New Member
Posts: 2
Registered: ‎09-19-2012
Bad credit options

I am trying to purchase a cheap vehicle for my teenager or a newer vehicle for myself so that I can give her mine. Equifax reported my score as 566. I have a bankruptcy 2 years ago and one medical bill in collections. I do have some credit cards that are being paid on time and my home is paid for. It is probably worth 110,000. I allowed a nissan dealership to run my credit to see what my options were and he wouldn't even tell me the interest rate. He wanted me to purchase an 08 civic with 69,000 miles for $15,000. I figured out the interest rate at 27% and they asked for $2,000 down. I don't want to spend that much on my daughter a vehicle. I just wanted to know my options. I applied for a loan through Chase because I have banked there for at least 15 years. I was denied. I don't really want anyone else running my credt report and have been getting frustrated reading about rates, tiers, etc. From what I have gathered I can get a newer car at a better rate, but that's if I am approved. Applying for a home equity loan is kind of scary to me. I recently was hired as a school social worker and I guess be able to get on with the credit union, whatever that means. I guess they have good rates, but they don't have to loan me anything. Is there any way I can find out what the legal limit on used car interest rates is in Louisiana so I don't get totally screwed? I was told by the honda salesman that it is 18% for a new car. Several websites I viewed reported interest rates for different FICO ranges, but they were all different.  I will need a new car soon because mine has 155,000 miles on it and my daughter needs to start college and get a job in Jan. Let me know if any of you have had decent rates with specific lenders, etc.  Thanks!!!!