bad credit car loans?
06-22-2006, 12:34 PM
#1
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bad credit car loans?
anyone know of any out there?
i ruined my credit while i was in college living off student loans and making like 11,000 dollars a year
however now i make a ton more money right around $40k a year i have no kids no bills cept for a cell phone
So i can eaisly afford the monthly payment for a new car i just have to find a bank that will take me in
i googled it but most of them look like scams?
i ruined my credit while i was in college living off student loans and making like 11,000 dollars a year
however now i make a ton more money right around $40k a year i have no kids no bills cept for a cell phone
So i can eaisly afford the monthly payment for a new car i just have to find a bank that will take me in
i googled it but most of them look like scams?
06-22-2006, 01:02 PM
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Go to your own bank or credit union, and start there. How long have you been making 40k a year? If more than 2 years, you should be ok. If less - well, find out from your bank what they can do for you. (Credit unions are almost always best, if you have access to one. Check at personnel at your work place if you don't know.)
06-22-2006, 09:35 PM
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Originally Posted by thaspadez
anyone know of any out there?
i ruined my credit while i was in college living off student loans and making like 11,000 dollars a year
however now i make a ton more money right around $40k a year i have no kids no bills cept for a cell phone
So i can eaisly afford the monthly payment for a new car i just have to find a bank that will take me in
i googled it but most of them look like scams?
i ruined my credit while i was in college living off student loans and making like 11,000 dollars a year
however now i make a ton more money right around $40k a year i have no kids no bills cept for a cell phone
So i can eaisly afford the monthly payment for a new car i just have to find a bank that will take me in
i googled it but most of them look like scams?
06-24-2006, 02:42 PM
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Originally Posted by limeg35
Do you know how bad is your credit score/history? and when was last time any adverse credit been reported against you? try E-Loan or Lendingtree, the best and worst place is dealership, best is beacuse they have plenty of lending company willing give out a loan for such situations, worst is beacuse they know they got you by the *****, you will end up paying way too much interest rate than you should.
You obviously don’t have a clue what you are talking about and therefore shouldn’t be giving advice.
Dealerships don't make up a rate unless it's a buy here pay here lot, lenders give the rates out. Most of the time a dealership isn't allowed to make any points on sub prime lending and buy far they aren't allowed to make anymore money on someone with bad credit than with good credit. Lending inst don't want to loose money that they paid to a dealer when the vehicle is going to more than likely be repo'd. Your dealership will probably have more options for you than anyone.
06-24-2006, 09:06 PM
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Originally Posted by duc996
You obviously don’t have a clue what you are talking about and therefore shouldn’t be giving advice.
Dealerships don't make up a rate unless it's a buy here pay here lot, lenders give the rates out. Most of the time a dealership isn't allowed to make any points on sub prime lending and buy far they aren't allowed to make anymore money on someone with bad credit than with good credit. Lending inst don't want to loose money that they paid to a dealer when the vehicle is going to more than likely be repo'd. Your dealership will probably have more options for you than anyone.
Dealerships don't make up a rate unless it's a buy here pay here lot, lenders give the rates out. Most of the time a dealership isn't allowed to make any points on sub prime lending and buy far they aren't allowed to make anymore money on someone with bad credit than with good credit. Lending inst don't want to loose money that they paid to a dealer when the vehicle is going to more than likely be repo'd. Your dealership will probably have more options for you than anyone.
HAHAHAHA...True I have no clue what I am talking about and I do not work for dealership or any lending company, however I have purchased/leased plenty of car in my life time to know they do play around with anyone's interest rate, but you do right? you are telling that dealership never ever make-up interest rate?...have anyone here ever got their interest rate lowered after initial negotiates? or anyone have gottend excat same interest rate with different dealership? and you tell me they dont padding the interest rate, thats laughable.
Last edited by limeg35; 06-24-2006 at 09:09 PM.
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06-25-2006, 05:02 AM
#8
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1) Dealerships sell cars.
2) Loan companies sell financing.
Dealerships and loan companies have an understanding. The dealership doesn't tell the loan company how much interest to charge, and the loan company doesn't tell the dealership how much to charge for the car.
bill
2) Loan companies sell financing.
Dealerships and loan companies have an understanding. The dealership doesn't tell the loan company how much interest to charge, and the loan company doesn't tell the dealership how much to charge for the car.
bill
06-25-2006, 05:22 AM
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Originally Posted by duc996
You obviously don’t have a clue what you are talking about and therefore shouldn’t be giving advice.
Dealerships don't make up a rate unless it's a buy here pay here lot, lenders give the rates out. Most of the time a dealership isn't allowed to make any points on sub prime lending and buy far they aren't allowed to make anymore money on someone with bad credit than with good credit. Lending inst don't want to loose money that they paid to a dealer when the vehicle is going to more than likely be repo'd. Your dealership will probably have more options for you than anyone.
