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Posted in Auto Loans
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EverynameIsTakenRightNow

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Just trying to see anyone's experience on this
I have a credit score of 540 trans. And a 536 Eq. The car I want is only 5,400 dollars and I'm putting down 800-1000 down for it . How likely am I to get excepted ? I'm a waitress currently and I make 1,127 something a month The car dealer excepts bad credit I'm just wondering with my down payment will it even matter how much I make of I'm putting a big amount down

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Hey no-name. This sounds like a buy here pay here type lot. With that being said, I'd walk softly dealing with these guys.... They will probably use all of your downpayment and give you a sky high interest rate probably around 20-25% and you will pay nearly double for what the vehicle is worth. Best advise would be to go to a bank (prefer a Credit Union) and get pre-approved on a car loan. Use your downpayment as collateral. They will taylor make a loan that will fit your budget and will be more respectable with your budget and interest rate. Then you can go to any lot and negotiate an offer, as long as it is within your budget, a lot if times you can get a nicer car with a lump sum.  (Getting pre-approved by a bank will give you a lump sum of cash in the form of a check to negotiate with.)

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