Buy Here Pay Here Dealer

[hometeam]

Buy here pay here is a nightmare in most cases. That being said, if she is a 590 or so a regular bank/dealership will get her bought. I have seen 470s get bought under the right circumstances. I would exhaust every avenue of traditional financing before getting interest bombed by a buy here pay here lot.

[Easy 6]

If she's that bad, she'll likely need atleast 2k down and be prepared to pay crazy (15-20%) interest.

If thats the route she goes, just make double sure that they report to the credit bureau, so she can atleast start building better credit after biting the high interest bullet... many of those places dont report.

[Saul Good]

Originally Posted by scott free

If she's that bad, she'll likely need atleast 2k down and be prepared to pay crazy (15-20%) interest.

If thats the route she goes, just make double sure that they report to the credit bureau, so she can atleast start building better credit after biting the high interest bullet... many of those places dont report.

If she's got $2000 to put down, she should just buy a $1500 car and set $500 aside for repairs.

[Easy 6]

Originally Posted by Saul Good

If she's got $2000 to put down, she should just buy a $1500 car and set $500 aside for repairs.

$1500 for a car these days, is almost wasted money.

You can get lucky and find a real gem once in a while, but in most instances they're not even worth driving, just a perpetual drag on the pocketbook.

Its usually better to pony up and get something as new and nice as possible.

[SAUTO]

Originally Posted by scott free

$1500 for a car these days, is almost wasted money.

You can get lucky and find a real gem once in a while, but in most instances they're not even worth driving, just a perpetual drag on the pocketbook.

Its usually better to pony up and get something as new and nice as possible.

I disagree
Posted via Mobile Device

[Bugeater]

Originally Posted by JASONSAUTO

I disagree
Posted via Mobile Device

The reason you disagree is because you have the skills required to keep an old POS running.

[SAUTO]

Originally Posted by Bugeater

The reason you disagree is because you have the skills required to keep an old POS running.

Not true. I buy cars quite often from people.

Bought a 93 Taurus with 30,000 original miles for two hundred bucks a couple months ago. Guy was 100. Family didn't want him driving.

Sold it for 1500 and those people have had absolutely no issues.

Bought a 99 neon for three hundred, sold it for a grand. No problems in a year. Well nothing major.


Bought a 97 Olds 88 with a blown motor, put in an engine, had seven in it. Sold out for two thousand. That was nine months ago.
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[Saul Good]

Originally Posted by scott free

$1500 for a car these days, is almost wasted money.

You can get lucky and find a real gem once in a while, but in most instances they're not even worth driving, just a perpetual drag on the pocketbook.

Its usually better to pony up and get something as new and nice as possible.

You can get a year out of a $1500 car if you budget $500 for repairs. She will wind up paying more than that in interest in the first year if she takes out a high interest loan.

[TLO]

Originally Posted by scott free

$1500 for a car these days, is almost wasted money.

You can get lucky and find a real gem once in a while, but in most instances they're not even worth driving, just a perpetual drag on the pocketbook.

Its usually better to pony up and get something as new and nice as possible.

I agree with Jason and also disagree with this statement.

[Easy 6]

Originally Posted by Big Smoke

I agree with Jason and also disagree with this statement.

I should've clarified, i meant when buying from a dealer.

Yeah, if your careful you can get a decent little ride for 1500.

[DrunkBassGuitar]

Originally Posted by hometeam

Buy here pay here is a nightmare in most cases. That being said, if she is a 590 or so a regular bank/dealership will get her bought. I have seen 470s get bought under the right circumstances. I would exhaust every avenue of traditional financing before getting interest bombed by a buy here pay here lot.

