Question:
I don't have good credit and they may be my only option, but I was curious what the deal was with drivetime? I've heard some bad things like 27% interest rate and that they'll tow your car if you are two days late on a payment. I just wanted to hear from people that have used them or thought about using them. Any info would be great. Thanks.
Answers:
What car should I get for my first car?
nothey are high on interest rate and they are really driven by the down payment you put down. i had to buy a new car because my truck got stolen... i went to see them and was not impressed... i ended up buying from honda directly. They are higher priced... (my boyfriend is an automechanic and the place i bought a car)... the same cars that they sell as used are almost as expensive if not more than brand new version (i'm talking maybe 500 different between a brand new car vs a drive time car.) i wouldn't do it... i was able to get a loan with honda by putting down 2500/... and i just claimed bankruptcy that closed in february of this year. * i did this in october
I wouldnt do it. I used to sell cars and it is deals and companies like that that made me get out of the business. You can pau up to 27% or more depending on what state you are in. You eill aslo pay that much interset for up to six years. by the time you ay off the car you will have paid like 10 times what it is worth and it will be worth nothing. if you still own it any way.
I say that because they will come take it away from you in two days after your payment is late. that goes on your credit rating as a repo and you will deffinitely be screwed.
What is important to know before buying a used car?
the personselling you the car may reccomend that you buy it, wait a couple of years so your credit will be improved, and then trade it in for a different one. this will not work because you will owe too muchon the car to trade it in because of the interest they are charging you.
What are the steps in personally selling a vehicle?
I normally do not reccomend this but go to a cheap lot and buy one. you can buy five to ten cars for the price you eill end up paying for the one.
while driving that car go and get some small loans and build up your credit. not pay day loans. and do not just get another loan the day you pay one off. this will look like you are just taking out another loan to pay one off which means you can not hadle making a payment constantly. What credit compnaies want to see is that you have the ability to make steady payments for more than a year or two.
More Questions & Answers ...
This article contents is post by this website user, CarQnA.com doesn't promise its accuracy.
Copyright 2006-2008-2007 CarQnA.com. All Rights Reserved.