Bad Credit & Car Loan ?!!!

Bad Credit Car Loan Help ?!!!

My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I'm in L.A.

The Answer : Auto finance is what I do for a living and I do not see a problem.

Find a dealer that advertise Special Finance and go talk to the Manager, they will be able to help you.

You can also try Capital One, H.S.B.C., Wells Fargo and Citifinancial Auto on line and have your own money before you go to the dealer.

Also Don`t spend so much on the car. if you have 4-5000 dollars you can get a decent car that will last a few years.cars are the worst life investment you pay 20,000 dollars which is about 30,000 after interest payments. eventually that car will be worth zero dollars.not a bright investment..buy a car for 5000 and pay the 25000 that would have went to finance the expensive car and buy a house that will appreciate.

then rent out rooms or the basement and let the renters pay your mortgage.no one cares what you drive .as long as its safe.i am 40 and own 2 properties with no mortgage and thats how i did it.now i buy a new car every 2 years