Car loan with bad credit, high down pymt and good salary??

Currently I%26#039;ve come into a stuck situation where I%26#039;m having some difficulty obtaining a car loan. I have bad credit due to several past layoffs, and I%26#039;m now working on recovering from that. I%26#039;m wanting to purchase a used truck for about $13,000 and I already have about $7000 saved for a down payment. I make a good steady salary now ($70k/yr) and I could probably get the difference paid off in a matter of months. However, I can%26#039;t get banks or credit unions to finance me (they all but laughed at me when I applied) and I%26#039;d really rather not go with one of those rinky-dink operations that require a 60 month loan at 25% on their car lots only.

Car loan with bad credit, high down pymt and good salary??

Skip the banks. Try finance companies IF you must. I am very surprised you haven%26#039;t considered financing it right through the company who would sell you the vehicle.

I%26#039;ve bookmarked this site to go back to next time I need a loan...

http://www.knowledged.info/go.php?link=a...

All the best to you.

Car loan with bad credit, high down pymt and good salary??

The bad thing about ruining your credit, it takes a long time to recover from it. If you bank with a good institute for a period of time, not having any over drawn checks, show steady deposits, have a good amount in savings, they may give you a loan for the difference.

I, however, recommend you start lower than 13,000 for another vehicle to start over. If you have 7000 already saved you could get a nice little economical car for that amount. That way you would not have any car payments for a while, you could continue to save money again. Keep making your deposits steady at your bank, let them get to know you good.

Maybe ask them for a small personal loan, lets say to put new tires on your car, or something like that. You would have your paid car as collateral, and they would see your payment history, then you could work your way up to a better car.

Time is what it takes and patience!

When you bank, go into the bank and get to know them face to face, then when your loan goes for approval, that will ring a bell with them.

A reputable bank would not laugh at you, they would just explain the situation.

Do not get discouraged, just take it slow and easy. You might get a secured credit card to help build your credit history also, when you charge, make sure you pay balance each month. Time on your job is a big factor also, so try and stay with one job as long as you can.

Car loan with bad credit, high down pymt and good salary??

I am thinking that you might be able to get a loan with a cosigner.

If your mom or dad or a sibling is willing, explain the situation to them. Tell them you want to put down 5k on the car. Then give the cosigner 2k to %26#039;hold%26#039;. This money will be used in case you have a %26#039;lean%26#039; month or if you cant pay or whatever. Since your monthly payment will not be that much, I am sure that you can find someone to help you out and that you are both assuming some risk on this deal.

Car loan with bad credit, high down pymt and good salary??

You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.

This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.

When you compare both the types of bad credit car loans, the secured bad credit car loan is more flexible as regards the terms and conditions. The unsecured is more rigid. Hence if you are certain about making regular payments, secured option is the best.

http://debt-credit-loan.com/category/Car...

Car loan with bad credit, high down pymt and good salary??

I cant believe they won%26#039;t give you a loan with that large of a down payment! Try going to www.creditboards.com and click on automotive financing. They have someone on that board who has been in car selling/financing for over 20 yrs. he will be able to give you some idea of what to do. There is a generic application to fill out and he will give you an idea of where you stand as far as financing. Read through some of the threads--there are people there with real bad credit, no down payment and they are able to get loans.

Hope this helps--good luck!!