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Will a parent be able to get an high interest auto loan if they have bad credit?
Wiki User
∙ 18y ago
First off if your credit is good there is no reason you should have to pay high interest on any loan. If your son or daughter's auto insurance is clean then all you have to do is go down with them and foot the bill for the insurance on the auto. If you have poor credit and need to pay high interest I wouldn't do it! These institutions that promise you the sun, moon and stars and are lenders of money to the people will poor credit are scavangers and it's best to stay away from them. Their interest is so high it will take you forever to pay off the loan and many hope you won't so they can seize the vehicle and re-sell it. The best thing to do (more parents should do it) is the old ways like when I was growing up. I went out and worked as a Candy Striper in a hospital, saved my money and not only bought a second-hand car and paid for my insurance, but also went to driving school to learn the correct way of driving. Let your son or daughter work for it and they will appreciate it more. Good luck Marcy
Wiki User
∙ 18y ago
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Are interest rates on auto loans much higher if you have bad credit?
Interest rates on auto loans are much higher with bad credit compared to an auto loan with good credit. Many times a person with bad credit will receive an interest rate of 18% and up.
What is determined when trying to get lowest interest rate for a auto loan?
Generally your credit score and report will determine what kind of rate you will be able to get. Do your research and know what you can qualify for.
Can you get an auto loan if you have bad credit?
You can get an auto loan with bad credit, but the terms may not be what you want. In many cases, you will pay a significantly higher interest rate each month.
How does one qualify to get low interest auto loans?
One of the best ways to qualify for low interest loans is to have really good credit. The better your credit the better your chances of getting a low interest loan.
What interest rate will i get on an auto loan with a 620 credit score?
You will get the terrible rate of 4000%. Sorry
What is HSBC auto finance interest cost?
It depends on your credit rating. If you have an excellent credit rating then you will be able to get a low rate from HSBC auto finance. If you have a lower credit rating your interest rate will be higher.
Are interest rates on auto loans much higher if you have bad credit?
Interest rates on auto loans are much higher with bad credit compared to an auto loan with good credit. Many times a person with bad credit will receive an interest rate of 18% and up.
How can I finance auto with lower interest rates?
To finance an auto with low interest, you must have a good credit score. If you do not have a good credit score, there are always options of individuals co-signing with you, and specials on interest rates at certain times of the year.
What is determined when trying to get lowest interest rate for a auto loan?
Generally your credit score and report will determine what kind of rate you will be able to get. Do your research and know what you can qualify for.
What services does bad credit auto offer?
Bad Credit Auto offers traditional auto loan services, including loans for individuals with high-risk, poor or bad credit scores. Bad Credit Auto also offers flexible payment terms and competitive interest rates for individuals with little or no credit history.
What might be the typical interest rate on an auto loan in Charleston, South Carolina?
Individuals with the best credit ratings get the best rates on auto loans. As the credit rating or credit history declines, the interest rate is increased. Rates on new vehicles span 0% to 28%.
What is the current interest rate for HSBC Auto?
HSBC Auto offers auto loans to customers with poor credit. The firm was founded in 1995. The average interest rate on HSBC Auto loans is between 20 and 28 percent.
Will bad credit affect getting a car loan?
Yes. You may not be able to obtain an auto loan. If you do get approved you will have a higher interest rate which will result in larger monthly payments.
Can you get an auto loan if you have bad credit?
You can get an auto loan with bad credit, but the terms may not be what you want. In many cases, you will pay a significantly higher interest rate each month.
How does one qualify to get low interest auto loans?
One of the best ways to qualify for low interest loans is to have really good credit. The better your credit the better your chances of getting a low interest loan.
Drive A Car WIthout Credit?
If you have no credit, it doesn't necessarily mean that you will not be able to get an auto loan. Generally speaking, you will not be able to simply walk into a dealership, choose a car, and qualify for an auto loan with no credit. You will have to look elsewhere. Thankfully, there are several different lenders who will be willing to offer you an auto loan with no credit. These lenders will still require proof of financial responsibility, including a stable income, and a realistic understanding of your monthly expenses. Since the loan car will be used as collateral, they still consider the risks to be relatively low compared to handing you a credit card. If you can find somebody to cosign the loan who has a good credit history, you will most likely be able to obtain a loan from a traditional bank as well. This option offers much better interest rates. In order to get the best deal on an auto loan with no credit, regardless of how you go about doing it, you can save money by making a large down payment. The bigger the down payment, the less interest you will pay in the long run, whether or not it effects your interest rate.
What interest rate will i get on an auto loan with a 620 credit score?
You will get the terrible rate of 4000%. Sorry
