Question by KinGofDramA: Do those Guaranteed Car Loan Places/Websites Really Work? I know the interest rate would be high & even higher because of my really bad credit score (501) but I do have a co-signer with good credit(720+Area). I want to buy a used '04 Nissan Maxima for $ 6500 & I don't have any money for a down-payment. I found a really good job, working a 9-5 but I will also be on call & would have to be able to get there ASAP. The Boss requires me to have a car, & my cousin suggested one of those 100% Guaranteed loan things but I don't know much about them. Best answer for Do those Guaranteed Car Loan Places/Websites Really Work?:
Answer by Andre D
no they dont cause honestly they dont guarantee nothing if a car dealership says Guaranteed approval its a way to get Business and pull you in cause either they can get you into a car but with a catch or they cant but it got you there so it goes to show them there signs are working
Answer by spacemonkey1958
well they can actually "gaurantee" approval it just has to be on thier terms. usually they will pick out a car for you, and you almost always have to have a down payment. If you already have this job where you make good money and you can prvide proof of income I would try going through a normal place with your good cosigner, the car your looking at isnt to expensive so your payments wont be to high, and if you can prove a good income and have a good cos a finance institution might go for that.
Answer by Firebird
This is insane. If you have no money, how could you possibly consider paying a large interest fee to somebody? This is a perfect example of how scammers hope to operate. You don't think of yourself, and you don't look out for yourself, and the next thing you know you're thinking that paying $ 12,000 for a $ 6000 car seems like a good idea. Stop! Think of yourself! What yourself needs is to keep self's money. Don't pay any interest, if you can help it. If you have to pay interest, make sure it's a really small amount. For the rest of your life, you MUST stay away from "lenders of last resort". Their role in society is bleeding as much money as possible out of people who are not very smart. STAY AWAY from them.
Answer by Todd
No such thing as $ 6500 Maxima that is financable. The cars mileage will exceed the banks limits on what they will finance. Your best bet is to go to your own bank (or your co-signers bank) with your co-signer and find out what they will approve you for and under what conditions. As previous posters have said, Guaranteed Car Loans are not what they appear to be. It will go something like... "with $ 15,000 cash down, we have you approved on this $ 20,000 car"
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Much has been made about the U.S. government's botched $ 535 million in loan guarantees to Solyndra LLC, the California solar-panel maker whose business imploded, leaving taxpayers burned. Jump-Start Electric Car Market Via Buyers, not Automakers
A guaranteed car loan is a great option for those people who cannot prove their income, have a bad credit rating or simply want a very fast car loan. These type of car loans can help you to buy a new car very quickly (usually in the same day) even if you don't have the funds available upfront.
When it comes to choosing the best car loan for you, you should always remember that the terms will not work out well if you don't make all of your monthly payments. Because the loan was guaranteed to you, it will most likely have high interest rates when compared to a traditional loan. This is a measure the company uses to protect themselves, so the best thing to do is make sure you have the money to make all of your monthly payments.
If you do not have a good credit score, most guaranteed loans will require you to have a larger deposit than if you had a good score.
This could be as much as around 20% of the total value of the car. Again, this is in place as a way of the lender protecting themselves. If you don't have this much money to put down on your car then you may have to shop around a little longer.Finding a company that will offer you a guaranteed car loan is a useful way of getting a vehicle even if you don't have a good credit history. However, always make sure you understand the terms and can afford your monthly payments.
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