@Anonymous wrote:
Is it possible in the Atlanta area to find a honda dealership or bank that'd finance an Accord with a sub 500fico? They could put down up to 4k. The issue is they want a 2014 accord ex-l which has a price tag of $26k + they have about 6k neg equity in a trade in. Good income though with 3500/month
^^^Even if such a lender existed, this would be an awful move for the buyer. The interest rate is likely to be over 25% if it even is possible. That puts the payment over $700/mth plus insurance which will potentially push it close to the $800 to 1000/month mark (higher insurance for lower credit scores). There are people that have come to this board with interest rates even higher than that....one person recently had a rate of 32%. Don't encourage your friend to get involved with a high interest loan.
Their income is no where near able to support a loan that high. A loan like the above will crush them financially and emotionally.
Why don't they take the money they have and buy a car outright while they get on their feet financially? Then go buy a new vehicle after they have worked on their credit and brought their scores at least into the mid 600's.
