loans on ebay
Thread Starter
2nd Gear
Joined: Apr 2008
Posts: 2
Likes: 0
loans on ebay
I'm looking to buy a c5 from ebay or on this forum,I'd like to know if anyone has applied for a loan on ebay they say that they finance anyone, my credit is not that good due to a bad house deal.
Safety Car
Joined: Sep 2007
Posts: 3,816
Likes: 16
From: Anchorage Alaska
St. Jude Donor '08-'09-'10
I don't know about the ebay loans, but if I were you... if I had bad credit, I wouldn't apply for any loan that was online-only. I'd find a physical location to walk into and meet with a real person. You're going to be in a tricky finance situation, and you need somebody to go back and forth with, trying new solutions, until you find one that works.
First thing I would do is collect the biggest down payment you can get. Do you have another vehicle that is paid off, that you can offer as collateral? Perhaps a cosigner? There's several ways you can approach this. but in every case, bigger down payment is always a good thing.
You might check with Wells Fargo FINANCIAL. It's a different company than Wells Fargo (well, same company but different locations, etc.) They specialize in lending to people with fairly beat-up credit. If they have a branch nearby, I'd pay it a visit. If your credit is really bad as you suggest, I wouldn't even try normal banks or credit unions.
If you only THINK your credit is bad... then maybe you're not as bad off as you think. Have you looked at your credit report lately? Do you know what's in it?
If your credit is bad... be prepared for interest rates at 15% or higher, and shorter payment terms.
First thing I would do is collect the biggest down payment you can get. Do you have another vehicle that is paid off, that you can offer as collateral? Perhaps a cosigner? There's several ways you can approach this. but in every case, bigger down payment is always a good thing.
You might check with Wells Fargo FINANCIAL. It's a different company than Wells Fargo (well, same company but different locations, etc.) They specialize in lending to people with fairly beat-up credit. If they have a branch nearby, I'd pay it a visit. If your credit is really bad as you suggest, I wouldn't even try normal banks or credit unions.
If you only THINK your credit is bad... then maybe you're not as bad off as you think. Have you looked at your credit report lately? Do you know what's in it?
If your credit is bad... be prepared for interest rates at 15% or higher, and shorter payment terms.
Team Owner
Joined: Sep 2007
Posts: 21,915
Likes: 61
From: Miami Beach FL
Run a credit report on yourself so you know exactly what your score is. You'll then be able to determine what's available to you. The "we finance everyone" deals typically carry obscene interest rates; basically sub-prime lending. 
Last edited by MagRedConv; Apr 24, 2008 at 11:10 AM.
Race Director
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Thread Starter
2nd Gear
Joined: Apr 2008
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Le Mans Master
Joined: Sep 2007
Posts: 7,604
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From: Belleville Il
Might check with some local used dealers..I found a REAL good deal on a really clean lowish mile FRC (over 5k below book) C.U. would only go 48 mo. at 7 1/4% Dealer got me 60 mo. at 6 1/4% cant hurt to look.
C5 General
Joined: Nov 2005
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From: Boosted in Manhattan & Round Rock TX. President of the Non Club Club of Kansas and Round Rock , Not the flat part.
Maybe now is not the right time to jump into a car payment. A nice C4 will be a close 2nd. If you can swing it good luck.
Paul G.
Paul G.
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