Bad credit used car dealership
Don't have good credit. Around 610ish. Make decent money but can't qualify for financing at most dealerships without a co-signer. Anyone know any places that would work with bad credit? Thanks for any help
Bad credit Kind of surprised to hear that, usually most dealers can find a bank that will take on your loan, but it will be at a higher rate of course.
Shop around, I'm sure you'll find someone that will work with you.
only one truth That really depends on what you’re looking for. If you just need a vehicle to get to work, save up $4-5k and buy a used Hyundai or similar. If my credit was in the 600s I wouldn’t even bother with a 25% interest rate loan for a car.
The other option, which I don’t recommend, are those “buy here, pay here” used car lots. Basically, you leave the dealer with one key and the dealer holds the other. If you miss a payment the dealer sends a salesman out with the key they kept and repos your (their) car and it’s on their lot for sale again the next day. I’ve heard of dealers selling the same car 4-5 times.
If you’re looking to get into a $20,000+ used car with that type of credit rating, sure, it can be done, but you’ll be paying as much in interest as you will the principle. If you’re ok with a $900/mo, 60 month loan for a $25,000 car, go right ahead. I’d never do that. Especially if you default. Then you’ll never get another loan for anything again.
Again, save up some money, buy a semi-reliable, cheap car. Good luck to you.
Consigliere
ianimal New Jersey has usury laws. The maximum rate allowed by law for a legitimate loan is 16%. Even if a dealership tries to cover costs as "credit surcharges" or "loan acquisition fees" or whatever, it still ups the monthly payment. That amounts to usury. Would you want a car from a place that does that? Would you trust them to have a car that won't break down and then it gets repossessed??
If you have the income, your credit score is going to be going up anyway as you make on time payments on your bills. Set aside what you would have been paying on a loan. In six months your situation should look far better to a lender. Go direct to your own bank, not anyone used by a dealership. You can show your bank your income, and also your savings. Even if they don't qualify you, they'll tell you what you need to be qualified. A dealership bank doesn't care, the dealer will just sell the car to someone else.
GC GC said "New Jersey has usury laws. The maximum rate allowed by law for a legitimate loan is 16%"
Not at all true. Subprime auto lenders regularly charge over 20% in the the state NJ, legally might I add.
As does just about every credit card company! Some up to 28%!
Ianimal, OP says they make “decent money” so I’d assume car pooling to work for a few months would get the money saved. There’s no way around it anyway. They’d probably need $4-$5k for a downpayment with that type of credit rating. No bank is going to loan a person with a 610 score $15k+ with $0 down. And usury schmoosury. Dealers have 1,001 different tricks to up your monthly payment. They can simply add on thousands in “dealer installed options” like undercoating, floor mats, window etching and paint protection. Not to mention doc fees. Some states, like florida have a cap on doc fees. NJ on the other hand has no limit to what they can charge. In the end, you’re paying way more for a car than you should. Save the money, find a way to work, buy a cheap used car, improve your rating by making payments for bills on time, then, down the road, trade in your car and get a loan for your next car at a reasonable rate
Lease- you’ll build your credit and you can use the equity as a down payment on another vehicle when your lease is up or put it down on the one you leased.
Me mytakeonit
"up to 28%", there are CC companies charging even more than that. Heaven help if someone gets on their "penalty rate", due to having made a late payment or two. That is, on top of the one-time penalty charge you would get that month for having been late. Of course they still pay $--t for % on a savings account, etc.
As to the OP's original question. I don't know of any, but you should be very wary of them, just as another responder mentioned about "buy here, pay here" places.
Bad credit
If you belong to a credit union, or are a USAA member, or qualify to join, they also do financing at lower rates. Aside from that, "Consigliere" has a lot of good tips.
Phil D. I had dealt with Rent a Wreck when my credit was not good and they worked well with me. I don't know if they would with you, but they were decent to me.
AJMS 
Friday 
CBGB Here is an article on improving credit score before buying a car, perhaps some may apply to you. Good luck!
https://www.experian.com/blogs/ask-experian/how-to-get-your-credit-ready-to-buy-a-car/
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