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Get A Car With No Down Payment, Between Jobs

“What are the options if I need to buy a car when I have bad credit? Can I find the cheap auto loan and pay with a low interest hire purchase?” – When buying a new car, you have two choices: pay for the full cost or hire purchase car installment plan. However, not many of us can afford to buy a car by paying it in full.

How To Buy A Second Hand Car By Paying Installments

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Naturally if you are looking for car financing for unemployed, the total cost of the car will be considerably higher. By paying through monthly installments on a second hand car, you are incurring the cost of credit, which includes interest and other types of fees dictated by used car dealers. You also need to consider how much money you have for down payment, the monthly repayment, length of the auto loan, and annual percentage rate (APR).

Keep in mind that when buying a used car with bad credit, auto dealers or private party car loan lenders tend to charge higher interest and length of the loan is usually shorter on used cars than on new ones. It is not unusual for “buy here pay here” dealers to charge 20% interest rates. When shopping for the car financing, use this information to compare whether you are getting a cheap car deal.

Can You Get Hire Purchase If You Are Unemployed

Once termed as mom-and-pop car lots loans, buy-here-pay-here car dealers are more likely to finance car buyers with bad credit and no job. However, because of the high APRs they charge and unscrupulous dealers amidst the industry, some ill-informed people are quick to label them as buy here pay here scams. When you make your purchase through these car lots dealers, you will be asked to make weekly or biweekly payments to stay current, unlike the usual monthly installments. For fear of customers’ defaulting on their auto loans, some dealers will even align payment due dates with customers’ paydays, somewhat similar to how a payday loan operates. Yet many buy here pay here car dealers do highlight good payment histories to credit bureaus. So if you can prove to be a good paymaster, using an affordable car loan will help to repair bad credit, making it easier for you in the future to avail loans on better terms.

Buying Used Vehicle With No Or Bad Credit

Granted, when you need to buy or lease a car with bad credit, it’s naive to think you can get low rate interest on hire purchase. More often that not, the auto lease contract will come with strict re-payment options and you will have to put a larger size down payment. Therefore, when considering a vehicle loan financing, ascertain your credit score and decide if you would be better off saving up for a car first instead of trying to find car financing with bad credit.

Posted July 24th, 2011. Filed under Auto Loans Unemployment

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