Will a down payment increase my chances at a car loan?

I want to buy a pre-owned car in January and use my tax return as a down payment but I have bad credit. Does a down payment increase the chance that they'll give me a loan? I am planning on a $2000 down payment and buying a car that's not over $10k. I make $2800 a month, so I can afford it.

Will a down payment increase my chances at a car loan?
NO... if your labeled having bad credit that means high rates no matter size down payment.





Yes you making good money now, but the lender looks at the past not present, go to this web page on my website http://www.usedcartips.org/CREDI.html it will teach you how to get an acceptable rating for down the road .
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Reply:A down payment will definitally increase your chances of getting a descent loan. Having a significant down payment means that there will be equity in the car from day one. Making it more likely that the loan company will not lose money if they have to reposses the car down the road.
Reply:Sure. The more you put down the less risk you are to the lending agency. With bad credit the interest rate will be higher than if you had good credit though. If you can make this work and pay it off with no late payments it will help your credit rating a great deal.
Reply:All things being equal, a bigger downpayment will make getting a loan easier. Many bad credit lenders like to see 25-30% down.
Reply:If you have bad credit a down payment will be REQUIRED in order to get a loan. It probably won't have any affect on the terms, but a substantial down payment and a steady job will secure a used car loan.
Reply:Poor credit car loans have been specifically designed for those people who have trouble getting credit due to their credit score being too low, if your credit score is too low then you will be seen as a huge risk and as such the lender will not take a chance on you and so turn you down. You can bring your credit rating back up by doing certain%26lt;!--things but it does take a long time and if you want your car now then applying for a poor credit car loan could be your only or best option.Just as with any other type of loan if you go to a specialist then you will get the best deal. You may get the car loan you want from here,





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When applying for a poor credit car loan you have to realise that you are never going to get the very lowest of interest rates that others have the luxury of securing but if you go with a specialist they will be able to get you the lowest among loans associated with a poor credit rating. Along with getting you the cheapest possible poor credit car loan the specialist--%26gt;website will also be able to offer you the best advice. However unless you know something about car loans and in particular what to look for when it comes to getting a poor credit car loan then you could end up paying way over the odds for the privilege of getting the loan.
Reply:SURE IT WILL HELP BUT LOOK REAL CLOSE AT THE RATE OF INTEREST.