topic current auto market loan question in Auto Loans

current auto market loan question

Anonymous — Tue, 12 Apr 2022 15:03:42 GMT

I need to purchase a truck for work purposes (I'm an Independent Contractor) and cant really hold off any longer. Issue is I have about 3,000 to work with and thats not finding me much with current car market. Are there loan options to get me around 3000 loan? My credit is crap and is like 525 and with me not havign regular w2 employment I am not sure how to increase my buying power to get out of the beat-up trucks. I need the truck to make money, so without it I am not really working. Unsure where to turn

Re: current auto market loan question

CYBERSAM — Tue, 12 Apr 2022 16:19:38 GMT

You can try a dealer that would finance for you. Even with bad credit they can, however it'll be very high interest rate!

Also make sure you can refinance later once your credit has improved!

Re: current auto market loan question

sccredit — Wed, 13 Apr 2022 21:45:57 GMT

Adding on to @CYBERSAM's point. You'll need to provie income when applying. When I was self employed and had bad credit (500's) I used my bank statements to prove it and there are lenders that will accept that (Wells Fargo Dealer Services is one). Your interest rate will suck so you'll need to have a plan on how to improve your credit to refinance down the road. Otherwise you'll be stuck in subprime land. Good luck