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