I have bad credit–are loans available?

Apr 13th, 2010
by admin.

I would like to buy a car but have bad credit. Are there auto loans available for bad credit people like me? If so, will the car dealer still turn me down due to my credit even if I pay for the car in full?
Oh, and I should have mentioned my last car was a lease and repossessed just over a year ago.

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8 Comments

  1. Kev M says:
    April 13, 2010 at 10:54 am

    There are loans for you no matter how bad your credit is. You will just end up paying an extremely high interest rate on it. I just bankrupt 2 years ago and bought a care the next year but I am paying 27% interest. I can refinance this Oct. Cant wait.

  2. man_with_koolaid_smile says:
    April 13, 2010 at 11:53 am

    of coarse they are
    do you mind
    30-40% interest
    that means that $5,000 car will cost $20,000 when you pay it off in 6 years
    if you pay for the car in full why you got bad credit

  3. cameron greene says:
    April 13, 2010 at 12:47 pm

    yes, and you will pay in the long run with high interest rates, the banks love people with no /or bad credit thats how they make there money same as credit cards

  4. BATMAN says:
    April 13, 2010 at 12:51 pm

    the answers are semi rite are loans available yes getting charged high interest rates is wrong. the finacial community years ago realized that they were scaring ppl away from getting loans because they were divorced bankrupt or something. theyve finally realized that if they cut these ppl a break then they can get more ppl to apply for loans. which in turn means more money for them. actually its easier to get a loan if ur credit is bad than if its good

  5. Gary H says:
    April 13, 2010 at 1:42 pm

    There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.

    Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.

    http://www.axalda.info/bad-credit-loans.html

  6. jamesPurple says:
    April 13, 2010 at 2:16 pm

    Yes. The best & easiest way for you will be to rent the car for a mid-term lease, from a local car dealer. Include a rent-to-buy agreement with the dealer, and a portion of the payments will be kept as a down payment on the car.

    Your bank is also an option,chances are they’ll ask for a co-signer.

    Or you can try different finance companies offering bad credit car loans. http://index-go.com/bad-credit-car-auto-loans.asp

    Good luck !

  7. rajesh k says:
    April 13, 2010 at 2:43 pm

    If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.

    http://l4y.info/

  8. jillian h says:
    April 13, 2010 at 3:40 pm

    Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on