Would like a recommendation for a used car loan. I have bad credit and want to spend $7000 to $10,000


Asked by Jun 10, 2013 at 05:34 PM

Question type: General

I need a used car loan.  I prefer to not pay more than $250 a month

4 Answers


Well, you'll want to stay as close to the low end as possible ($7,000.00). Last year, when I bought my '08 Grand Marquis, I financed about $9,000.00 for 4 years at 4.840%. My payments are $258.30. I don't have outstanding, fabulous, credit but I also don't have poor credit either. I'm about average. Shoot for as new a car as possible. The newer the car, the lower the interest rate. Buy here/pay here places are a great option but usually want half the sale price down first then around $80.00 per week on the remaining balance. The good news is the payments are usually shorter term and you won't be required to carry full coverage insurance. The bad news is most of the cars these places sell are there because the new car dealer didn't want them on their used car lot. So do your homework. Get a vehicle history report like carfax or autocheck. If you're not vehicle savy spend $150.00 and have the vehicle inspected by a professional inspection company as well. This way you'll know if the vehicle has a "jaded" past and if it has any issues. Good luck on your search! HTH. -Jim

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Thank you! You are very generous with your time! You are thourough too!! Thanks again!

1 people found this helpful.

You're welcome. Glad to help! Thank you for the best answer click. -Jim

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