Most people don’t have thousands of dollars saved up to buy a car. While used cars can be a little less expensive to purchase, they usually require money down, loans, and monthly payments in Houston TX. If you have bad credit, you may think you’ve got no options, but you do.
Borrow From Friends/Use Cosigner
Your first option is to borrow enough money to pay for the car by asking friends, family members, and close acquaintances. This option isn’t the best because it puts you in debt to friends and family, who may hold it over your head for years. Likewise, a cosigner means that someone with better scores signs for the loan and is responsible for payment if you don’t. This option doesn’t work well, either, because if you can’t make the payments, the cosigner is likely to be frustrated and upset.
Payday Loans/Cash Advances
While it may seem like a good idea to get a cash advance from your plastic cards (cash advance), interest rates can be up to 40 percent once all the fees are factored. Therefore, it would be better to get a loan for those with bad credit in Houston TX and pay a higher interest rate that’s less. Used cars can be purchased with money from payday loans, but they can have interest rates as high as 500 percent, making it cost effective to consider another loan avenue.
Specialty Lenders
Some lenders work only with those who have poor scores and can still provide relatively fair interest rates and low fees. It is usually best to consider these options, as well as those from banks and credit unions.
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