Anonymous asked in Business & FinanceCredit · 8 years ago

Bad credit car loan, down payment of $3000?

bad credit car loan, have $3000 downpayment, 1 default on credit report and earn 1900 week, with a fulltime job on the mines, but also have only been doing this job for a month, but have always been employed fulltime previously, the car I want is 35,990 , I do understand the interest rate will be high...well do I have a chance with bad credit lenders??

6 Answers

  • 8 years ago
    Best Answer

    Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's purchase or a lease.

    1. Term of loan. Shorter the better.

    2. Age of vehicle. Newer the better.

    3. Miles on vehicle. Lower the better.

    4. Amount to finance compared to book value. Lower the better.

    5. Credit score. Higher the better.

    6. Credit profile. Deeper the better.

    7. Down payment. More the better.

    8. Monthly income. Higher the better.

    9. Time on job. Longer the better.

    10. Time at residence. Longer the better.

    All of the above are taken into consideration.

    So without seeing the entire picture it's impossible to tell. But based on what you have said, as long as the rest of the deal is in line, you should have no problems.

    Source(s): Finance Manager for a car dealer for over 12-years.
  • 3 years ago


    Source(s): Fast Easy Car Loan :
  • 8 years ago

    When your credit score is bad, you must make up for it by strengthening other factors. It would be great if you put 10%- 20% as down payment. Now, $3000 is less for a $ 35,990 car.

    Also, most lenders will want that you are employed for at least six months. A month's job would also make it difficult for you.

    You can apply with a bad credit lender but you will have to work on improving your approval chances.Increase your down payment amount and also add a co-signer to your loan.

  • Anonymous
    3 years ago

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  • 3 years ago

    Was about to post this question too this morning

  • wizjp
    Lv 7
    8 years ago

    1 month on job...30K? 1 default.....

    Try again in a year?

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