With bad credit is it easier to get a new car loan or a used car loan?

Posted in the Stanley Forum

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1 - 3 of 3 Comments Last updated Feb 12, 2014
qygycybetom

Crownsville, MD

#1 Dec 7, 2013
With bad credit is it easier to get a new car loan or a used car loan?Do you know your credit score? The first thing to do is get a free credit report and go over it.

You have paid like clockwork on one car and even with some credit issues, you have proven that you can make that payment....Is the new car anywhere near the same payment amount?

Also, you should be looking for a new car with a big rebate, it's like extra cash down in the eyes of the lender. Put as much cash down as you can...this will help the lender in their decision.

Talk to your bank or credit union about a car loan, they may be your best source.

Good luck
pirenoqozele

Crownsville, MD

#2 Dec 7, 2013
qygycybetom wrote:
With bad credit is it easier to get a new car loan or a used car loan?Do you know your credit score? The first thing to do is get a free credit report and go over it.

You have paid like clockwork on one car and even with some credit issues, you have proven that you can make that payment....Is the new car anywhere near the same payment amount?

Also, you should be looking for a new car with a big rebate, it's like extra cash down in the eyes of the lender. Put as much cash down as you can...this will help the lender in their decision.

Talk to your bank or credit union about a car loan, they may be your best source.

Good luck.
This site can help you finding the best option for you:@www.credit-solutions.info

Since: Feb 13

Location hidden

#3 Feb 12, 2014
Thanks for the info. I got my used car loan from Greater Central Texas Federal Credit Union.

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