You may think that an older car will cost less, but interest rates may be higher on older vehicles.
Consider looking for deals on new cars first, and then newer used cars, since these are the cars that tend to offer the lowest interest rates.
Get into the best deal you can, given how much YOU can afford to spend on your monthly car payment.
It's still possible that you could find a better deal on an older used car, so do check out all of your options before making your final decision…and signing on the dotted line.
5. ISN'T IT BETTER FOR ME TO GET A COSIGNER?
Depending on your situation, getting a cosigner for your car loan might be the best option to get a reasonable rate. Consider looking for a cosigner if any of the following apply:
- You have bad credit.
- You don't have a fixed income.
- Your income is lower than the minimum required to buy a car.
- You have a high debt-to-income ratio.
But do remember that getting someone to cosign on a loan is a big responsibility. Your cosigner will be responsible for making payments if you aren't able to, so only get a cosigner if you are sure you can make your payments on time.
If you are able to make your monthly loan payments, having a cosigner may help decrease the amount you have to pay.
We hope this guide has been helpful. If you have any questions about buying a car with bad credit, just give our Chevy finance specialists a call at . Regardless of your credit, we'd love to help you afford the car you need in and around Limerick.
Sources: www.consumeraffairs.com/automotive/buy-car-with-bad-credit.html
www.bankrate.com/loans/auto-loans/how-do-i-buy-a-car-with-bad-credit