Buy A Used Car With Bad Credit

Q.I am shopping for a new car. Because I have some bad credit, it seems I have to pay very high interest. I do have a good paying job(about $45K a year), and in fact I have at least $6000 to put down. Is it possible for me to a get a lower interest financing? I'm looking to get an Altima at around $15000. Please feel free to follow up with any experience you had or any advice you care to give.

A.Goodness knows I don't mean to sound harsh, but maybe you shouldn't consider buying a new car right now? Your credit must be bad for some reason, right? I know -- I've been there. After successfully bailing myself out, and hoping to keep my '86 Taurus until it's 10th anniversary, I'd suggest the following options: - consider buying a good used car problems in itself to be sure, but you can often buy a used car and keep it running for quite a long time (ie: my 86 Taurus) - consider buying a cheaper car - consider buying a new car *later* making $45K a year, you should be able to pay for all of it in a year, and by then your credit rating should have improved quite a bit. - try to get someone to co-sign your loan. It sometimes hurts to ask people to do this (pride?) but it can really bring your interest % down. Hope this helps -- and again, I don't mean to insinuate any reasons for your "some bad credit". Anyway, your assumption (that bank/credit union financing is inherently better than dealership financing) doesn't wash. I just bought a '94 Saturn SC2 (and I love it, thank you, Saturn detractors, and *yes*, I negotiated for the car: got ABS for free!). The best the bank would do is 8.4%. The credit union wouldn't even talk to me; seems my charming ex-husband hasn't paid off the loan he has from them and I'm still listed as co-debtor. The dealership got me 7.75% financing.

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