getting my first car loan-any advice/

[Adenoid_Hynkel]

i have bad credit - any advice to stop me from being ripped off?

[LSK]

1. dont do it, buy a cheap car and get a good mechanic

[nytemare]

2. This is a good site to research

http://www.carbuyingtips.com/

It covers everything, from financing to the actual car buying. Pretty good info here.

[Adenoid_Hynkel]

3. is captal one auto finance legit?

or should i avoid it?

[ET Awful]

4. I too have bad credit, was approved by Capital One, was going to use

them, but since I was shopping for a new Honda, I had the dealer try Honda Financial, they approved me at almost 2 points less than Capital One (still a high rate, but lower than Capital One).

As to them being legit? Yes, Capital One is legit. Of the big sub-prime lenders, they're one of the better ones.

[serryjw]

5. It all depends

Is your job secure? How far do you need to drive to work. I kinda agree that I would buy an old car, get a reliable honest mechanic and stay away from sub-prime loans unless you have to have a new car for your job.

[Adenoid_Hynkel]

8. it's my fourth car-i drive 30 minutes each way to work

so i need something rewliable that will last a while

[serryjw]

9. Personally, if I were you

I get a good used car around $7,000 and rebuild your credit. They are going to charge big interest rates. If you pay off with good payment history you can buy a new one in 2 years

[linazelle]

6. Your first car should be used because of the inevitable dents and dings

that you get as someone who doesn't drive regularly. Once you get the feel of car ownership, then I'd look at a more expensive, or new model.

[Road Scholar]

7. Shop for financing. They vary a lot. My experience. nt

[Broken_Hero]

10. don't buy a ford!...n/t

[hobo_baggins]

11. i don't have any advice, but i can tell you my experience...

buying a car on bad credit...

My credit sucked cuz i defaulted on a 10k loan...so I went to buy a used car, and ended up buying a new one instead, because the apr was the same...and because of the credit, alot of banks are more inclined to loan if you get a new car rather than an old one...if i got a used one that cost 14k, id have to put 9k down, but with the new one i only had to put 2k...the apr was the same...

So overall I got a better deal with a new car...but i did pick one that depreciated pretty fast(mitsubishi eclipse), which was a mistake...so when i traded it in i took a major hit(about 4k), but I made back 1k when I traded in my next car(bmw z4), so now my current car(toyota camry) is about 3k to the negative...but once i sell it i think i'll break even.