Question: I'm a car dealer looking for low-bad credit financing - Which banks do you recommend??
I am a car dealer in DFW area. I usually get people on my dealership with low credit scores, bad credit, and no social security number (Mexican Papers). Are there any good banks that finance credit scores around 420-590, and if so, which ones would you recommend me using? I know they are higher risk loans, but I have heard of some people financing them. Any help would be greatly appreciated!
Answer: It depends which type of dealer you are, franchised or independent. There are many more banks available for franchised dealers.
I found a site that lists sub prime auto lenders by state and dealer type, it's listed below.
Question: Any ideas on a reliable site for bad credit motorcycle financing?
I have been divorced twice. Due to that and foolish decisions from my youth, I am left with a beacon (more like a flashlight) score of 570. Yamaha credit declined me. I purchased a car in March through Capital One, I have two credit cards with them (all are paid on time, ahead of schedule and way more than the minimum when I have a balance) but they do not finance bikes.
Any reliable sites out there to finance someone like me?
Thanks in advance for the advice.
Answer: Managing your finances should never be a completely solo task. Why not take advantage of the hundreds of free financial consultancy websites? You can easily find reputable help from financial directories like http://cozyfinance.com/ and save yourself the hassle from learning it all yourself.
Question: Where can a first time home buyer with bad credit get financing?
Last time I checked my score it was around 500. I have about $2000 total to put down. Not looking for anything real nice, maybe between $20000 to $30000.
Answer: Someone with bad credit really shouldnt be looking to buy a home. It's not a good idea to buy a home if you have a history of not making payments.
If you have $2,000 to put down you would be better off using that money to pay your debts and raise your credit.
Question: How can I get good motorcycle financing with bad credit?
I had perfect credit up to a year ago, when personal issues required me to file bankruptcy. That was in January of 2007. The bankruptcy has now been discharged. Anyways, I am looking at a Yamaha YZF-R6S. I have more then enough to pay for insurance and the monthly payments, but there is no way that I will be able to get financed by the dealer. Can anybody tell me any places that I can go that may work with my credit score of 579? Also, if anybody else has any other bikes 600cc and up that they would recommend, I would appreciate it. Thanks!
Answer: You filed bankruptcy, and now you want a magic bank to finance you with poor credit? It's not gonna happen. You FILED BANKRUPTCY, and it stays on your credit report for 7 years even if it was discharged. Banks don't care what your problem was, all they see is the bankruptcy, and they don't owe you squat.
You might try a credit union, but you'll have to open an account with them first before they'll grant you financing. they have FAR better rates than a dealer anyway, but YOU will probably be staring down the barrel of a 14% finance rate (at best) regardless.
Lesson learned: don't file bankruptcy and expect everything to be OK afterwards. It tells people that you can't handle money properly.
Question: Bad credit financing for new honda atv?
Where or how can I get a new Honda four wheeler (atv) financed. I live in north western va and am willing to travel to a dealership if they can get me financed. Please help. Already been scammed on a personal loan so want help.
Answer: Go for the easy credit plan. Put 100% down and then there is nothing more to pay ever.
Question: Looking For Housing Financing w/ bad Credit in Mississippi without haveing a huge down payment?
I'm looking for a housing loan, I'm financing my car. Can I get a home loan?
Answer: Chances are slim to none and slim just walked away :)
Actually they will approve you of the loan but the interest rate would be so ridiculous that you will end up saying WTF mate!
Question: Bad credit financing?
I currently have very bad credit due to a divorce & was wondering if there are any companies out there that will finance w/o a credit check? I am looking to rebuild my credit. I could save & buy things, but I'm really looking for ways to build my score back up.
Thanks!
Answer: This is going to depend mostly on just how bad is bad.
However, there are many companies that offer things like "starter credit cards" that either have higher interest rates, are secured, or have annual feels that they will give to people looking to build or rebuild credit.
Some companies to try are any credit unions you are affiliated with and Capital One.
Good luck! Its a slow and arduous process to rebuild but worth the effort!
Question: How do I get financing with bad credit?
I owe $1,000 to the bank I used to go to. I've owed them for about 2 years now.
The bank I'm at now wont give me a loan and neither will the dealership. I need $2500. It's for a bike.
Who will give me a loan?
Answer: Nobody is going to give a deadbeat like you a loan. You've owed your former bank a measly $1000 and haven't paid it off in 2 years. Nobody is going to give you any more. Walk or take the bus until you pay back that bank and get a grip on reality.
Question: How would someone with bad credit get approved for financing to start a new business?
I want to start my own tanning salon and espresso stand in Bremerton, WA. I personally have a low credit score and limited start up funds. I have a few locations in mind and after much research I know that this business is VERY profitable, yet...VERY expensive to start up. Where could I find financing to get the start up funds?
Answer: Look for investors.
If you can demonstrate that the business is as profitable as you say prepare a business plan and advertise for investors.
You will have to give up a substantial piece of the action, but if you don't you probably won't have a business at all.
Question: Owner financing a good option for bad credit?
Is owner financing really a good option for those with bad credit? What are the typical qualifying terms in these cases? Is documentation usually required? What's the best way to structure the deal, in the buyer's favor?
