Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78
Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78
Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78
What can you tell me about Car Loans?
1. Do I need great credit to get one?
2. What are GOOD vs BAD terms?
3. Any advise you have?
By
Arthur
Posted on
07/08/08 Total Answers
2
Answers-
The worse your credit, the higher the interest.
If you're a member of a credit union, go there first. Apply for a loan at your credit union, they'll tell you how much they'll loan you based on your monthly income/expense ratio.
Then when you start shopping for a car, you're not stuck only buying from dealers who offer loans. You can buy from a private party. And that's where the best deals are anyway.
Also, if you have a auto line of credit already approved, you can get a specialty car from an online vendor like Dearborn Classics or something. You're not stuck buying a crackerbox like everybody else!
Answer by :
Pilgrim On Date
2008-07-08 12:52:28
First find out what your credit rating is. Talk to your bank about a car loan, then can run it and tell you what it is. If you're 750 to 840, you can write your own ticket, and get no down, no interest if you look around. If you're 660 to 749, that's the good range, and above 720 you are okay. 620 to 659 if fair, and 310 to 619 is the forget about it range.
The higher the down payment, the better off you are.
The average car loan is about 62 months, around $19,000-$20,000, probably around a 10 percent rate.
Co-signers are sometimes helpful.
