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Posted in Auto Loans
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Jonsiejones

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Can i get a car Loan even doe i have a low credit score
have a 518 n its seems low

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With a low credit score you get yourself in traps. It is unlikely that you will be approved for a car loan by a legit servicer, any place that will approve you for a car loan with a 518, is going to be a company in the business of screwing you over. They are going to charge you 25% interest and you will end up paying far too much for the car you purchase. I would steer clear of those type of "everyone is approved" type car lots, they are very shady. However, if you are in dire straights and you have no choice then be very aware of what they put in that contract, waht your interest rate will be, and request the breakdown of how much you will end up paying for the car across the life of the loan (they have this information). From there you can see what you will actually pay when all is said and done and decide for yourself if that car is worth it. Remember this will likely immediately put you upside down on your car payments, meaning you will owe way more than your car is worth, if you get into an accident that totals your car the car insurance company won't give you the amount to cover your loan, meaning you will be out of a car and still making payments. Similarly if your car gets repo's you will still be making car payments long after you lost the car. If you need a car, save up some cash and buy a beater to get you around until you are able to repair your credit.

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ive never had to deall with thhis type of stuff

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