finance question

[lil_red_v6]

Found a place selling zl1 with no Mark up. black on black whees m6 carbonfiber insert. can I finance it with 30k down with bad credit? I really want it.

[sycraft]

I am sure someone will finance, interest rate may be high. Ally Financial has good rates for poor credit.

[closs2sx]

I would think so you may not like the interest rate they may want to know where your down payment came from and how you plan to pay the payment but i would see why not as if you dont pay they get a car thats worth say 48-52k and own it for 25k or so

[01pewterz28]

With $30k done on a $57k car should be no problem you are coming up with half the MSRP even with poor credit you should pullin something I the 6% range

[Modern07]

Yeah you will be fine to finance at about 7% putting that much down as the Finance Company will have enough security in the car to cover what you owe at all times

[lil_red_v6]

Sweet. I have the money from my motorcycle wreck. I have a settlement.

[hognutz]

really depends on what "bad credit" entails.

fresh bankrupcy yes
bad debt to income with missed payments probably not.

Bad credit is not a statement that tells the whole story. bad past credit with that much down on a new car they can probably find something. bad current credit and it is still a payment of some kind even though there is possitive equity.

[closs2sx]

lil_red_v6 I had a motorcycle wreck 2 years ago June 21st due to an unleashed dog that ran out of the weeds as I came by and I clipped it took my front tire out I went over the handle bars and broke the T8 in my back( thank god i was doing 30 in a 30 and had all my gear on) still bothers me to this day best of luck on your recovery I have a zl1 on order because i am done riding bikes on the street

[Supermaro585HP]

I own a car lot and can tell you that with $30,000 down you should have no problems getting that done. Ally is great with this and if your dealer gives them a bunch of business that helps. GOOD LUCK!!

[tones2SS]

Originally Posted by sycraft

I am sure someone will finance, interest rate may be high.

^^This.
With high interest rates come bigger monthly payments, until you get closer to paying the vehicle off. I would talk to the dealers finance department to see how much your final monthly payment would be.
Good luck.

[lil_red_v6]

Bad past credit. no bankruptcy.

[DangerZL1]

You may not have as much negotiating room without excellent credit but you don't have to take the dealers first interest rate offer either. The finance guy makes money off selling you at a higher rate. Good luck.

[Taser Deployed]

You're going to have a hight interest rate and even with 30k down I would think your rate would be in the teens. It just depends on a lot of different variables. If you have any other debt I would pay that off first and wait a month or two for it to clear from your history. Depending on what type of debt of course.

[RoketRdr]

Originally Posted by Taser Deployed

You're going to have a hight interest rate and even with 30k down I would think your rate would be in the teens. It just depends on a lot of different variables. If you have any other debt I would pay that off first and wait a month or two for it to clear from your history. Depending on what type of debt of course.

Exactly. If you'll pay off the past debt and then wait two months for it to hit your report that is much more attractive to the financial institutions to give you the money and it will lower your overall payment on car (drastically reduced interest rate) as well as insurance. With bad credit your insurance is going to significantly increase on a car like this and will most likely more than double. So paying off the past debt and making a smaller down payment on the car will actually save you a ton of money over the course of the note and ownership of the car. Not to mention will make you more attractive for other lenders and creditors to extend you credit. Sure you could go drop $30K on the down payment and get the car now but you're still throwing money out the window in the elevated interest rate and doubled insurance premium. Pay off the debt and delay getting the car for a short while and it will actually work more in your favor and reduce your overall investment.