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Would it be possible to get a relatively small car loan with bad credit?

¡Marinabear! asked:

I’m planning to buy my first car, and I currently have $2500. I need to get my car soon, so I don’t really have time to wait and improve my credit. What would I need to do to get a $2500 car loan? Would the fact that I have such a large down payment and that I want a relatively small loan help me at all? Thank you!
Asked on: 2012-12-04 18:42:09


  1. S. says:

    If you have bad credit, expect to get screwed over for a car loan.

    High interest rates, a fixed loan period (you can’t pay it off early), etc. means you’ll end up paying much more than $2500 by the time the car is paid off.

    I’d recommend (if possible) saving as much as possible now and trying to buy the car with cash. It’ll be cheaper in the long run (no interest).

  2. Scott H says:

    Most lenders won’t lend under $7500 for a car loan. It isn’t worth the trouble to them.

  3. Rob R says:

    Jesus…just buy a 2500.00 car if, as you said, “I currently have $2500”, and be done with it. Credit is for people that actually pays their bills.

    What would you need to get a 2500.00 loan? Well, better credit.

    Just go buy a 2500.00 car and don’t F*&K up your credit anymore than you already have.

  4. mccoyblues says:

    The ability to borrow money is a privilege that you must earn. It isn’t a given, you must work hard and earn the ability to borrow money. It isn’t easy and once you lose it it’s is even harder to get back.

    My advice to you. Take your $2500 and go car shopping. Drive home in a nice used $2500 car.

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