| Need a car loan but have bad credit-a FICO score | | | | the amount you receive from the sale may be far |
| below 620? You can still get a good deal if you do | | | | less than the amount you need to pay off the [bad |
| your homework and don't believe everything you | | | | credit] loan. If the car is repossessed or declared a |
| read. | | | | total loss because of an accident, you may be |
| Need a car loan? | | | | obligated to pay a considerable amount to repay the |
| Probably -Over 61 millions cars were bought in the | | | | loan. |
| U.S. last year, according to estimates by Forty-four | | | | The final step? |
| million were used cars. Seventeen million were new. | | | | Arithmetic - Before you sign on the dotted line, be |
| Over half of these purchases required a car loan. | | | | sure you know the bottom line: what are you actually |
| Bad credit? | | | | paying for the car? Get a calculator and multiply the |
| Maybe -Over 30 million Americans have bad credit as | | | | monthly amount by the number of payments. Add |
| reflected by low credit scores. These scores are | | | | your down payment or trade-in to get your total |
| based on ratings from the Fair Isaac Corp. (FICO), | | | | cost. |
| which provides a mathematical formula that ranks | | | | If you have a long-term car loan, you may be |
| your credit worthiness against that of other | | | | surprised at how much interest you will be paying. For |
| borrowers. | | | | example, a 72-month loan at 8 percent on a $35,000 |
| Believe what you read? | | | | new car will cost you around $10,000 in finance |
| Don't - The Federal Trade Commission warns | | | | charges. |
| consumers to, "be cautious about advertisements | | | | Free car loan quote? |
| offering financing to first-time buyers or people with | | | | Certainly - Get a complementary quote on a car loan |
| bad credit. These offers often require a big down | | | | by using the express request form at Fast Car |
| payment and a high APR. | | | | Finance. The site has more information on Car Loans |
| If you decide to sell the car before the loan expires, | | | | For Bad Credit Buyers. |