Question
bad credit loans a scam?
I have bad credit (580-600). I would like to get a new car, however 2 years ago I faulted on a loan, and had my car repossessed. I see online there are plenty of companies offering "Bad Credit Auto Loans" how-ever I'm afraid these companies will openly share my information to other companies to help pay for their "risk" on the loan, or give me a super high interest rate. Should I even try with these companies? Or does anyone recommend a low credit score loan company that will allow a large percentage down payment loan. I'm planning on putting nearly 50% down, cash. Thank-you for any advice. Please no spam (like they're going to listen) Well I'm not worried about the interest rate. I understand I'll be looking at +13% interest payment for a loan. How-ever I'm worried about getting denied by so many places that the pokes to my credit could keep me from getting a loan. I just see some places saying "1.8% interest on bad credit" loan..... Sound like a scam, are they really?
1 month ago - 4 answers
Best Answer
Chosen by Asker
The 50 percent down payment should get you in the door, but having the repossession is still going to get you a high interest rate. You can try a site on-line or if your unsure go to a dealership. Most dealerships have special financing available and they should be able to get you financed. Good luck!
Source(s)
www.fundingway.com
by sarahsmile90
1 month ago
Asker's Rating: 
Other Answers
I would be very careful applying for loans online. Most car dealerships have networks of lenders they deal with. Some of these are poor credit lenders. If you have a large enough (it will probably take 50% with those scores) down payment and the income to pay the loan back you should get approved. Your interest will be high either way.
by timothy p- 1 month ago
credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
by Antony- 1 month ago
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by Mency- 1 month ago