Bad Credit Financing......
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Registered User
Joined: Feb 2003
Posts: 43
From: Bullsh*t 3 Ring Circus
Car Info: Soon to be '03 WRX
Bad Credit Financing......
Okay I need help folks. I am now 22 and for the past few years have been fighting bad credit because I was stupid when I turned and went out and got credit cards and maxed em all out. I have recently started paying things off to fix my credit but I was wondering if you guys knew of lending institutions that I could talk to that might finance me for a '03 WRX. I dont mind paying outrageous intrest rates up front because I can always refinance later when my credit is under control. I dont like the new body styles and want to buy an '03 with low miles so im looking to act quick. I want to join the Subaru family but have this lil problem in my way. Any help is appreciated. TIA
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Joined: Jun 2003
Posts: 570
From: Nor Cal
Car Info: 2010 370z Roadster, 2008 Frontier CrewCab
If you haven't already, you might want to try looking in the local paper for those "Credit Doctors". IMO, I wouldn't buy a car until my credit was under control, though.
Last edited by GR8-WRX; Feb 12, 2004 at 06:33 AM.
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Joined: Oct 2003
Posts: 7,783
From: rightBehindYou, HI
Car Info: 1973 Huevo Ranchero
lesons learned
about credit- i was once credit challenged(and irresponsible) i got a loan for my 03 wrx with 11 percent interest. thats high but i didn't care. my credit has since then been improving greatly.
i sell cars here in hawaii and the one mistake i see alot is people going to credit counseling- the banks look at that as a form of irresponsibility.(like having someone else handle your bills cuz you can't pay them on your own.) in reality most credit counseling services although non-profit still take $ out to cover expenses. plus all they do is do what you can do----call the creditors and make deals with them.
my honest opinion--- save some money for down payment(like 3-4500) and then shop. the blue book on 03 wrxs is high... with bad credit most banks will only advance you a portion of the wholesale book value of the car...in retrospect - if you have good credit they will be more likely to finance the whole amount. try and find a dealer that will be willing to help you find a good lender willing to take you on. . . your interest may be high...and weigh this option(because its true...) "do i wanna pay THIS much money for my wrx??" (interest can be anywhere from 13-18 percent . . or higher)
hope that helps
i sell cars here in hawaii and the one mistake i see alot is people going to credit counseling- the banks look at that as a form of irresponsibility.(like having someone else handle your bills cuz you can't pay them on your own.) in reality most credit counseling services although non-profit still take $ out to cover expenses. plus all they do is do what you can do----call the creditors and make deals with them.
my honest opinion--- save some money for down payment(like 3-4500) and then shop. the blue book on 03 wrxs is high... with bad credit most banks will only advance you a portion of the wholesale book value of the car...in retrospect - if you have good credit they will be more likely to finance the whole amount. try and find a dealer that will be willing to help you find a good lender willing to take you on. . . your interest may be high...and weigh this option(because its true...) "do i wanna pay THIS much money for my wrx??" (interest can be anywhere from 13-18 percent . . or higher)
hope that helps
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If you live in the MW, PM me. I know a place. Im 19 with next to nothing credit and im going to get my loan taken care of at this dealership. Im lucky and military so ill get lower interest rate, but they can finance just about anyone.. as long as u dont have 3 homes or something on your credit u havent paid for in 10 months.
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