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Posted in Auto Loans
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TexasCougar

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Can you suggest a auto loan company that would loan me $16,00 to purchase an auto?
Car is 1 owner and only 23,000+ miles. Very clean. Any suggestions?

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I'm sorry to disappoint you.  Because of the fact your asking that question online, I'm assuming your credit is less than steller or you're just too young with limited credit.  Otherwise, you'd already be driving that $16K car.

Private party dealings give you very limited options.  If you're credit is good enough, you can walk into your bank and come out with a loan.  But, how do you know if the rate the bank gave you is the best?  If you get turned down, then what?  Now you have a hard credit pull on your credit report and no loan.  Do you risk trying another credit union or bank and risking another hard pull?

If you don't have the credit power to get preapproved, your best bet is to work with a dealer.  They have all the in's.  If your credit is subpar, there are banks that will grant you a loan, and the dealer does all the work.  If you're credit is good, the dealer can shop you around to two dozen banks without all the hard pulls.  With today's technology, a dealer can receive 10-20 loan answers in less than 15 minutes finding you the best bank deal.

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There are companies that will finance you even with horrible credit. What it mainly comes down to is how much you make, how long you have held your job and a huge down payment. I just purchased a used car recently for 11k from a local ford dealer with a score in the low to mid 500s. I was approved but I had to give at least 3k down and also had a very high interest rate 20.9%. The company I got approved with was Credit Acceptance Corp. Dealers that offer "Guaranteed Credit Approval" generaly will use this company for those with bad credit or no credit. Most of the smaller dealerships do not use those high limit companies. If your credit is good with a good paying steady job you should have no problem obtaining a loan

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