Comments on: Would it be possible to finance a brand new car with bad credit? http://www.quickdebteliminator.com/buying-selling/would-it-be-possible-to-finance-a-brand-new-car-with-bad-credit/ Call 888-653-9681 To Get Debt Help Now! Tue, 20 Mar 2012 16:05:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: insidebuy http://www.quickdebteliminator.com/buying-selling/would-it-be-possible-to-finance-a-brand-new-car-with-bad-credit/#comment-605 insidebuy Sat, 18 Apr 2009 17:27:28 +0000 http://www.quickdebteliminator.com/buying-selling/would-it-be-possible-to-finance-a-brand-new-car-with-bad-credit/#comment-605 No. And anyone who tells you there is a chance with a decent down payment doesn't work in the finance industry. They don't have a clue as to how close we still are to a full blown depression. We're in this dire mess because of lenders making high risk loans to people with bad credit. And many of them defaulted. They are not loaning money to anyone anymore who doesn't have at least a 621 FICO score (subprime APR) or a 720 score (prime APR). They also wont loan money to you if you have any 60 or 90 day late pays, 3 or more 30 day late pays, collections, charge offs, repo, bankruptcy, tax liens, over 70% of your available credit on charge cards, less than 2 years at your current job, making less than $2500/mth, or more than 34% debt to income ratio. It's very difficult to get approved today. And with bad credit, you've already established that you're not responsible. Even with a 50% down payment, you'll still be turned down because you're too high a risk to gamble the other 50% on. No. And anyone who tells you there is a chance with a decent down payment doesn’t work in the finance industry. They don’t have a clue as to how close we still are to a full blown depression.

We’re in this dire mess because of lenders making high risk loans to people with bad credit. And many of them defaulted. They are not loaning money to anyone anymore who doesn’t have at least a 621 FICO score (subprime APR) or a 720 score (prime APR).

They also wont loan money to you if you have any 60 or 90 day late pays, 3 or more 30 day late pays, collections, charge offs, repo, bankruptcy, tax liens, over 70% of your available credit on charge cards, less than 2 years at your current job, making less than $2500/mth, or more than 34% debt to income ratio.

It’s very difficult to get approved today. And with bad credit, you’ve already established that you’re not responsible. Even with a 50% down payment, you’ll still be turned down because you’re too high a risk to gamble the other 50% on.

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