Thank you for your inquiry.
First, do you think you have terrible credit because you assume you do or has a qualified person who can read a credit report told you that you have terrible credit?
If you haven
〉 Answered on Jan 17th, 2008 by Barbra Einsohn , Customer Relations Manager at David McDavid Honda of Irving
The first thing you need to do is get a copy of your credit report from Free Credit Report.com, go over it and make sure that all of the accounts are accurate and contact the credit bureaus to correct any thing that is wrong.
Secondly you will be required to pay a higher interest rate than the normal person with a good rating, it will be anywhere from 18-26 percent. You must be VERY CAREFUL and not be pulled into any thing that seems the least bit shady.
If you have someone who has good credit who might be willing to co-sign with you it might help you obtain a loan.
Having a good down payment helps, but you must be sure that the final payment is within your ability to pay or you will just take your credit down another road to ruin.
There are several Non-profit counseling services that you might use to get your credit repaired, some are though the church some through the Chamber of Commerce. Again be very careful not to be pulled into any scams that charge you to "repair your credit". No one can repair your credit but you.
Keep your expectations within reason on the vehicle you are considering, don
〉 Answered on Jan 17th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)