I got in an accident over Memorial Day weekend where I was stopped at a light and someone hit the car behind me, which hit me causing me to his the car in front of me. My insurance company went and did a estimate on the repairs and filed the car as a total loss. My car was pretty new a 2009 and I actually had bought it brand new at the end of 2008. However, now I’m in a situation where I need to buy a new car but the issue is that I have HORRIBLE credit. When I graduated from college I had numerous private loans through different lenders that merged with other companies or where completely bought out by other companies. I was never contacted to make payments and I tried to find all my loans and who they were through but I failed at that. So to make a long story short they only contacted me once they reported to a collection agency. Finally I got them all figured out through a Graduate Recovery program and have started making payments. But obviously the issue is that I have these delinquent marks on my credit. Additionally, I have some other credit issues that I just put into a debt management plan that I started paying this month.
So, I guess my question is I need to get a car loan, I have no way of getting to and from work without one. I don’t have strong cosigner, but I could probably put together $2,000 for some cash down. What else should I do? Or where else should I look? I’ve been declined for 0 down at 2 dealerships right now. I’m hoping to avoid an extremely high APR if at all possible. This is really frustrating because I’m trying so hard to get my credit together 
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what is the credit score of a cosigner that would be needed to get a car under these terms?
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
Tips for a bad credit car loan?
Posted by admin on July 28, 2010 in no credit car loans · 4 Comments
if you think that you can come up with 2k, why dont you look for a cheaper vehicle that you can afford at the moment. It gets you mobile again but it will also give you an asset.
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You’re going to have to settle for a decent $2000 car and they care out there if you do some legwork.
Unfortunately, it seems that your lack of financial acumen did not stop at those loans and a lender will not be so kind as to lend you money at good terms because of that.
As for your second question, who knows. This isn’t a credit union, so this is not the place to ask. You may be so far over your head in debt right now that you have no way to get a loan, period. Work on that instead!
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Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
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With $2000 down, you will be able to buy something.
Unless you have a cosigner with good credit, good income and little debt, chances are the TERMS are not going to be good.
They will charge you both a high rate and jack the price up 10-60%.
There really is no way around it. I would suggest paying cash for a $1500- $2000 car.
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