• How much of a down payment will I need?
• What will my payments be?
• What is the interest rate?
• Do you have [your car here] in stock, and how much is it?
Here's the shortest answer we can give because every individual case is different:
• As a general rule, thanks to the credit crunch and mortgage meltdown, think of at least 10 to 12 percent down in cash or trade (whether a new car loan or a used car loan).
• Most bad credit car loans have payments in the $250 to $300 a month range because banks have formulas based on your ability to repay. Your interest rate will depend on a number of things, including your credit score. You can see average rates matched to credit scores at www.MyFico.com.
• In terms of specific cars, if you really want to get bank approved, think about your dream car but only a few years older. Most bad credit car loans are in the range of $7,000 to $12,000, but that's not a big deal -- there are hundreds of quality cars available at that price. Don't believe us -- see the annual Auto Issue from Consumer Reports. They even have best bet cars listed for as little as $4,000!
