Auto Financing With Bad Credit
Q: I am shopping for a new car. Because I have some bad credit, it seems I have to pay very high interest. I do have a good paying job(about $45K a year), and in fact I have at least $6000 to put down. Is it possible for me to a get a lower interest financing? I'm looking to get an Altima at around $15000.
A: -My advice is to shop around. Arrange credit through your bank or credit union, not the car dealership. -Anyway, your assumption (that bank/credit union financing is inherently better than dealership financing) doesn't wash. I just bought a '94 Saturn SC2 (and I love it, thank you, Saturn detractors, and *yes*, I negotiated for the car: got ABS for free!). The best the bank would do is 8.4%. The credit union wouldn't even talk to me; seems my charming ex-husband hasn't paid off the loan he has from them and I'm still listed as co-debtor. The dealership got me 7.75% financing. .