Reliable Car Dealers for Bad Credit/First Time Buyers in Charlotte (loans, how much)
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I just relocated to Charlotte, and I have bad credit.
I was unemployed for about 6 months, and I couldn't make all my payments on time, some accounts went to collections; therefore I have an awful credit.
I already got a good job in Charlotte, and I'm going to be able to pay my bills.... but I need a car because I work in Fort Mill, and if I use public transportation I would need to take 1 bus, 1 train, 1 bus and then a cab... every day, it's not cost effective and a long commute.
I'm looking for a used car, it doesn't have to be new... as long as it gives me 20+ mpg and it's on the 5000 - 8000 USD range I'll be happy.
you're probably looking at about 12% interest, but should be able to get a car at a dealership or a buy here, pay here - i worry about the condition of some of the buy here,pay here cars though...some may be glued back together...
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one of my clients had an easy time at crossroads kia in indian trail...most dealerships have a "special finance" dept too. call and ask around.
you're probably looking at about 12% interest, but should be able to get a car at a dealership or a buy here, pay here - i worry about the condition of some of the buy here,pay here cars though...some may be glued back together...
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one of my clients had an easy time at crossroads kia in indian trail...most dealerships have a "special finance" dept too. call and ask around.
12? I doubt it. 15+ more like it since he said "awful" and "payments" meaning plural. But, before heading for the shark tank, everyone should know what shape they are in according to the books.
The OP should run his credit with FICO scores to see what the numbers are. Most reputable lenders will go based on the middle number so having all three scores is better.
Next, Google: bad credit auto loans
And look at the results for national companies. There is one loan company that will at least tell you what rate you'd get before going on the lot. Knowing how much you can borrow and what the interest rate would be arms you before getting dazzled by the dealer.
Considering I just had a customer run through there, i'm pretty sure I'm accurate in what they got for an interest rate. Not sure what your experience or expertise is, but thanks for butting in here.. oh, and it was 11.8 to be specific!
Considering I just had a customer run through there, i'm pretty sure I'm accurate in what they got for an interest rate. Not sure what your experience or expertise is, but thanks for butting in here.. oh, and it was 11.8 to be specific!
Butting in? Don't take it so personally. I'm not saying what you see is wrong, I'm saying that I think it's worse for him than what you think. That's just my opinion. No one has posted credit scores yet though I'd be interested to now what your customer was at that got 11.8.
I wont try to explain it all now but if you buy a car from a "buy here pay here" "bad credit ok" car lot YOU WILL pay too much for the worn out car and too much interest 20% or more and you also will need a down payment. The down payment is often what the lot has in the car to start with..These lots are for desperate people with bad credit.
I wont try to explain it all now but if you buy a car from a "buy here pay here" "bad credit ok" car lot YOU WILL pay too much for the worn out car and too much interest 20% or more and you also will need a down payment. The down payment is often what the lot has in the car to start with..These lots are for desperate people with bad credit.
I think the default rate at Drive Time which might be slightly more reputable is something like 25% so yeah they charge out the nose.
I actually went to Drive Time, and yes... the cars are way too expensive, and I'm a bit scared as well....
They're charging me for a 4 years old car what it would cost me a brand new car.... interest is 20+ and down of 600.
They claim to have a 5 year warranty... but I've read so many bad reviews online, that I'm not sure if it's a good option.... thanks for the replies!
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