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Posted in Auto Loans
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Starlord77

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Advise on car interest, no money down
Do I need money down if I have 1000 trade in? What will my interest rate be with a 640 made big payments on my cards, but hasn't posted to my score yet! I've got a lot of hard inquiries but a few drop off in December. I don't work, I'm a stay at home fiancé. So how does that work? So I am looking for advise. Im looking at used cars for no higher then 1200. I'd like to have My monthly payments at 2-250.

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error

Sorry that's 12000. I left out a 0 lol

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Usually a trade in will count as a down payment, but usually they give you much less than fair market value for a trade in, so you are usually better off selling the car and then using that money as a down payment. Most auto lenders will use a version of FICO scores, so you should check them. With most lenders you must have income in order to get a loan. Honestly, with poor credit and no verifiable income it will be extremely hard for you to find a lender willing to work with you. You should focus on building your scores and finding some type of employment before considering trying to purchase a car that would need to be financed.

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