Questions About Financing New Vehicles

This will depend completely on what vehicle you intend to lease. Could you give us an idea of what interests you, so we can point you in the right direction?

Replies to this message:

velias2 (Feb 23, 2013 1:51 am)
- velias2 (Feb 23, 2013 2:02 am)

#2445 of 2451 Vehicle Financing by velias2

Feb 22, 2013 (10:06 pm)

Hello everyone,

I am just seeing if maybe anyone can help me out with a question. First, a little background on my financial history:

I have a credit score average of 565. I have a significant amount of debt but not credit card. Most of the debt is collections for accounts like personal loans, a cable company, student loans (all current and in good standing). I have a car loan out with a really high interest rate of about 25 percent/payment of 377.41 for 36 months (yikes, i know but i have a great job that pays well and i can afford to pay a high interest rate payment).

Although this interest rate is really high, i have not missed a payment nor have i been late on a payment. I have had the loan for about 22 months, so almost 2 years.

My question is, if i were to apply for a loan for a new car, and possibly trade this vehicle in, would i have a good chance of getting this loan approved? Will the history of good payments and ability to pay a high interest rate show that i am dependable with paying a car loan even if the interest rate is rediculously high? i want to be sure that i am not wasting my time if i go in to a dealership and running my credit if there is no point to do so. I am in need of a new vehicle, as my current one im still paying on is getting run down from driving long distances to work and back.

Any help and input form anyone who is a finance guru or has experience working with bad credit consumers would be greatly appreciated. Thank you so much!

#2446 of 2451 Re: New Lessee [kirstie_h] by velias2

Feb 23, 2013 (1:51 am)

Replying to: kirstie_h (Feb 18, 2013 7:23 am)

Well, i was thinking about a Ford Focus, newer model with low mileage. not neccesarily brand spanking new, i am more than happy to be approved for a certified used vehicle.

I have heard about Ford financing being a good option to look into. I am just very hesitant to walk in to a dealership with unrealistic expectation and running my credit for no reason if there is no possible way for me to get approved. Also, i plan on having a down payment of about $1000. I hope this helps out a little more.

Replies to this message:

velias2 (Feb 23, 2013 2:02 am)

#2447 of 2451 Re: New Lessee [velias2] by velias2

Feb 23, 2013 (2:02 am)

Replying to: velias2 (Feb 23, 2013 1:51 am)

im sorry i responded to the wrong post. please disregard!

#2448 of 2451 credit challenged? by kirstie_h HOST

Mar 05, 2013 (2:15 pm)

A reporter would like to speak to a recent car buyer who purchased a car despite a bad credit report. If you have a ding on your credit report, but were still able to secure a car loan, and you would like to share your story, please send your daytime contact info no later than Wednesday, noon PT/3 p.m. ET to pr

edmunds.com.

#2450 of 2451 press request by kirstie_h HOST

Mar 11, 2013 (10:07 am)

A reporter is looking for a car buyer who was approved for a car loan after their credit was dinged during the Great Recession. If you or someone you know was affected by the recession, but is now fighting to get back on his/her feet, and was recently approved for a car loan, please send your daytime contact info to pr

edmunds.com no later than Monday, 3/11/13 at 2 p.m. PT/5 p.m. ET.

#2451 of 2451 Under 30 and got a car recently? by steve_ HOST

Mar 15, 2013 (1:51 pm)

A reporter would like to talk to someone under the age of 30 who bought a car within the last few months. Please reach out to pr

edmunds.com by Wednesday, March 20, 2013 if you'd like to help.

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