i know its kinda of a personal question...but people who have bad credit in this forum can u guys tell me how much u pay monthly for ur s2000 and do not have a co-signer...maybe people below 500 for their credit score

 

below 500 credit score + no co-sign probably means you'll be at around 13-15% APR with whatever loan you get. so depending on how much you put down and the cost of the car, you should calculate yourself how much you're looking to pay. if i were you, i probably would not get the s2000 at this time. get a cheap car, build your credit first (not just for car purposes, but for your future), and then look into getting into a more expensive car at later time.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by llxzxll &raquo;</TD></TR><TR><TD CLASS="quote">below 500 credit score + no co-sign probably means you'll be at around 13-15% APR with whatever loan you get. </TD></TR></TABLE>

below 500, Try more like 20-25%.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by llxzxll &raquo;</TD></TR><TR><TD CLASS="quote"> get a cheap car, build your credit first (not just for car purposes, but for your future), and then look into getting into a more expensive car at later time. </TD></TR></TABLE>

Yes I would wait until your atleast a 600, otherwise you'll end up paying 35k for a 18-22k car. (over 5-7 years)

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by White .:R32 &raquo;</TD></TR><TR><TD CLASS="quote">

below 500, Try more like 20-25%.

Yes I would wait until your atleast a 600, otherwise you'll end up paying 35k for a 18-22k car. (over 5-7 years) </TD></TR></TABLE>

x2

Not worth it at all in your situation.

 

Unfortunately, as said above, if you are truly below 500 it would not be worth it. The S2000 is a moderaly expensive vehicle and you'll end up paying significantly more than it's worth if you finance it this way.

Have you tried other forms of payment? Financing through your bank or credit union? Perhaps your work has a finance program as well.

On a side note, did you actually have them run your credit to know that you are below a 500? When I bought mine, I was very nervous about this. My credit was bad several years ago....VERY bad (~4something). I didn't think I could get a car until I just tried. They ran the credit and I was a 719. Not bad at all. With a few easy things to fix, and paying my car note on time, it'll go up in no time.

 

i had 720 and got it for 7 %

 

For Example: A used s2000 for about 15,000

I would put about 5k down just so i could be financing about 12k(including tax and lic. fees) then, w/ a 500 or below credit score i would probably get a apr of 18% or more. which means i'll probably be paying about another 9k or more (give or take a 1k) which now brings the price of the car to about 20,000 or more. So, 20k divided by 60 or 72 mnths is about 330 0r 270 per month. doesn't sound bad right ? but by the time you finish buying that car, it will have depreciatede a few thousands or more. So you gotta think to your self "is that worth it, i just payed 2x,xxx for my car when it's only worth bout 10 grand ?

Oh......... and insurance $$$$

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by kvillarino1 &raquo;</TD></TR><TR><TD CLASS="quote">i know its kinda of a personal question...but people who have bad credit in this forum can u guys tell me how much u pay monthly for ur s2000 and do not have a co-signer...maybe people below 500 for their credit score</TD></TR></TABLE>

ok perfect question adn i have the perfect answer.

My score was right around 500 due to college and credit cards and stupid decisions I made earlier in life. I started looking for S2000's since January. I found one that I wanted and when they ran the score I was like expletive!!! I had no co-signer and no way of getting the money. I was pretty much SOL... I filled out some of those online applications for people with bad credit and was expecting to get like a 12-15% APR which in all honesty was going to pay. He came back with a APR of 18.9% and 20% down on the vehicle. That was in March. So I tried doing everything else, applying at banks, asking relatives to co-sign and still came up empty handed. Then I realized (should have realized earlier) that since I work for the state, we have a credit union. I was hesitant to apply but I said why the hell not. They got back to me in a day and said I was approved for 20K at 8.5% I took it and ran. I found a car 2 weeks later. This will def boost my credit rating and Ill be in good terms when I apply for my home loan next year. Ohh and they take out direct withdrawl: $228 every 2 weeks. So basically Im paying $500 a month for 4 years. Sooooo my advice to you is try and apply at a credit union, if not, ask a relative for a co-sign, and if all else fails, wait. Build up your credit, save your money, and wait for the right one. Best of luck and if theres anything else you need PM. Id be happy to help you out. Ohh and not to get discouraged a wise man once said to me: "Bad credit doesnt make you a bad person"

 

its true, you might not be a bad person but financially, it means youve made some mistakes.