Is there a way to make car payments without good credit or a co-signer?

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  • Is there a way to make car payments without good credit or a co-signer?


Answer #1 | 20/12 2013 01:27
Do you have a bank account? Go to your bank (or call them) and ask to talk to a loan officer. He/she would be able to look at your account history and tell you what amount/interest rate you would qualify for. Aside from credit rating, your own bank knows more about your economic health than anyone. A bigger down payment is better for them because you're risking some of your own money besides all of their money, so it's safer for them. There might be a minimum requirement for down payment.
Answer #2 | 20/12 2013 07:46
A good down payment helps but the down payment alone is not enough proof that you can afford the monthly payments. You'll need a solid credit score and enough income to afford the debt in order to get approved without a cosigner.
Answer #3 | 20/12 2013 12:21
How on earth would we know? Whether or not a bank will loan you money depends on a number of requirements. Do you make enough money? Is your credit score good enough? Is your income to debt ratio sufficient? We can't answer your question because we don't know the answers.
Answer #4 | 20/12 2013 14:30
You could buy from a "buy-here-pay-here" dealer who sells overpriced junky cars at super-high loan interest rates -- but he doesn't care about your credit because he finances his own loans. If this is the ONLY way you can get a loan, just know what you're getting yourself into.
Answer #5 | 21/12 2013 09:53
Take your "good" down payment and go buy a 20 year old Honda Civic for cash. Then start making payments to your savings account, about $150 or $200 a month, until you have $10,000 saved. Then go buy a later model car. I realize this doesn't set well with the "instant gratification" generation; but Oh Well!

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