If you have any tips or insights, please share.
Answer: Owner financing is a great option for bad credit. Especially during times like these when traditional credit is tightening up. There are many ways to structure the deals. Sometimes a portion of the rent goes towards the down payment for about 3-5 years. At that time the credit will (hopefully) be better, and the "renter can get a traditional loan." There is also a "nest egg" to put towards the down payment.
There is also a method called the "wrap-around" mortgage. For example, the seller sells you the property for $100,000, on a 30-year term. He owes $50,000. You pay him $1000 per month. He pays the mortage company $500 and keeps the other $500. When you pay off the mortgage you own the home.
When structuring these kinds of deals, make sure that it is clearly stated that this is a "Purchase" and not a "rent to own." Ideally you should have a recorded deed, but be careful with that because once a deed is recorded the lender might have the option to "call" the entire loan balance due. If the deal is structured in your favor, the sales price is locked in and the seller can't change it. Make sure that you have the right to sell the property as long as you pay off whatever price you agreed upon. In my example above -- if the property is worth $120,000 after 3 years, you would have the right to pay off the entire $100,000 and keep $20,000 for yourself.
Above all, please consult an attorney to look after your interest.
Question: What are the auto financing options we have with our bad credit?
My wife and I are expecting a child soon (that's the good news) and we need to get a vehicle with more than two doors! Due to a job loss and the following reduction in income our credit is seriously banged up (that's the bad news) Fortunately, we are back on our feet again but the past credit issues continue to haunt us.
I have done some research, but everything that I have come across seems pretty shady Are there any legitimte auto financing options available for us?
Answer: You might consider getting a cheaper used car until you credit score rebounds.
But if you need a new car I would suggest going to Saturn. They offer a sub-vented rate for customers on "new cars" for customers with some credit issues. The have a 9.9 APR for sub prime customers and their vehicles are more affordable and have 5 star safety ratings. (You have kids to worry about) Good luck
Question: Where can i buy a bicycle(Road bike) online When Financing for Bad credit?
I don't need anything god awful fancy (Road bike under 500$ tops) But i need this desperately seeing as how my physical shape is truly going downhill and its effecting all aspects of my life. Cycling is the only thing i can seem to enjoy that is excercise and Sadly my Trek was completely ruined. Anyone know of any online websites i can order from that offer financing for people with less then perfect credit>?
Answer: Try garage sales or garbage picking in nicer neighborhoods. If you're just riding around for exercise, you should be able to pick up something that'll do the job.
I've got good bikes for racing and off road, but I keep a 'garbage picker' in the garage for tooling around town, going to the train station, etc., so I don't have to worry about theft.
Adding to your debt load isn't going to help matters. Besides, why online? Wouldn't you want to test ride something before you bought it?
Question: Looking for actual experience in someone getting a home loan with bad credit/100% financing 600 credit score?
looking for actual experience in other words someone you would recommend
Answer: If you have lousy credit, try contacting NACA. When your credit is poor, you will be vulnerable to predatory lending and loans that are bad for you but good for the lender. The terms might be so unfavorable that it leads to you losing your house.
NACA is a non-profit housing advocacy organization and they do their own fixed rate loans. Check out their website for their story.
Question: Car Financing with bad credit?
A friend of mine has had bad finances in the past including large credit card debt and a repo. Well her luck just changed and she has taken a well paying job and is trying to rebuild. Well she desperately needs a car for work, will she be able to get financing for a car with her bad credit history and repo or should I just tell her to forget it? I know that there are institutions that finance for bad credit but i was told to avoid those at all costs.
Also she was thinking about applying for a loan if the financing doesn't work out, does anyone know of any good intitutions to go through?
Answer: Auto finance is what I do for a living and she can go to a large dealer that advertises Special Finance and get approved.
But, she will pay State maximum interest rates and will have to come up with anywhere from $2,000.00 to $3,000.00 down.
The reason is the only lenders that will give her a car loan charge the dealers huge fees normally between 20% to 30% of the amount financed.
Her short job time will also hurt her.
Unless she is sure of her new position, even though I am in the car business, I would not recommend this.
What ever she doe's stay away from buy here pay here places over 90% do not report to the credit bureaus so any payments she makes do nothing to re-establish her credit.
Question: How do I go about financing a car with bad credit and no co-signer?
I am 22 years old and have not so good credit and no family member to co-sign.
Answer: You'll need to put down a large down payment. Try to avoid using any bad credit agencies as you'll have to pay a very, very high interest rate.
Question: Can a person get 0% car financing if they have bad credit but put down a big downpayment?
I want to pay cash for a used car (15,000)...I have the $$, but I want to build more credit, and want a car loan so I can pay it off in just a couple payments.
Answer: That's a loaded question. You can, on paper, show 0% interest, when you're just paying the interest off out of the total profit from the car. Every major finance company I know of offering 0% insists that the buyer qualify for a certain tier level to get the rate, and with poor credit, you probably won't qualify. So the basic answer is this... a snake can show you 0% and you'd never know you just paid the 20% rate out of your big downpayment.
In addition, paying it off in less than a year really won't help your credit score that much. However, a cd for part of that $15,000 might earn you enough to offset some of your higher interest rate.
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