Let me be blunt: It is unrealistic to believe you will find a lender willing to offer a person with a 490 credit score a $15,000 vehicle loan at an attractive rate. It is also unrealistic to believe you will find a lender willing to offer a person with a 80% debt-to-income ratio a $15,000 vehicle loan at an attractive rate. The fact that you have both a 490 credit score and an 80% DTI are two enormous red flags warning a lender you are not a candidate for an attractive loan rate.
You will be able to find a loan from a buy-here-pay-here type of dealership. However, the interest rate will be extremely high. According to Bills.com readers, these types of dealers are not afraid to repossess a vehicle quickly if you are even a day or two late on payments.
Therefore, you need to step back and assess your priorities and if you should resolve the debt to give yourself a clean start. Read What Are My Debt Consolidation Options? to learn more about your options for handling your debt.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/
April 28, 2010
January 12, 2010
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