I want to buy a Chevy Cobalt, I have a trade in, but my credit is low, will I be...

[William B]

...able to get one? I'm looking at used ones and they're running for about 7500. I currently drive a 2000 Jeep Wrangler with low miles. It's in very good condition and has low miles. According to Kelley Blue Book, I should be able to get 5000 for it, 4700 at the least. I have the worst credit possible. Would I be able to finance the little I owe if I should get a car like this? I could easily afford the payments.

 

[robert h]

i think you will be fine with only financing that much....the only thing is though that you can expect some really high interest rates.

 

[insidebuy]

No. No lender will finance you regardless of how much you put down because of your credit history. You've shown you're way to high a risk to approve. We're close to a depression. Banks and lenders are closing at alarming rates. Many of them went under because of the high risk loans they approved.

Those that have survived are not taking anyone on unless they have a clean and strong credit history. Even subprime lenders are turning down everyone at a 620 or lower FICO score. Or anyone with current 60 or 90 day late pays, any charge offs, a previous auto loan with late pays, over 60% of their credit card limits or over 34% debt-to-income ratio.

They're also turning down everyone who has the worst offenses ... bankruptcy, repo, skip-trace, delinquent child support, or an noncollectable debt.

Your best bet is to try a buy here/pay her lot. I do not recommend them. Their cars are crap and they're obscenely overpriced.

 

[inbigtrouble]

if you own the jeep outright you might be able to find a dealership to give you financing not a bank. But if you owe more on the jeep then it is worth then you are upside down so to speak and you wont get any financing! If you really want to go through with it you will probably have to get a co-signer, basically there have good credit and are saying you will pay and if you dont they will have to pay. So if you get your mom or dad to so-sign and you dont pay they will kill you, and both of you will have bad credit!

 

[Something N]

If your credit issue is truly an issue you could get a co-signer, otherwise probably.