Car loan with not so good or below average credit score....?

Because the market is so bad right now.... and the US dollar sucks..... will car dealerships/loan offices be more lenient on interest rates because of bad credit just because they want to make the sale? I don't mean give me the 0% apr you always see for people with good credit. I just mean instead of 20% like I deserve, getting something more reasonable like 12%?

Update:

First of all I don't have bad credit because I don't pay my bills. It is because I had someone steal my identity and I caught it too late. Second of all the two credit card bills that are my fault are because my father passed away and I had to pay for the funeral. So you shouldn't go around assuming that all people are bad and lazy. There are different circumstances that are not explained on credit reports. And even if it all was my fault, how long are you supposed to be punished for mistakes?! You sir are flat out rude.

5 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    The reason that the market is the way it is, is because of financial institutions extending money to individuals who have bad credit and then they default on their loans. Why should individuals who don't pay their bills have the same rates made available that people who do pay their bills get?

    People that don't pay their bills and have someone who wants to extend them credit should say THANK YOU and pay the interest. I wouldn't lend out my money for any rate if the customer is not going to pay.

    Maybe you should have added the extra comments to your original question before you attack someones character who is just trying to answer a simple question on APR!

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  • sohaib
    Lv 4
    3 years ago

    small community banks are lots extra in all probability to make judgements on somebody foundation somewhat than in case you slot the factors a common credit matrix. For the main area it relies upon on how some time past you screwed up your credit and what you're doing to repair it. Its no longer likely you will discover resonable help and rates from a great monetary enterprise or a dealership. come across a small monetary enterprise close to you and supply them a shot.

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  • 1 decade ago

    sorry to tell you but the banks are tighter now than before with all the money written off in the sub prime mortgage mess they have much less money to loan and are taking less risk and charging more for what they do loan

    Source(s): car lot finance mgr 10 years
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  • 1 decade ago

    No. Lenders are now more stringent than ever.

    Dealers will try and get you bought and in a vehicle in any market. Don't expect them to do you any favors on interest though.

    As a matter of fact, expect them to up your interest in reserve.

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  • Anonymous
    1 decade ago

    If you have a good job , you can ask for a loan at your credit union or Prosper. People may help you. More information at http://www.acreditlibrary.com/prosper.html and http://luccu.org

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