I am looking to rebuild credit is this as good of a deal as I am going to get?
I have really bad with money for a lot of years. I have taken money management classes, and have improved over the past couple of years but I still have some old bad credit that should age out in the next couple of years and no new good credit. All of this has my credit score at around 600
I need a new car (mine just turned over 200,000 miles but still runs well), and I need to improve my credit score so I started looking into a car loan to accomplish both
I have applied at a couple of places and so far this is the best deal I can find. I have been assured that they report all payments to all three credit beauraus and will ensure that I get it in writing.
my hard and fast rules have been nothing over 20% interest, nothing over $ 10,000 ( I do qualify for more)
2003 dodge caravan sport 105,788 miles
base price $ 5650
I was told they have to add $ 3000 to the price because of my bad credit. This didn’t make me too happy, and felt like a bait and switch but the price is comparable or even below what I am seeing at other dealers in the area.
interest rate is 18.5%
term of loan 45 months.
down payment will be $ 1000
no trade-in. I will drive the other car until it dies and then sell it to the scrap yard.
the other places I have applied at (roadloans) had interest rates around 25%.
Should I keep looking or is this as good as it is going to get, for someone in my position (I am a realist)
All three are good answers. Sometimes you need someone to smack some sense into you. I can’t pick a best answer I will let the community decide.