Auot loan help needed!

[Jumpstart]

I filled out some information on Barnone.com and got a call from a dealership down the road from me. He said there was a structured guaranteed bank loan that I am eligible for. Since it's a dealership I know of and have had people buy from, can I assume this isn't a scam? I ask this because my credit is terrible but am in dire need of an afforable car. I'm worried about them inflating the price of the car, having the deal depend on buying an expensive car, or getting completely screwed on price and terms. Anyone have experience in this or have any advice?

[Anonymous]

Although I never expirienced your described credit position, I can say that we all overpay the first time around. My advice would be start at your local credit union and you might be surprised at options available to you.

Nowadays if you watch closely: it's how you can document your income on secured ( automobile as collaterral ) loan with paystubs and copy of taxes....rather then on your fico score alone. You probably can get a good honest loan if you try unions. Then just go out and shop. No need to be a dealership. Comeback and tell us how it went.

Good luck.

Message Edited by montana on 06-14-2009 02:42 PM

[Anonymous]

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@Jumpstart wrote:

 I ask this because my credit is terrible but am in dire need of an afforable car. I'm worried about them inflating the price of the car, having the deal depend on buying an expensive car, or getting completely screwed on price and terms. Anyone have experience in this or have any advice?

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So what do you actually think you are going to get with "terrible credit?" 0%, nothing downg for 72 months? Yes you are going to pay a high rate and maybe not get the perfect vehicle you wanted. making poor credit decisions in the past does limit your options in the present and the future.