Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
MGS1206

0 Contributions
0 People Helped
What is a median APR for a used car if you have no credit at all?
What is a decent APR for a car loan on a used car if you have no credit whatsoever? And if you have no credit, does it effect my "credit score" negatively every time a dealership runs my credit, whether I'm approved or not?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7373 Contributions
3812 People Helped

Caution needed.

When one does not have a good credit score, they are more likely to fall prey to financing that is outrageously expensive (high interest rates) or not able to get a vehicle at all.   You may wish to speaks with a loan officer at your bank or credit union to see what would be affordable for you.  Having a pre-approved loan available would give your the means of negotiating a doable price on a vehicle.  Every time a dealership runs your credit, it places a hard inquiry on your report and that can impact your credit score for a year if too many show up.  That's why I recommend getting a pre-approval before shopping.

Should there currently be no loans available, try saving up for a vehicle.  Cash in hand works very well when a dealer wants to sell a car.  I couldn't get a loan 8 years ago whan I bought my car, but had sold my house and still had some of that left.  The vehicle was almost $3000 more than what I had set as my high limit and, since I was willing to walk away without buying, they went with it.  Still tried financing (they can get losts of money that way) but it wasn't going to happen, so I got a good used vehicle I'm still driving at a price I could afford.

Never give up.  

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.