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Advice on poor credit auto loan - The Bills.com Blog
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Advice on poor credit auto loan
Question: I make $3,950 per month and have one $35.00 credit card payment. However, my credit score is 615 and I have a poor credit history. I am looking to buy a $27,000 car, which I will be putting $5,000.00 down on. What should I do to get the best deal I can on an auto loan.
Answer: When purchasing a new vehicle, it is important that youshould shop around with several different lenders to find the best loan available. With your relatively poor credit, you can expect an interest rate between 10% and 15%, depending on the special offers and incentive programs being offered by the finance company and the manufacturer. With a large purchase, such as a new vehicle, a difference of one or two points on your interest rate can save you thousands of dollars in over the life of the loan, so take your time shopping
for a loan. Coming to the table with a $5,000 down payment should give you some leverage in negotiating loan terms that fit your needs.
Again, I encourage you to shop with several different lenders to determine which finance company can offer you the best interest rate and loan terms. I invite you to visit the Bills.com Auto Loan Information page, http://www.bills.com/auto-loans/ to learn more about the steps involved in
purchasing a vehicle. By entering your contact information into the Bills.com Savings Center at the top of the page, we can make the process of shopping for a new loan easy by having several lenders contact you to discuss the loan options available to you.
I wish you the best of luck in finding an auto loan that fits your needs. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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