Q&A: Buying a car with “bad credit”?

Question by christine: Buying a car with “bad credit”?
My credit isn’t so good because of a foreclosure I had about 18 months ago. I modified and saved my home but the damage is done (tenant gone horribly wrong!). I know that I won’t be able to get a half decent car loan without putting an enormous amount of money down. I am going to go in with $ 4,000 and a trade. I am probably upside down on my current car loan but not by much- probably a few grand. What are the odds that I could get the dealership to match my down payment? I’ve never ever been late on a car loan. The only thing hurting me is the late payments on mortgage during the foreclosure process.
With $ 4,000 down, are banks more open to approving a loan? I am looking at something under $ 20,000 (including sales tax).

Best answer:

Answer by Scooby
Well the economy is really bad right now, so they’ll sell you the car anyway… however, if you credit is terrible, they are gonna hit you with a high interest rate like 17% or more… So put down as much as you can to save yourself some money.

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