Question for all u financing guru's! If I put 15000 cash down on a car that costs 22000....?

and the blue book is 25000 is it likely that a bank or auto financing co will finance the rest even though I have bad credit? I'm recovering from a messy divorce. Also, I'm familiar with the high enterest loans and car lots that will finance anyone but I refuse to fall victum to these guys. I'd rather not by anything than pay 20% interest or twice what the vehicle is worth! Anywho...any advice would be greatly appriciated! Thank you sooo much!

P.S. I've been at my job for 3 yrs, make above average for a admin assist in AR and have a home loan that was established before my divorce, if that matters.

Question for all u financing guru's! If I put 15000 cash down on a car that costs 22000....?

Seriously, a car is never a good investment. You always lose value on it quickly and most people often end up owing more than they are worth. This makes it hard if you find you can't afford the payments, and then you can't sell it to get out from under it.

My advice would be to buy a less expensive used car and skip the monthly payment. You have more than enough money to find what you want for less. Try www.cars.com to see how much that car is selling for in your area, and you may find the same car at another dealership for less and still get a warranty on it. This website will also give you the specs on the car, things like how many miles per gallon. Dealers often lie about this, but on the cars website, it's all there for you to see ahead of time.

But, to answer your question, the bigger the company, the better the chance of getting financed at a lower rate. With bad credit, you're going to get a high interest rate no matter how much you put down, but at least with the bigger dealerships, you have a better chance of getting 10-15%. Your best bet would be to try and get funding before you go to the dealership. You could get a lower interest rate from a credit union or your local bank, and then you also get more buying power when you go to purchase.

I know this is probably not what you want to hear, but I am a bookkeeper and I have tons of clients with a wide variety of net worth. The richer people with the better credit always try to pay cash and avoid getting loans on cars if possible. The poorer clients tend to get themselves in trouble by getting more and more monthly payments and then not being able to pay them. Protect yourself and protect your future by really considering if you want to start your new life giving your money to someone else.

Hope this helps.

Question for all u financing guru's! If I put 15000 cash down on a car that costs 22000....?

yes because you'll have more than 50% equity on the car.

Question for all u financing guru's! If I put 15000 cash down on a car that costs 22000....?

You should have no problem getting it. I recommend getting %26quot;pre%26quot; approved with a credit union. They usually have better rates.