Buying a car..... help?

Question

I'm about to buy a newer car.. I have a 94 accord, and it is falling apart on me. I want to get a Nissan Altima, and have found one .. but I have bad credit and the interest rate is gonna be 10-12%, is this really that bad of a rate considering my bad credit?

Answer 1

Do you belong to a credit union? You could start a savings account at your local credit union (search online) and then when you are established you can trade in your old car and get a fantastic interest rate. Someone is always willing to help you on the right road. Good luck!!

Answer 2

10-12% may be high, it may be a great deal.  We have no idea what your score is, residence history, employment history, debt to income ratio, or any of the other dozens of factors that consider into a credit score.

I suggest going to an online broker like lendingtree.com or eloan.com.  Both will source your loan to multiple lenders.  Then you pick the one that is best for you.  They may be able to do better on the rate, maybe not.  But either way you are assured of getting the best rate you qualify for.