Can I get a car w/bad credit w/$500 down?

Question

Can I get a car w/bad credit w/$500 down?

Answer 1

You can probably lease a new car for around that much down. Buying outright will require much more of a downpayment than that.

I hear there are very many programs avaiable for people w/ bad credit.....but if one of them does approve you, they will likely want much more of a down payment than $500.

You can look into getting a co-signer for the loan. I did this many yrs ago when my credit was poor and it gave me the opportunity to get the vehicle I wanted, make payments and improve my credit. Just be sure if you do this you are completely capable of handling the payments or the co-signer's credit will suffer as well.

Good luck.

Answer 2

There are a lot of companies that cater to people with bad or no credit. A couple of companies would be DriveTime and also Carmax. Not sure what area you live in and if there are locations in your area but those are couple. Even some of the major dealerships will have a bad/no credit program they can put you on. BUT beware - high interest rates and high down payments await you!!

Answer 3

You won't necessarily need a larger down payment to buy a car with that kind of a down payment. Try finding someone to co-sign for you, and make sure that you aren't trying to buy too much car (stick with something cheap!). Also, it can really help if you take proof of income with you to the place you go for financing; if you can prove that you have reliable income, they'll look at you favorably for it.