Would it be smart to buy a car from a $500 down, in house finance dealership?

[Solano707]

My credit is 500

They gonna run your fade

 

[Heafcliffe]

In house dealer financing?

They gonna take you to the cleaners with that interest rate. Get your financing through a credit union where you will get better rates than whatever the dealer tries to throw at you.

Breh tells no lies. I have a 800+ FICO. Bought a car recently. Used my credit union at sub 2%.

Like normal, the salesman sent me to the finance manager to close the loose ends and this fakkit actually tried to sell me on a 7% car loan.

 

[QuintessentialBM]

They don't report to the credit bureau, so if you make payments then your credit still wont have any activity placed to it. I would personally just save up a little cash and get something used or go to a regular dealer; that's just me though. Also, buy here pay here places are known for doing foul shyt to people. On the plus side if you ever get tired of the car, you can just stop paying with no repercussions against your credit.

Came in to say this.....

@BrothaZay

You can do 2 things other than pick up a vehicle at one of those "buy here, pay here" lots.... You can try to find an individual seller that has the car you want that is also in good condition, or you can just bite the bullet by going up to the dealership to see if they can work some magic. It will improve your credit in the long run AND you SHOULD have a decent, clean car that won't break down... and if it does, it'll be under warranty.

I've done the "buy here, pay here" lots. If you know how to shop for cars, then you should be able to pick up one that won't be shytty after you leave from the lot (as in my case). As @1 other person has stated, most of those lots that do their own financing, don't report to credit bureaus, so you're paying into nothing but the dealership's bottom line with that high interest, and sometimes multiple payments per month (Car Mart is notorious for this). I wouldn't purchase a car from these types of lots unless I've exhausted every avenue possible and/or they have the car you want (in good to great condition).

I had very fukked up credit when I got my 2011 Malibu, but I was patient and smart about my purchase. I have a repossession on my history and several delinquent bills on my report (I'm black too... lol). My local Toyota dealer got financing for about 10-13K. It was a shock because they usually help everyone, but they had to work a miracle for me. What killed the deal was that these fools wanted to sell me a YARIS...... I couldn't do a YARIS, no matter how bad I needed a car (I'm a big dude and it's a compact car... hell naw to the naw naw naw). I walked away from guaranteed financing over a Yaris! (Sure did).

So I went to plan B, which should have been plan A.... Get your loan through your bank, or better yet, your CREDIT UNION. If you have a good credit union in your area, open up at least a savings account(both would be ideal). Stack bread in that savings account... 5K is a good starting point. The more, the better. Next, if you have any delinquent bills that are still in collection, PAY THEM OFF, preferably to the person to whom owe the debt(never pay the collection agency that bought your account... it will save you headache and trouble in the long run). PAY THEM ALL OFF, INCLUDING CREDIT CARDS, AUTO REPOS, ETC!!!

I got a loan for 15,000 from my local credit union because although I had a repo and delinquent bills, I paid them off. That showed good faith. Secondly, all that money I told you to have in that savings account will show that you ain't broke! They will look at your accounts to see if you have the money and make the money necessary to pay off the loan. I had about 7.5K between all of my accounts... my car was 14,895.00.... so I had half of the total in my account. Makes for an easy decision. Lastly, I had consistent work history for almost a whole year.

These factors got me my whip... (from my local Chevy dealer) I wanted a truck but they are expensive(new or used), so I had to settle. It was a car I liked, so I was happy to settle.

This is basically how I got my car with a credit score in the low 500's. With a very fair interest rate (Credit Unions are generally more fair than dealerships).

 

[The Devil's Advocate]

If I'm doing OTR trucking and have no other bills besides phone bill, would that be a wise investment?

And do used car dealerships do 60 month financing or is theirs shorter?

don't matter where the loan is from... the APR is the only thing that matters


another thing... don't worry about the length... worry about how much you can pay

if you can pay 500 a month on it, pay it... regardless if the note is 100 a month or 400 a month... you end up paying less interest, the faster you pay it off... the length of time is just a cushion



i have a new car... if i pay the minimum for 7 years, i'll pay 2500 in interest


if i pay 600 a month on it, it'll be paid off in 3 years with a little over 1000 in interest... so i pay over cause i can... but if something happened where i was short on cash, it's nice to not HAVE to pay that much

 

[Bgreat]

whats the alternative then

Get some money and cash a whip. Its summer, get a bike for now

 

[DaPresident]

Do it!










scared money don't make money playboy