subprime lenders bankruptcy
Is it harder to get a mortgage or an auto loan?
My husband is the breadwinner in the family (I am at home with our 4 young boys) and he had a bankruptcy back in 2003. Anyways, his credit is not the best however, in 2006 we obtained a mortgage after some struggles due to his credit.
My question now is, how hard will it be now to get an auto loan after getting a mortgage? We are in need of a new car, and I don’t know if I should even bother going to the local banks, or if I should go directly to a subprime lender. Any advice will be appreciated! Thank you….
2 years ago, it was easier to get a mortgage. Your husband would likely not be able to get a mortgage in today’s market without a huge amount down.
Today, it is much easier to get a car loan, but the interest rate will be much higher.
With bad credit, you could pay 20+ % on a car loan. If you had that kind of interest rate on a mortgage, you could never afford the payment, so they don’t even offer them.
The ability to get a car loan is going to depend on the combination of your debt to income ratio and your credit score.
I would avoid a subprime lender at all costs, if possible.
If you are forced to go this route, get something used that you can get around in until you can afford something new without paying an outrageous amount in interest.
With ok credit, anything below 8% is a good interest rate.
|
|
Credit Repair Kit For Dummies $8.99 Now, you can finally end the cycle of bad credit and get back on your feet by following the step-by-step advice and tools in Credit Repair Kit For Dummies, 2nd Edition. You’ll find out everything you need to know about creating a solid plan to get your credit back on track. You’ll discover how to find your credit report, review all of the information in it, and learn how you can repair and spr… |
|
|
Major subprime lender cuts 3,200 jobs.(Business): An article from: Winnipeg Free Press $9.95 This digital document is an article from Winnipeg Free Press, published by Thomson Gale on April 3, 2007. The length of the article is 493 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Major subp… |
