I already have a 01 S2k, its paid off. but sense i bought it i have made some quote "bad fiance choices" well i recently got them paid off , and now am financally stable now. I have been for about 6 months. well i am looking for a nice DD , in the range of a BMW or something like that. I found a 330i for 14000, i have about 3-5 for a down payment, but my credit isnt the best. They said gaurentee credit approval. I called them but it was to late, i really dont feel like waiting till 2morrow to see what that means. Will i be able to get it when they say that or is that a gimick?

 

it's crazy high finance rates man. max on an auto loan is 21% but still that's rediculously high. see if the dealer can try other lenders first, maybe a local credit union or something to get the rate down. looking at older used cars makes finance terms shorter too.

 

Yeah, don't rely on those "we finance anyone" ads.
If you have cleaned up the blemishes on your credit report and have been stable the last 6months, walk into a credit union and find out how much you're approved and at what rate. This way you'll know what the spending budget is and the salesmen won't have to bullshit with you trying to find out if you'll be approved or not. More power to you!
They will offer way better rates than the dealership's lenders.

 

with those 2nd chance banks they really jack the rates up too and make a shit ton of money on you. local credit unions usually have pretty damn good rates compared to other more local lenders.

 

If your credit is bad, you have no business buying a car on credit. If you don't know your credit score before you apply for credit then your still making bad financial decisions.

Here's a novel thought save your money buy a cheaper car with cash. Nah that would be a smarter move. Gotta love the great unwashed and their sage like financial moves.

 

Buying a $14,000 BMW on a second chance loan rate is just ghetto fabulous. (definition 4)

 

but also if you messed your credit up, how else can you get your credit back to good standing w/o getting new credit? unfortunately you pay the consequences when that happnes as far as interest rates go but at least if you do pay good on an installment loan like an auto loan then it gets you back on the right track to getting a decent credit score again

 

look online for ways to fix your credit. one site said that you can write letters and if the company cant produce proof, it goes away, or something like that. get some small loans and pay them off. you can always re-fi your car that you own. always pay early on credit cards. etc.

two things to avoid, jail and bad credit. F'ed for life.

Dave

 

yeah well i dont need another credit card, cuz that thing killed it. i havent really been late on any car payments when i paid for my S, but i know i can afford it , i just didnt want it to be a gimick and go in there and not be approved. 21 percent is high . but im willing to pay more just to fix my credit... damn credit

 

A credit card will help fix credit. You just need to be responsible and not charge things you cannot afford. Apply for a card which requires the balance to be paid off in full each month if you have to.. that will force discipline on you.