Can a 590 really get a car loan, because that's where I'm at. Almost all of my bad credit comes from struggling to pay off my college loans (went through a period of shitty paying jobs and couldn't afford the nearly $600/mo in payments) and not having any other credit. I'm going to need a car, I could afford the higher interest payments but I'd rather pay 7% interest than 20%

[hometeam]

Originally Posted by DrunkBassGuitar

Can a 590 really get a car loan, because that's where I'm at. Almost all of my bad credit comes from struggling to pay off my college loans (went through a period of shitty paying jobs and couldn't afford the nearly $600/mo in payments) and not having any other credit. I'm going to need a car, I could afford the higher interest payments but I'd rather pay 7% interest than 20%

Yes, it will likely be from a sub prime lender, and not EVERY 590 can get a car loan, as there is more that goes into it than just a score.

Bring everything you can to the table, money down especially. Time on job, low debt to income, not a boatload of debt, good payment history with at least 1 lender, even if you have missed other payments. Any/all of these things will help you get bought. You also need to pick the right car, consider things like a total cost of 10k or less, but something with decent miles. You might have to buy a 60k mile cobalt or Focus or something, with not alot of options, but its about the bank being secure, and they like newer cars with lower miles better.

Like I said, I have seen scores in the 400s bought before under the right circumstances.

[DrunkBassGuitar]

Originally Posted by hometeam

Yes, it will likely be from a sub prime lender, and not EVERY 590 can get a car loan, as there is more that goes into it than just a score.

Bring everything you can to the table, money down especially. Time on job, low debt to income, not a boatload of debt, good payment history with at least 1 lender, even if you have missed other payments. Any/all of these things will help you get bought. You also need to pick the right car, consider things like a total cost of 10k or less, but something with decent miles. You might have to buy a 60k mile cobalt or Focus or something, with not alot of options, but its about the bank being secure, and they like newer cars with lower miles better.

Like I said, I have seen scores in the 400s bought before under the right circumstances.

something with between 50k and 100k made in the last 8 or so years is what I would like if it's reliable. how much does income play into the loan decision, because (not wanting to brag) I make good money (about $18.50/hr). i don't have any repos or leins or bankruptcies, just not much credit and what I do have ain't so good. all of my debt comes from my student loans, but there is a lot of it (around 50k total).

[hometeam]

Originally Posted by DrunkBassGuitar

something with between 50k and 100k made in the last 8 or so years is what I would like if it's reliable. how much does income play into the loan decision, because (not wanting to brag) I make good money (about $18.50/hr). i don't have any repos or leins or bankruptcies, just not much credit and what I do have ain't so good. all of my debt comes from my student loans, but there is a lot of it (around 50k total).

Well debt to income can be a deal breaker in some cases. When I bank looks at your DTI they look at your current monthly outgo versus your gross income. If your making 18.50 your making roughly 3330 a month (x40/x4.5) Your monthly bills (this includes things like your rent, and any debt payments not things like your electric bill etc) determine your DTI. All banks have different debt to income requirements but the lower the better obviously. You can't forget that they will also look at the new incoming car payment when determining loan factors too, so that goes back to choosing the right car (right year to get an acceptable term/payment option) There are lots of things that go into that loan decision like I mentioned before. Banks have different combinations which work for them, but basically they look at DTI, Score, total debt, and some banks things like time on job or time at address. They then assign you a tier based on that score, and what tier you end up in decides what kind/amount of loan you can get, if any.

[DrunkBassGuitar]

Originally Posted by hometeam

Well debt to income can be a deal breaker in some cases. When I bank looks at your DTI they look at your current monthly outgo versus your gross income. If your making 18.50 your making roughly 3330 a month (x40/x4.5) Your monthly bills (this includes things like your rent, and any debt payments not things like your electric bill etc) determine your DTI. All banks have different debt to income requirements but the lower the better obviously.

To add on to that, there are lots of things that go into that loan decision like I mentioned before. Banks have different combinations which work for them, but basically they look at DTI, Score, total debt, and some banks things like time on job or time at address. They then assign you a tier based on that score, and what tier you end up in decides what kind/amount of loan you can get, if any.

cool thanks, that clears a lot of things up for me.