Is it realistic that I will get this auto loan?

i went to an Acura dealer today to look at an Eclipse i want for $4995. I have bad credit because of 2 credit cards, 1 bounced check with Wal-mart and some unjust charges(to me) from Key bank. But I have a paid off auto loan through Chase. Before i went on I talked to the dealer on the phone and he said they dealt with banks who financed good credit and bad credit applicants. I went in filled out the credit app. and he Said he%26#039;ll contact me on Monday with an answer( I guess because the banks aren%26#039;t open on the weekend?) but I%26#039;ve done the math with the price of the eclipse, my trade-in, and what I make. And I would easily be able to afford payments on a 5- year loan. The thing is I%26#039;m still in school and only work part-time and make around $9000 per month. Will they look at that as too low? And what do you think my interest rate would end up at? more than 15%? thanks for the answers

Is it realistic that I will get this auto loan?yes loans

tmladenka is right, we Americans love our cars. We like them big, fast and shiney. It%26#039;s what makes us Americans. Nothing wrong with that.

If I were you, I would save up a few grand and sell the car you have. If you paid cash for a car, you wouldn%26#039;t be in debt, you wouldn%26#039;t get screwed on the interest and you wouldn%26#039;t have to worry about it being repo%26#039;d when your late on a payment because you had to pay your tuition.

Imagine if you put away $200 a month for 15 months and sold your car for $1000. You would have $4000!! You could walk on any car lot with $4000 and get a $5-6000 car.

Great aspect of this id, you saved a couple grand on a car, your not in debt and trust me, a paid off car drives different that a financed one.

Is it realistic that I will get this auto loan?

loan

Hi, Yes you can get an auto loan with bad credit, it just depends who you go through. You interest rates will be higher. Good Luck!!|||If you make $9000 a month then you dont need a loan.|||If you make $9000 a month just pay cash for it.|||They may give you an outrageous rate. You would get a better rate at your own bank, but if you have no other alternative... and want to pay double for the car... you will have a higher pymt than you realize, if you are real good with this loan though you can rebuild your credit... pay extra pymts through the year to get it paid off early and that will help your credit too.|||You sound like a roach, but they may lend you the money. Ah, America...the place where people living the poverty line need cars...nice society.|||I dunno....Your income isn%26#039;t very high. The dealer should%26#039;ve been able to give you an answer right away. I bought my last car on a Saturday afternoon, so why have to wait until Monday?

Best of luck. I hope this works out for you.|||Honestly, car loans are generally not a good idea. Are you living at home? Because if you only make $900/mo., there%26#039;s no way you can afford even a 5-year loan.

But for convenience sake, let%26#039;s look at the numbers. With your poor credit (the banks know what they%26#039;re doing here, they%26#039;ve been doing this for a LOOOONG time), you won%26#039;t get a very good rate - probably around 8 or 9%. You%26#039;ll end up paying about $6100 for a $5000 car and still be making payments when the car is 5 years older than it is now! Imagine the same model car, but 5 years older - would you be willing to pay $6000 cash for it today (if you had the cash?) Probably not.

Your best bet is to save the money you would have put toward the payment (around $100/mo.), then buy a beat-up old clunker (with cash) and keep saving that $100 /mo. until you can buy a better car (with cash).|||YOU PROBABLY WONT GET THIS LOAN. MOST OF THE COMPANIES THAT WILL FINANCE PEOPLE WITH SHAKY CREDIT WANT THEM TO BUY A CAR NOT MORE THAN 5 YEARS OLD AND WITH LESS THAN 50,000 MILES ON THEM. THE REASON THEY DO THIS IS BECAUSE PEOPLE WITH BAD CREDIT ARE HIGH RISK AND IF THEY BOUGHT AN OLDER CAR WITH HIGH MILES AND IT WENT BELLY UP BEFORE THE LOAN WAS PAID OFF THEN THEY WOULD PROBABLY JUST STOP PAYING THE LOAN.

THERE ARE CAR LOTS OUT THERE THAT WILL TAKE ON ANYONE WITH A HEART BEAT AND A HEFTY DOWN PAYMENT, USUALLY AT AROUND 30% INTEREST.

SO, GOOD LUCK, GET YOUR CREDIT CLEANED UP AND WHEN YOU GRADUATE YOU CAN BUY A NEW BMW AND SHOW IT OFF TO ALL THESE PEOPLE WHO THINK THAT THEY ARE PERFECT.