- This topic has 15 replies, 11 voices, and was last updated 10 years, 3 months ago by Anonymous.
- February 16, 2011 at 11:35 am #412581AnonymousInactive
I used them once years ago, back when my credit score was pretty bad (I hadn’t found 100 Points in 100 Days yet so I was pretty clueless about credit lol), and had great results.
I don’t really remember all the details, but I never had a problem, and the rates were very competitive. Even though I had iffy credit, I got approved, and was sent the information I needed to buy the car instantly. I was able to go get it the next day.
Good luck! 🙂
- February 16, 2011 at 12:29 pm #412582AnonymousInactive
No, the bank wont require you to buy a more expensive car. they may require you to buy a cheaper one though, so that the debt to value ratio is better.
As to the interest rate, don’t be surprised if it is the statuatory maximum for your state. In some states, that is 29.99%, in some it is 24.99%. If you credit is as bad as you say, you may well be hit at that rate.
Try lendingtree first. Go to http://www.lendingtree.com and fill out an application. They will get y ou 4 approval calls, so you can pick the very best one. The advantage being you might get a better rate. But even if you don’t, you will go in knowing exactly what your payments will be, and what price range you are in. It makes the process a thousand times easier.
- February 16, 2011 at 12:52 pm #412583AnonymousInactive
Of course it doesn’t make sense but you are at the mercy of the predators who call themselves dealers and lenders when you walk in with poor credit and your only concern is a low monthly payment.
NEVER shop for a car based on the payment. Shop for a car based on the actual selling price and shop for a loan based on the interest rate and terms. They can juggle the contract any way they wish to get your payments in your range but the important sections, (interest rate, terms, length of loan) will all be in their favor.
Don’t play into the bad credit loan scam. Take your $ 3500 and go pay cash for decent used car.
- February 16, 2011 at 1:46 pm #412584AnonymousInactive
There are two great answers before mine, but if you are buying a car for 10K, the value of that car is probably 7K. Also if you are buying a car for that price the lender will probably only go 36 months.
Now add tax, title, license and a high interest rate your payment will be around $ 300 a month.
The idea of buying a private party car for your cash down makes sense until you rebuild your credit.
- February 16, 2011 at 2:40 pm #412585AnonymousInactive
What you will face is, in addition to the high interest rate you will overpay for the car.
They may not tell you this but it happens. For example, you might pay anywhere from $ 1000-3000 more to compensate them for the excess risk.
Even with $ 3500 down.
You aren’t really in a position of strength here. Most people with bad credit take what they can get.
You are going to end up with a bad deal no matter who you buy from unless you be smart and spend no more than the $ 3500 you have in cash.
Bottom line is even 29% and $ 3500 down doesnt compensate the dealer enough for the risk they take if they never see you or the car again. Thus, you may get a $ 7000-8000 car for $ 10,000 at 29.9%.
Just spend $ 3000-3500 from a private party and be done with it. Then pay yourself the $ 300 a month you intended to spend on the car.
In 2 years you will have $ 7200 plus your trade plus some interest and you can get something nicer, again with cash.
There are no reasonably fair deals when you have bad credit. Its bad or really bad.
- February 16, 2011 at 3:01 pm #412586AnonymousInactive
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net
- April 16, 2011 at 5:26 am #199066AnonymousInactive
…reply envelopes? I sometimes do. It is legal to do?
- April 16, 2011 at 5:42 am #256743AnonymousInactive
Yeah all the time. I will shred the application but I’ll stuff all the other garbage they send me right back in there and drop it in the blue box. Sometimes we’ll just fill it with garbage and mail it back. I look at it like this, they wasted my time by making me have to shred the application, so I’ll waste some of their time and their money!
- April 16, 2011 at 5:42 am #256759AnonymousInactive
I have sent scraps of paper and expired coupons. If they want to pay all that postage for advertising I may as well give them something to open. I also send the perfume sample pull up tabs .
- April 16, 2011 at 5:43 am #256736AnonymousInactive
I mail them all sorts of crap, old yugioh cards, paper clips, used condoms, and the assorted what-not.
- April 16, 2011 at 6:07 am #256881AnonymousInactive
wow! what a great idea! I’m gonna start today!
- April 16, 2011 at 12:11 pm #257180AnonymousInactive
I will put “Return to Sender” on the outside of the envelope and drop it in the mail box. I don’t know if the mail service actually sends it back, though.
- April 16, 2011 at 12:12 pm #257284AnonymousInactive
Yes. I write PLEASE REMOVE ME FROM YOUR MAILING LIST on the credit card app. and send it right back to them in the reply envelope.
- April 16, 2011 at 12:14 pm #257311AnonymousInactive
I sometimes mail credit card companies my junk mail in those envelopes, lol.
I don’t see what would be illegal about sending them thier own bills in their own envelopes, that is why they send you the envelope isn’t it?
- April 16, 2011 at 12:37 pm #257441AnonymousInactive
I do sometimes. Why not? They are paying for the postage for nothing in return.
- April 16, 2011 at 1:18 pm #257463AnonymousInactive
I usually stuff all the junk mail I got that day into it and mail it back.
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