This shows the lender you are serious. Another alternative is to get a co-signer, one who has good credit. This can be a relative or a friend. Someone who knows you is often no afraid to cosign for you. Every lender has their rules and procedures and you may be surprised how many are willing to work with you. Some may want to batch of application fee and you should resist this if you have any alternative.
Some may not require a down payment but wants to charge a really high interest rate. In this case study both options. Ihor kononenko may find this interesting as well. If you are buying a car that’s not too expensive, then it may be to your benefit to pay the higher interest and keep your cash available that you were going to pay the down payment. As you improve your credit score, you can always trade in the current car and get another car with a more favorable loan. As a general rule, most car sellers whether a dealer or a private party, the primary determinant regarding interest rate is your credit score. This makes the first step and most important step is getting up your score. This may take a little time.
In the mean time get a car you can afford even with a rate high interest. If you are lucky enough to make a down payment or get a co-signer, this is something you do not want to face every time you go to buy a car. It, all comes back to getting your credit score moved up and that’s up to you. Nowadays financing a car with bad credit will probably not be as hard as you expect. The internet has made bad credit car loans accessible to most bad credit borrowers. Just face up to this and work on being a “good credit” buyer the next time. About: Car money almost provides guaranteed car financing at lowest possible interest Council for the people bad credit, poor credit or no. credit. CarMoneyFast specialize in providing bad credit car loans, helping people to get their car loans for bad credit or no. credit as compare to other car financed site of across United States.