Dealerships don't make up a rate unless it's a buy here pay here lot, lenders give the rates out. Most of the time a dealership isn't allowed to make any points on sub prime lending and buy far they aren't allowed to make anymore money on someone with bad credit than with good credit. Lending inst don't want to loose money that they paid to a dealer when the vehicle is going to more than likely be repo'd. Your dealership will probably have more options for you than anyone.
and you arent exactly on par with your info. lets see, many will let you hold up to 3 points. and almost all will let you hold 2 points. we use 60 different banks and i can think of none of our sub-prime banks that dont let us hold ATLEAST one point of rate. and like a stated before most will let you hold two to 3 points
06-26-2006, 10:10 AM
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On all of our secondary lenders the lender tells us what percentage we can mark the rate up depending on that person’s credit.
limeg35, to give you and example, had a customer come into our dealership with a pre-approval through an on-line lender. We use the same lender and I got him a better rate than he had through them. I still made money and the customer was happy to have saved himself money in interest.
Rates vary and if someone doesn't pay there bills they think their getting shafted because they are paying anywhere from 15 to 25% in interest. The key to loans is that if you want a good rate, pay your bills and if you don't, don't get mad at the dealership that give you a high interest rate because you think that we make up whatever rate we can get out of someone, we don't!
limeg35, to give you and example, had a customer come into our dealership with a pre-approval through an on-line lender. We use the same lender and I got him a better rate than he had through them. I still made money and the customer was happy to have saved himself money in interest.
Rates vary and if someone doesn't pay there bills they think their getting shafted because they are paying anywhere from 15 to 25% in interest. The key to loans is that if you want a good rate, pay your bills and if you don't, don't get mad at the dealership that give you a high interest rate because you think that we make up whatever rate we can get out of someone, we don't!
06-26-2006, 10:12 AM
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Originally Posted by John@Victory
and you arent exactly on par with your info. lets see, many will let you hold up to 3 points. and almost all will let you hold 2 points. we use 60 different banks and i can think of none of our sub-prime banks that dont let us hold ATLEAST one point of rate. and like a stated before most will let you hold two to 3 points
I never said dealerships don't hold rate, I just said that they don't make it up.
Most dealers will gladly give up rate profit to make warranty profit though.
06-26-2006, 04:24 PM
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Originally Posted by duc996
Most dealers will gladly give up rate profit to make warranty profit though.
1 front end gross (tangable)
2 rate (intangable)
3 other backend ie. waranty, gap, credit life and disability, car care. (intangable as well)
there is no guarantee on any intangable gross, but waranties, gap ect can be cancelled at any time of the loan and you are charged back the warranty and other back end products costs. with rate you dont lose it in that way...
06-27-2006, 01:25 PM
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Originally Posted by John@Victory
not sure which dealerships would do that...to a point i could almost agree but most dealerships look at it like this as far as profit in a dael in this order
1 front end gross (tangable)
2 rate (intangable)
3 other backend ie. waranty, gap, credit life and disability, car care. (intangable as well)
there is no guarantee on any intangable gross, but waranties, gap ect can be cancelled at any time of the loan and you are charged back the warranty and other back end products costs. with rate you dont lose it in that way...
1 front end gross (tangable)
2 rate (intangable)
3 other backend ie. waranty, gap, credit life and disability, car care. (intangable as well)
there is no guarantee on any intangable gross, but waranties, gap ect can be cancelled at any time of the loan and you are charged back the warranty and other back end products costs. with rate you dont lose it in that way...
In Kansas it must be different and the pay structures show that.
06-27-2006, 05:45 PM
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Originally Posted by John@Victory
and you arent exactly on par with your info. lets see, many will let you hold up to 3 points. and almost all will let you hold 2 points. we use 60 different banks and i can think of none of our sub-prime banks that dont let us hold ATLEAST one point of rate. and like a stated before most will let you hold two to 3 points
You beat me to it. Dealerships def make $$ on financing!!!!
06-27-2006, 05:51 PM
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Originally Posted by John@Victory
not sure which dealerships would do that...to a point i could almost agree but most dealerships look at it like this as far as profit in a dael in this order
1 front end gross (tangable)
2 rate (intangable)
3 other backend ie. waranty, gap, credit life and disability, car care. (intangable as well)
1 front end gross (tangable)
2 rate (intangable)
3 other backend ie. waranty, gap, credit life and disability, car care. (intangable as well)
07-04-2006, 01:18 AM
#18
Originally Posted by John@Victory
and you arent exactly on par with your info. lets see, many will let you hold up to 3 points. and almost all will let you hold 2 points. we use 60 different banks and i can think of none of our sub-prime banks that dont let us hold ATLEAST one point of rate. and like a stated before most will let you hold two to 3 points
