Women and men buying cars with 2nd chance bad credit auto loans are finding out quickly, it isn’t easy to get an auto loan in today’s economy and auto market. With interest rates over 20% and big down payments, you can’t be picky if you need transportation and have low credit scores. Bad credit auto loans with a bankruptcy are even harder to find. Get ready to hear the ugly, unvarnished truth about bad credit. Anyone with an FICO AUTO SCORE of UNDER 650 is considered bad credit today. Under 600 FICO AUTO SCORE and the ability to obtain an auto loan, car credit or even a BUY-here-PAY-here car loan gets REALLY slim. Time on the job, in the area and large sums of money down with good co-signers, can help ease the pain, a bit.
- Fact #1. Most Bad credit auto loan rates are over 21.95%
- Fact #2. The banks will require 20% down in CASH or cash and trade-in down payment.
- Fact #3. No REPO’s in the past year or open BK’s. A voluntary surrender is still a repossession.
- Fact #4. A bad credit auto loan will come with a starter dis-abler in the car. The creditor will be able to SHUT YOUR CAR OFF and pick it up if you don’t pay on time.
- Fact #5. A co-signer shares in the responsibility of the auto loan equally, but may never see the bill or be notified if the other party fails to pay on time, thus ruining the co-signer’s credit score without his/her knowledge.
- Fact #6. The bank decides the price, interest rate, year, miles and down payment required on a BAD CREDIT CAR LOAN. 2nd chance means the dealer is strictly the supplier and the bank controls the deal.
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