Business Q&A

im trying to buy a car, and my credit score is a 596. Between bank loans and the dealerships i have had my credit ran 4 times, that i know of! The car im getting is 22,000 and i know my intrest rate is gonna be through the roof! I only have one bad remark on my credit report as of now. i%26#039;m hoping that if i pay it off (all $450), and make the car payment on time and paying a little more than what the monthly note is, by credit will get better in 12-24 months and i can refinance. do you think that is possible and how many times does your credit have to get ran before it will drop the score? thanks for your help!!!

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answer from chinatrade114.com small business QA

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For a lot of people, buying a car is the largest and most important purchase that they will ever make in their lives. You want a car, but you have a bad credit history. You have applied for loans, but you are finding it very difficult to obtain one. You are not on your own as a lot of people have experienced the same thing. The good news is that there is an answer. Get hold of your bank manager, it helps if you have a good relationship with him/her. Find out the ins and outs and the terms%26lt;!–getting a bad credit car loan the bank will probably want to know details about the car and if you are able to put down a deposit. The bank may not be too keen on giving you a bad credit car loan if the car is too old or of little value. This is because if you don%26#039;t keep up the payments and the vehicle has to be repossessed for whatever reason, the cost of recovering and selling your car may be more than what the car will fetch.

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So while this may not be an ideal solution for you, it does give you a chance of getting back on the road, and possibly improving your credit score at the same time.In this case the bank will probably require you to have someone to cosign your bad credit car loan. In some of the big cities some large car dealerships may offer high risk bad credit car loans. These dealerships will sell you a car regardless of your credit history, so long as you have a good job. There is usually a large down payment required and of course–%26gt;the interest rates are fairly high. As always, it pays to do your research as there are great variations in the interest rates charged for these types of loans. The Internet should be your first port of call for research purposes, as there are lots of lenders who are very keen for your custom. Take your time and don%26#039;t accept the first offer of a bad credit car loan you get. Good hunting.

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answer from chinatrade114.com small business QA

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Second question first - the number of credit pulls allowed will vary by which credit score is being used. Multiple pulls, however, will hurt your score to some extent.

First question - refinancing a car 12-24 months down the road is probably not going to happen. The car will most likely depreciate much quicker then you pay down the principal of the loan. No bank will refinance in that situation.

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answer from chinatrade114.com small business QA

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how important is it for your to have the 22k car? have you considered preowned for something cheaper? with credit, the most important thing is diligence, so even if you have a lot of open credit- you must show that you are consisten in making payments -and not just ontime but pay a little more than the minimum balance.

do some research on the car price!

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