I want to purchase a new car (around 17,000) I need a loan. I have a horrible credit score of around 540. Does anyone know of a place that would give me a loan and not pay a lot in interest.
Thank you.

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.

WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.

There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...

http://www.axalda.info/bad-credit-car-loans.html

Check this resource: http://www.badcreditresources.com/bad-credit-personal-loans.html -- it has a list of lenders that provides loan to people with bad credit score.

Check this resource: http://www.badcreditresources.com/bad-credit-personal-loans.html -- it has a list of lenders that provides loan to people with bad credit score.

Check this resource: http://www.badcreditresources.com/bad-credit-personal-loans.html -- it has a list of lenders that provides loan to people with bad credit score.

Auto finance is what I do for a living and this can be done.

Go to a dealer that advertises Special Finance and talk ot the Manager, they can help you.

I know, I do this every month.

nope, I paid 28% for a car worth 10K , I could have bought
TWO of them. Buy a good used car and work on that
horrible credit score !!!!

www.creditinfocenter.com

Since your credit score is 540, my advice to you is to please (I beg you) don't if you have not done so. Instead see if you could raise about three thousand dollars (or even slightly less). If you live in the U.S. as I have assumed, then there are many reputable car dealers you could visit to purchase used cars, for now.

In the interim, apply for a credit card from Orchard Bank. (I can vouch for the company as I have a credit card account with them.). The company is listed on the web. They probably will not give you more than $300 credit limit with an interest rate of say (not more than 11%) because of your very low score. Nevermind, take it - and start using the credit card responsibly, not exceeding your credit limit and paying off the bill each month before the due date. Try not to use more than 25% of your credit limit. (Please, don’t apply for credit until after 18 months of opening a credit card account.)

After 18 months of successfully managing your credit account, you would be happy to find out that your credit score would be very good. This would then place you in a much better position to buy the car of your dream with a very good interest rate of not more than 6%.

On the other hand, taking a car loan of $17,000 could sink you in the long run with your present credit score. Even if your credit score goes up on account of paying your car note on time, the APR will certainly not (except you refinance, which, of course, will take longer to pay-off, although with a lower APR).

At the moment, it is doubtful if you would get an APR of less than 22%. By the time the car is financed, this could bring the total finance to about $30,000 for the duration of 5 years (60 months). It would be lower if you were able to put down about $5,000.

Overall, you now see what I am trying to explain. In summary, a credit card if used responsibly after 18-24 months without opening any more accounts during the said period, could raise your score significantly (around 660 or slightly more). Although car note if paid on time would raise your credit score, you could be trapped with a very high APR for 5 or 6 years. It would then be like paying double because of your present credit score. Be wise! I am speaking from experience.

I hope the above information is useful.

Best wishes!

RICHARD

Since your credit score is 540, my advice to you is to please (I beg you) don't if you have not done so. Instead see if you could raise about three thousand dollars (or even slightly less). If you live in the U.S. as I have assumed, then there are many reputable car dealers you could visit to purchase used cars, for now.

In the interim, apply for a credit card from Orchard Bank. (I can vouch for the company as I have a credit card account with them.). The company is listed on the web. They probably will not give you more than $300 credit limit with an interest rate of say (not more than 11%) because of your very low score. Nevermind, take it - and start using the credit card responsibly, not exceeding your credit limit and paying off the bill each month before the due date. Try not to use more than 25% of your credit limit. (Please, don’t apply for credit until after 18 months of opening a credit card account.)

After 18 months of successfully managing your credit account, you would be happy to find out that your credit score would be very good. This would then place you in a much better position to buy the car of your dream with a very good interest rate of not more than 6%.

On the other hand, taking a car loan of $17,000 could sink you in the long run with your present credit score. Even if your credit score goes up on account of paying your car note on time, the APR will certainly not (except you refinance, which, of course, will take longer to pay-off, although with a lower APR).

At the moment, it is doubtful if you would get an APR of less than 22%. By the time the car is financed, this could bring the total finance to about $30,000 for the duration of 5 years (60 months). It would be lower if you were able to put down about $5,000.

Overall, you now see what I am trying to explain. In summary, a credit card if used responsibly after 18-24 months without opening any more accounts during the said period, could raise your score significantly (around 660 or slightly more). Although car note if paid on time would raise your credit score, you could be trapped with a very high APR for 5 or 6 years. It would then be like paying double because of your present credit score. Be wise! I am speaking from experience.

I hope the above information is useful.

Best wishes!

RICHARD

not possible,wait or come up with big down payment