Has anyone ever applied for car finance with bad credit?

Has anyone applied for car finance with bad credit? Are car companies strict with finance and credit checks?


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Most Helpful Guy

  • If you make a big deposit, it's not as much as if you get it on finance alone. In my opinion it's alright to finance about 20-25% of a cars price. Any more than that is fucking stupid. Cause the thing is worth at least 1/3 less as soon as you drive it off the lot.
    There are ways around it if the motor company won't give you a finance deal, like getting a loan from your bank or another lender and that way you can shop around for the best interest rate.
    Some car companies offer good deals on finance though, you just have to ask. You can also often haggle with dealers because they want to make a sale so you can haggle the interest rate down.

    I saw they're selling Toyota incognito RZ at 0% finance. You should look into it.

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    • Do you know what Mercedes Benz is like for finance?

    • That would be much more. I don't know what it's like for finance but I saw the new E class is $98,000 drive away from the dealers. That's AUD. Probably 10-20,000 less in USD but not sure

Most Helpful Girl

  • They will just make your monthly payments more and for longer, having a large deposit amount will help a lot.

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    • The car is 8951 and I'm planning on depositing £500 as I have to pay another £500 on my insurance down payment as I'm a young driver

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    • I'm not sure, but lower engine size is.

    • Also, have you added a named driver? If you add a parent or someone who is a good driver (no points etc) then that will bring down your cost.

What Guys Said 6

  • You should not do that. You're not likely to get a loan with bad credit. Even if you could, why bother taking on more debt that will make your credit score even worse?

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  • No. My last auto loan was zero down with zero percent interest because I have good credit. If you have bad credit they're rape you with like 12 percent interest.

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  • Yes, yes, and yes. IF you get financed you can expect your payment to be quite high due to high interest. You may end up paying almost twice as much one the loan is paid off. Save up for as large of a down payment as you can.

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    • The biggest down payment I can do is £500 as I need to make a £500 down payment for my insurance as I'm a young driver

  • It's better to buy a cash car. Payments are such a drag...

    Dealerships will take advantage and dish out their lemon cars if you come in with bad credit.

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  • Nah they easy. They got high interest rates and they wanna make sales.

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  • I got a loan from the bank. The company selling the car doesn't have to know where the money comes from.

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    • What age were you? Plus how was your credit rating?

    • Oh my situations was nothing like yours, I was just replying to the bit where you said "Are car companies strict with finance", to point out that it's not necessarily their business at all.

What Girls Said 1

  • Yeah they are. You won't be able to get one if your credit is that bad

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