     Rasheed (Rasheed724) | Wednesday, August 16, 2000 - 12:57 pm 
I am 20 years old. I have a very limited credit history, but a solid work history. I have been lopoking for a car for the past 5 months and tried nearly 20 dealerships. I have been approved at nearly every dealership, but the interest rates are higher than I am willing to pay 17.9% - 22.9%. A friend of mine suggest I buy a car through an acquisition, where I can pay the same low interest as the original buyer (sometimes below 8%). How do I go aboout finding a person looking to get rid of their car and do acquisition it. |
| Zachary1 (Drcredit) | Monday, August 21, 2000 - 04:05 pm
Keep trying--sometimes ads pop up in the classifieds--but good work on you NOT to be sucked in by the high interest. Many younger people such as yourself don't realize the value of their money...interest dollars are dollars still! If, failing you can't get a cosigner or the arrangement you want above, you MAY take on the higher financing for a SHORT time, say 3 mos., then try a refi with the lower rate having demonstrated a track record of payments. If no success, keep slamming them at 6 mos, 9 mos. then 1 year. After BK, I had a 19.9 which I finally refi'd at a local credit union for 8.9, and it took 9 months. That's a personal experience, yours may turn out better (I hope.) OH! and get weekly or bi-weekly payments at the bare minimum!
Good luck!
P.S. If only GOVERNMENTS realize how much MORE services they could get with the interest payments on national and local debts...how much better would we be all living! And taxes reduced to boot! |
| Christine Baker (Admin) | Wednesday, October 04, 2000 - 05:49 pm
I have to add here that to keep on trying will most likely result in more declines and higher rates as the additional inquiries will lower the Credit Scores. |
| P.Rosa (Angryconsumer) | Saturday, October 07, 2000 - 02:58 pm
I am 20 years old. I have a very limited credit history, but a solid work history. I have been lopoking for a car for the past 5 months and tried nearly 20 dealerships. I have been approved at
nearly every dealership, but the interest rates are higher than I am willing to pay 17.9% - 22.9%. A friend of mine suggest I buy a car through an acquisition, where I can pay the same low interest as the original buyer (sometimes below 8%). How do I go aboout finding a person looking to get rid of their car and do acquisition it.
You'll sometimes see newspaper ads for "reprocessed" cars. That term usually refers to the sort of deal you're considering, in other words taking over the payments of a defaulting owner. Some ads will say "Take over E-Z payments" or something to that effect. Be careful, though, as the dealers who put together these deals might not always be the most honest. Ask a lot of question, for sure.
You also might want to consider "first time buyer" financing that some dealers offer from time to time. I'm not sure if the interest rates would be any bargain, but you never know unless you ask. |
