One note about co-signing, it won't help to build your credit rating, as the co-signer is essentially responsible for the loan.
Instead of assuming you have to go through the dealership, why not go to your bank and find out if you qualify or not? Do you actually know your credit is bad? Or are you just assuming? Or do you have a lack of credit?
However if you're getting a new vehicle, you may be able to get a much lower interest rate (Ford and IIRC a few others have 0% right now - you won't get that at a bank). I was able to qualify for an entry level vehicle as a relatively broke university student years ago.
Most companies should have an application online to see if you qualify. It's not going to hurt to give it a shot.
Quote:
Originally Posted by Crazy Flamer
I know there are dealers that will finance almost anyone, although at a higher interest rate. Is this sort of financing available for private sales as well?
|
There's certainly institutions out there that will gouge you interest to give you money for a private sale, sure. At that point you may want to decide if you're willing to give away money for nothing (interest) or hold off on getting a new car until you build your credit. There's nothing wrong with picking up a model that's a few years old that's still in great shape that someone else has eaten the depreciation on already.
Quote:
Originally Posted by Crazy Flamer
I know there are dealers that will finance almost anyone, although at a higher interest rate. Is this sort of financing available for private sales as well?
|
There's certainly institutions out there that will gouge you interest to give you money for a private sale, sure. At that point you may want to decide if you're willing to give away money for nothing (interest) or hold off on getting a new car until you build your credit. There's nothing wrong with picking up a model that's a few years old that's still in great shape that someone else has eaten the depreciation on already.