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