possible to get a small car loan with a down payment with no credit check?
Written By: admin on November 10, 2009
One Comment
I have been at current job for 1.5 years, make over 70k and have 00 to place down on a 00-00 car. Is this possible to get a loan for the remaining amount even with a reposession from a year ago and dreadful credit?
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Tags: 70k, fixed rate private student loan consolidation, home equity loan lowest rate, job, reposession
You are pretty much limited to one of the private used car dealers that have signs: "buy here, pay here" signs. But beware that these type of dealers and locations of "JD Byrider" often get a large down payment and overcharge you overall so know the value of the car that you buy. Check edmunds.com for a excellent source on what you should be charged for a car. These dealers tend to pray on those with terrible credit and depend on getting a large down payment and hope you miss a payment so they can repo your car and sell it all over again.
You can go by a used car dealer at a GM or Ford Dealer and question for the finance manager and see if they will provide you any options (generally higher down payment and higher interest). I would also go talk to a credit union lown officer and see with your down payment would they make a loan for you. Excellent luck!