Good credit/Bad credit/No credit/No problem, Whats it mean?

6,957
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Joined Jan 5, 2008
When buying a car and they advertise this, what does it mean??? Do they really allow anyone with a job to finance a car or is there a catch?? Someone schoolme on how this works please. Thanks in advance !!
Also, how canco-signing help me??
 
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Joined Feb 21, 2008
If u have a job and can atlease put down like $2000....But the way these car dealership closing..I really dont think it matters right now..If u got a job goget a car..
 

wj4

13,065
2,318
Joined Jul 6, 2002
Originally Posted by SneakerPimp2k8

When buying a car and they advertise this, what does it mean??? Do they really allow anyone with a job to finance a car or is there a catch?? Someone school me on how this works please. Thanks in advance !!
When you have little or bad credit, more than often you can still get the car, but your rate will be extremely high (Not necessary might be truein the current market though with the already hard to get financing). Credit score is a way to let them know how responsible you are in paying on time, tovery simply put it.
 

im not you

Banned
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Joined May 29, 2009
Basically all it boils down to is interest rates. The better your credit is...the better the rate...the less money you'll probably have to put down.

Bad credit...they'll still let you cop but'll you have to put down more bread up front and your rates are going to be sky high.
 
6,957
3,404
Joined Jan 5, 2008
Originally Posted by wj4

Originally Posted by SneakerPimp2k8

When buying a car and they advertise this, what does it mean??? Do they really allow anyone with a job to finance a car or is there a catch?? Someone school me on how this works please. Thanks in advance !!
When you have little or bad credit, more than often you can still get the car, but your rate will be extremely high (Not necessary might be true in the current market though with the already hard to get financing). Credit score is a way to let them know how responsible you are in paying on time, to very simply put it.

so I'd get raped on the price compared to someone that had decent/good credit?
 
9,474
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Joined Jun 24, 2008
they will slap you with crazy rates... in hopes that they will cash out on your poor credit ...
co-signing is just like there insurance plan...if you default..your co-signee takes it up the ...
 
10,489
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Joined May 2, 2001
...basically you'll end up paying double what the car's sticker price is (over the course of the loan)
 

wj4

13,065
2,318
Joined Jul 6, 2002
Originally Posted by Savonne

If u have a job and can atlease put down like $2000....But the way these car dealership closing..I really dont think it matters right now..If u got a job go get a car..
That's a bad suggestion in general. You should not just put down 'like $2000', but rather a set percentage based on the price of thecar. It would be best if you can put at least 50% down and kill the payments off as soon as possible so the interest doesn't get you. A lot of peopledon't know how much they're paying in that until they look at the whole picture and kick themselves. This is how a lot of money are made of theaverage Americans.

A cosigner is needed for those with little/no credit.
 

wj4

13,065
2,318
Joined Jul 6, 2002
Originally Posted by Dirtylicious

...basically you'll end up paying double what the car's sticker price is (over the course of the loan)
Exactly. I met a kid in my freshman year in college who got a G35 and he told me he only had to put 'several stacks' down. We weretalking in this right before math class started and the teacher joined the convo. He didn't even know how much his total price out the door was, he justknows he paid $xxx.xx a month. After a calculation was done, it turned out with interest, his G35 was more expensive than a loaded M3.
 
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Joined Dec 16, 2003
wait wait wait

hold up, I asked you if you could afford the M3 you wanted to buy yesterday and now you are asking about this


I guess I was right
 
6,957
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Joined Jan 5, 2008
Originally Posted by areyouin729

wait wait wait

hold up, I asked you if you could afford the M3 you wanted to buy yesterday and now you are asking about this


I guess I was right

you asked me about selling sneakers, i dont have great credit but that doesnt mean I dont have a job or money....youre still a d*ck for your commenttho
 
6,957
3,404
Joined Jan 5, 2008
not necessarily, how about family effing up your credit??? thats what happened to me... a loan was taken out that I had no idea about, I just want to know whatI'm going to deal with before i get to the dealer, so ive been researching some info
 
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