bad credit auto loans?
Question by Veronica Brentler: bad credit auto loans?
Recently my husband's p.o.s. truck started breaking down little by little and we are really getting tired of it nickel and diming us to death. we would love to get a newer used vehicle but our credit isnt very good. my score is 663 and i have an excellent pmt history, but i have my own auto loan and 2 credit cards close to maxed out (though their limits arent very high) and school loans. My husband has 2 medical collections that we are about to set up payments on and they are reporting him on one of the credit cards where i authorized him as a user-his score is 615. Would anyone give us a car loan with credit like this? we could wait until i pay off the cards in december but im afraid the truck he has now wont make it that far. help!
Best answer:
Answer by Smiling
You are never going to improve your credit scores, if this is the way you think.
Yes, you can get an auto loan. Will the interest rate be high = sure. Will they extend the length of the loan to make it appear like you are paying less but you are really paying more = absolutely.
Should you either keep the truck you currently have? Probably. Trucks are made to last. Is paying $ 2000 in repairs during the year, less than paying for a new or newer truck = ABSOLUTELY.
Or go buy a reliable truck from the 1990's. There are PLENTY that exist.
What do you think? Answer below!
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US $24,995.00
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