YACT: Downpayments, interest rates, lions tigers and bears oh my

[MegaloManiaK]

Ok, ive been looking around the internet and can't really find a straight answer for my questions so i thought id ask for some advice from people experianced in the process instead of a website trying to sell me a loan.

I need to replace my current vehicle, im looking to spend 5-6k on it. I currently work but will be going back to school full time in january so i dont want to get stuck in 24+months worth of car payments. Idealy i would like to have this sucker paid for by december, either payed to the dealer, or the total price of the car stored up to be paid in payments. This would be in tennessee.

My questions are:

A. if i have "fair-poor" credit (not bad, just poor with a score in the 500's) what would the maximum downpayment i can expect to cover be. I.E. im going to buy a vehicle, how much money should i save up to ensure that i dont find one thats a good deal and have to go save more money to cover it.

B. Can an auto loan be financed for 12 months and paid off in 6.

C. What would the maximum interest rate i can expect to pay be.

I think thats the only 3 that are plauging me at the moment. Basicly i fear that becuase of mistakes i made after my first year of college are going to really make this hard, but i have no choice and have no co-signer. I would rather not go looking for that perfect deal and then find out that i need another 1000 down to get them to finance me the rest of the money.

 

[RossMAN]

Be prepared to be declined. So I would recommend buying the cheapest car you can, try and put down a large down payment, GET A CO-SIGNER and be prepared to be raped.

A - As much as you can

B - Yes

C - The sky is the limit, probably 33%

 

[Eli]

Originally posted by: RossMAN
Be prepared to be declined. So I would recommend buying the cheapest car you can, try and put down a large down payment, GET A CO-SIGNER and be prepared to be raped.

A - As much as you can

B - Yes

C - The sky is the limit, probably 33%

:Q

 

[MegaloManiaK]

Does it take long for things to filter into your credit rating? So for instance if you were being hurt by they amount indebted vs total available credit and then paid off alot of stuff would it take months before you saw it, or just 1 month???

Thanks for the input, i will be sure to borrow for the shortest amount of time possible.

 

[RossMAN]

If you recently PAID OFF some bills, it usually takes 2 months for the credit reports to be updated.

However let's say you recently paid $500 off your Washingtin Mutual VISA credit card, just call their customer service and ask for a letter on their letterhead stating your name, address, account number and current balance as of today.