Is it entirely impossible to finance a car with two judgements on an already bad credit report?
I know it’s a pathetic question, and it sounds like an oxymoron, but sometimes people encounter unfortunate situations in their life, and make irresponsible decisions in their past, and it will continue to haunt them. In the process of dealing with the consequences of bad decisions, life does need to move forward. Cars get old, have 150,000 k + miles and getting another car is essential. If a person (not myself!) has two judgements (totaling under $6000 collectively) and bad credit from credit card troubles, but has a steady job and makes $32,000+ a year, would it be possible in the slighest to finance a car? I am aware of high interest rates and such. I do know from experience that my parents had a bankcruptcy, came out of it, and within a month they were able to finance a new SUV.
Would it better to go bankcrupt? Advice?
Comment by shelcom
what makes you think you’ll repay a car loan any better than your current debt?
Posted on September 4, 2010 at 5:12 am
Comment by chaskfrazier
If you own a home that you can use for collateral and/or have a co-signer for your loan and If you can prove that you have enough income left over to pay for the car, it is possible. Car sales are down right now and some dealers will do anything to move certain models off their lots…even getting people like you (and me) who are in similar situations financed one way or another. Trust me, I was in the car sales business for over 10 years and I saw some really strange things happen between banks and “bad credit risks people”. Some will look at the present and future instead of your past…especially if you can show that you’ve changed for the better.
Posted on September 4, 2010 at 5:56 am
Comment by Jessica C
It is almost impossible. Most financial institutions tend to get more paranoid now that the economy is going on the down side. Many ppl having credit cards payments not fully settled are facing problems and you already have two judgments. If your financier is naive, may be you still stand a chance to get a loan.
Posted on September 4, 2010 at 6:37 am
Comment by spifiman1
Auto finance is what I do for a living and it is possible.
Go to your local dealer who advertises Special Finance and talk with the Manager. There are several lenders out there that will be willing to work with you and give you another chance.
You will have to make a large down payment and will pay State maximum interest rates, but if you pay as agreed for at least 18-months you can refinance with another bank and lower your rate and payment.
Posted on September 4, 2010 at 7:06 am
Comment by Luke D
This person will not know until she goes to a dealership and tries. More than likely she’ll need a down payment of at least $1,000. Try a reputable dealership first, not one of the car note lots. Even if they don’t advertise it, most major dealerships can find bad credit financing.
Posted on September 4, 2010 at 7:14 am