I just have a question!!!!
Registered User
Joined: Oct 2005
Posts: 151
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From: Walnut, CA
Make sure you find yourself a loan BEFORE you purchase the car (assume you are buying it from a dealership). Otherwise I guarantee they (the car dealer) will try to rip you off big time on interest rate. If you have no credit, very likely you need someone to co-sign you for the loan (your parents / relatives who got good credit). Interest rate range from 6%-20%+ for an used car, so do your homework first.
Last edited by RL8; Feb 8, 2006 at 01:06 AM.
Obsessive Paint Polisher
Joined: Aug 2005
Posts: 765
Likes: 3
From: Lynchburg, VA
I actually got a very competitive rate from EBay's sponsered credit company. All the paperwork done online. Only one call for final verification of information. Then as I'm ready to sign the contract at the dealership, they offer to beat the rate through a local bank. Darn if they didn't beat it by a whole point! Final tally ... 4.75%!
If your credit is marginal though, you don't want to have too many loan companies trying to give pull your records. Looks bad on your credit score to have a lot of inquiries.
If your credit is marginal though, you don't want to have too many loan companies trying to give pull your records. Looks bad on your credit score to have a lot of inquiries.
Registered User
Joined: Feb 2006
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Who is eBay's sponsored credit company? I just joined this forum because my wife and I bought her a new 8. Dealer promotion was an additional $1000 off if financed through them. No prepayment penalty so I just want to pay it off now.
Trent
Trent
May Cause Anal Leakage
Joined: Oct 2004
Posts: 3,191
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From: Orlando & Chicago
Originally Posted by gang1126
If I buy a used car with no credit, how many interest rate is?
I am just wondering it. Thank you for your response~ ^^;;
I am just wondering it. Thank you for your response~ ^^;;
If you have absolutely no established credit most institutions will require a co-signer.
Then once you find a co-signer you can shop around for the best rates. Good Luck!
Obsessive Paint Polisher
Joined: Aug 2005
Posts: 765
Likes: 3
From: Lynchburg, VA
Here is where you start Trent. They have several companies connected to EBay. Sorta like LendingTree.com does for home mortgages. If your ready for a quote, just follow through the steps here .... http://financing-center.ebay.com/
This does show on your credit history however. Everytime you give a bank permission to bestow credit your way. So only do it if your really ready.
This does show on your credit history however. Everytime you give a bank permission to bestow credit your way. So only do it if your really ready.
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