Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

Can i get a car loan with bad credit and no down payment?

what would be the interest rate, and monthly payments for a loan for $18,000?

10 Answers

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  • 1 decade ago
    Best Answer

    Very unlikely.

    No lender will give someone an $18,000 loan for a vehicle who has bad credit and no down payment. At least not without a quality co-signor and strong income.

    99 percent of time, situations like this end up in my office and eventually end with a repossession.

    Source(s): Loan collections officer
  • 3 years ago

    1

    Source(s): Fast Easy Car Loan : http://CarLoan.trustdd.com/?pcyQ
  • Anonymous
    4 years ago

    I think you better consider that no other dealer would touch it . If you put your 10 grand down only to find out in a few weeks that the dealer financing fell through or they want more money or they will repossess the car where does that put you?. Not to mention what is the interest rate? with a credit score like that your looking at non traditional source of funding. This means a large interest rate. More money for the dealer any way you look at it. I suggest that you hold on to what you have and when you can go make a cash offer five percent below msrp is what dealers usually do for cash. those incentives come with restrictions and most people do not qualify. best of luck don't trust that dealer he sounds too slimy to me already.

  • Danny
    Lv 6
    1 decade ago

    1. You want to buy a car that cost $ 18,000.00 before financing , insurance ,etc.

    2. You have " bad " credit !

    3. You have no down payment !

    4. Are you serious ??

    First of all you would be lucky to qualify for a loan to buy a used car at least five years old..You are aware of the current credit crisis our nation is in , maybe you are not.You might get a buy here at 25% interest rate / repo here car dealer.. Your best bet would be to save up , buy a car you can afford , try to rebuild your credit and then trade up..

    Source(s): Retired Senior Bank Collector
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  • Anonymous
    1 decade ago

    Having bad credit can jeopardize you in so many ways that I understand completely what your going through.But the reality of the situation is that everyone who has bad credit will have high interest rates and will definetly have to pay upfront..No one wants to lend someone money when they owe money which sucks..but try to save up alot of money so that way you'll have the down payment and lower your interest rates, thats the only solution i can think of..Theres many options including financing a used car but you have to make sure you have enough to put for a down payment..

  • 1 decade ago

    Maybe, it depends on just how bad your credit is. But the interest rate will be very high. You would be better off to save up some cash for a downpayment and look for less car -- something under $10K. You could then finance it for a shorter period and as long as you paid all the payments on time, you would build some good credit history.

  • 1 decade ago

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  • 1 decade ago

    Save money and pay cash. Have you not learned anything. Come on. www.daveramsey.com

  • Anonymous
    1 decade ago

    This is a joke isn't it?

  • 1 decade ago

    I don't think so.

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