Buying car with recovering Credit+good down payment (Can I)?

Hello I was wondering if anyone knows or has had experiece buying a good car with recovering credit? I had about 20k in old deliquesnt bills and have paid it all off. My score is about 600-620 I plan on putting down 4 thousand. Will I be able to get financed for 16-20k? is this unrealistic or should I try and put more down or is 4k more than enough? or just take the bus? thanks!

Buying car with recovering Credit+good down payment (Can I)?

Auto finance is what I do for a living, find a large dealer that advertises Special Finance and go talk to the Manager they will be able to help you get approved for a car.

Buying car with recovering Credit+good down payment (Can I)?

I think with that good of a down payment you should be able to get a loan. Or they will give you a price rage that you buy within, might not be what you want but its a start to get back on track.

Buying car with recovering Credit+good down payment (Can I)?

You will more than likely be able to get a car loan. However, the interest rates may be a little higher.

I would recommend using the $4,000 to purchase a used car. Of course it won%26#039;t be as nice but you won%26#039;t have a car payment. If you can drive that used car for 4-5 years (which is probably the length of your loan), you could use what you would have been paying in car payments to purchase another new car.

Let%26#039;s say you were going to have a $300 car payment. If you saved that in a high-yield money market account each month (I used Capital One for this example at a current APY of 3.5%) in 4 years you would have about $15,437 in that account. If you saved it for 5 years you would have $19,640. And all of this without making a car payment!! You could then use cash again to purchase another car.

You could even start a cycle where you only use about $10,000 for a car (leaving either $5,400 or $9,600 in the account to continue to grow) and continue making that $300 payment to yourself. In another 4-5 years you would be able to get an even better, paid for car.

Do yourself a favor and try to steer clear of car payments.

Buying car with recovering Credit+good down payment (Can I)?

Have you considered looking for a $4,000 car and paying cash?

Buying car with recovering Credit+good down payment (Can I)?

Check this out. A co worker of mine bought a car for $25,000 5 years ago and I got a car that cost $10,000 it was only 3 years older. Five years latter i had a few more repairs then he did but not much, I now have saved $15,000 just to show him how much he could have saved if he did what i did He is flat broke for the five years and I am sitting on a pail of money and my car runs just fine. I will never buy a new car its a wast of money. I could save the money for a down payment on a house or buy another car and have no payments. Buy a car with the $4,000 and be done with it.