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That's kind of a broad question. There are many factors that go into a payment. Not ONLY credit rating but just a few things like:

Payment Terms (12,24,36,48,60 and sometimes even 72 months)
Down Payment
Trade In
Dealer Cost on the car
Dealer Installed Options.

You really have to KNOW what you're looking at, at least a general idea of what your interest rate is going to be (even a 5% range can change your payment drastically). Once you know that, you can tweak everything to try and get a payment you're comfortable with.
 

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If you have no credit then don't expect anything under $350/month. It's possible that you are going to end up much closer to $400 though.
 

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The lowest car payment possible? Well obviously that would be $0.

Your best bet is visit the dealer and see what they work up. We aren't the ones financing the loan.
 

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Scion has a decent calculator with some basic explanation of the credit score groupings on the little question mark next to the credit score drop down(if you don't know your actual score...which you should)
Estimate Payments

An 'extremely poor/no credit' selection yields a 22.4% interest rate and on a $18,995 60 month loan with no trade/down payment it would be $520/month.

As a general rule of thumb, you should seek pre-approval for a car loan first...then car shop so that you know what you can afford.
 

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Go talk to a dealer. I had 9k+ negative equity in my trade in. They eventually paid it off and i got into a brand new koup with 0/down for $330/month. My credit is very very good however.
 

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As mentioned, things like the price of the car, amount put down, length financed come into play. For example... financing $16,000 for 36 months is going to be "slightly" diffeent then financing $8,000 for 72 months (ya, think). So your question is simply way to vague to offer any answer that would be of any use.

Really want to know... ask a bank. Some will require the price of the vehicle to let you know. Better yet, talk to a dealer based on a car they have on their lot. Just don't sign an agreement to the loan before you know.

Also, if you don't currently own a vehicle you may also want to find out what insurance will cost if you might be tight on money.
 

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Ya, as you have read financing can be complicated. I got 3500 trade in after they paid off 8K still owing. So that was an addition of 5K ontop. Then I wanted an EX and signed the papers for it then they sold it on me, so I bitched and they gave me an SX for the same price, threw in 5 Years oil changes, extend warranty + 3 yrs depreciation insurance should it get written off and 1extended warranty to
10yrs/120 K and doing it for 72 mo 185 tax in- bi/weekly.
 

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Ya, as you have read financing can be complicated. I got 3500 trade in after they paid off 8K still owing. So that was an addition of 5K ontop. Then I wanted an EX and signed the papers for it then they sold it on me, so I bitched and they gave me an SX for the same price, threw in 5 Years oil changes, extend warranty + 3 yrs depreciation insurance should it get written off and 1extended warranty to
10yrs/120 K and doing it for 72 mo 185 tax in- bi/weekly.

Why can't stuff like that happen to me???? You made a killing off of a simple mistake.

Anyway everyone has good advice on this. You have to go look and see what can be done. I know, it sucks if you know you have no credit and think there is a good chance you will be turned away but you have to remember how many people get declined on any given day. I thought I would be one of those people but we ended up working a deal and my dealership called quite a few lenders before we found one willing to take a chance on me. I pay $400.00 a month and as much as it hurts the wallet, I have a decent new car w/ what appears to be a great warranty (we'll see on that if I need it). My hope is that within the next couple years it will improve my credit enough that I can get into something better.
 

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I traded my 94 Vette in on a 2010 LX (A/C, Sat, BT, CC, auto, 18K miles). They wanted $15500. My credit is not good, (a 560.) The dealership gave me $5500 for my trade, and got me financing at 18% over 61mos. OUCH! My payments are $280/mo (so my $15,500 car is now $22,580). Now if you're smart, you DON'T pay it out. Make all of your payments on time, and keep it a year, 2 max. (get rid of it b4 factory warranty runs out. 60K mi if its used, 100K mi if you're the 1st owner). I already have positive equity in it, so I can sell it at any time and still have a few grand in my pocket. Run it up to 50K or so miles, and sell it, or trade it in on a Koupe. (this is what I'm doing). This way your credit gets a nice bump up, which will get you a lower interest rate next go around. Plus when you go to sell it, you get to add that it has an existing factory warranty. You will get more $$ out if it this way. My dealership also gave me a free 3/36K routine service package. (fluid exchanges, filters, tire rotation & balancing) I tried to get a Koupe, they told me I could only get the LX. Still a nice car, and way more options than my 94 Vette.
 

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Some good advice you have there. Confused about this quote though, you could only get an SX? Can't really upgrade beyond that unless you're trying to get the luxury package in a 2011. Did you mean they only could give you an EX?
Thanks for pointing that out. I edited my post to say LX. I would love the SX, or EX. The dealership only had one used Forte. They said used Fortes fly off the lot, usually the same day. The one I bought was not on the lot when I pulled up. It was traded in while I was shopping. They tried putting me in a Suzuki Forenza, I hated that car! I can't really complain about the LX though. Of all the other cars I looked at, most with higher mileage, and very few had as many options as the LX does, and I just couldn't beat the price tag. The dealer told me come back in 6 mos to a year and trade it for a Koupe. I'll probably keep it a year or 2 so I can build my credit more. At that point I want a 2011 Koupe. I really want a new one, but they depreciate so quickly it just makes more since to get a slightly used. Plus I would never own any car 10 years, or 100K miles. :)
 

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I traded my 94 Vette in on a 2010 LX (A/C, Sat, BT, CC, auto, 18K miles). They wanted $15500. My credit is not good, (a 560.) The dealership gave me $5500 for my trade, and got me financing at 18% over 61mos. OUCH! My payments are $280/mo (so my $15,500 car is now $22,580). Now if you're smart, you DON'T pay it out. Make all of your payments on time, and keep it a year, 2 max. (get rid of it b4 factory warranty runs out. 60K mi if its used, 100K mi if you're the 1st owner). I already have positive equity in it, so I can sell it at any time and still have a few grand in my pocket. Run it up to 50K or so miles, and sell it, or trade it in on a Koupe. (this is what I'm doing). This way your credit gets a nice bump up, which will get you a lower interest rate next go around. Plus when you go to sell it, you get to add that it has an existing factory warranty. You will get more $$ out if it this way. My dealership also gave me a free 3/36K routine service package. (fluid exchanges, filters, tire rotation & balancing) I tried to get a Koupe, they told me I could only get the LX. Still a nice car, and way more options than my 94 Vette.
Just wondering where you came up with that info on trading it in after a certain period? Not questioning you...Just wondering if you get a better value by doing this...I would like to trade up in a few years...Maybe to a Hyundai Genesis or even a Optima.....So I want to know when the right time would be to do that...My credit was horrible back in October '10 when I bought my Ex...I went to dealership this March to see if I could trade up to the SX but they said they didn't notice a change in credit yet and I haven't missed a payment and we (fiance and I) finance 2 Forte's, not just 1!! Both of us are on the loan so both should be reporting on my name.
 

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Just wondering where you came up with that info on trading it in after a certain period? Not questioning you...Just wondering if you get a better value by doing this...I would like to trade up in a few years...Maybe to a Hyundai Genesis or even a Optima.....So I want to know when the right time would be to do that...My credit was horrible back in October '10 when I bought my Ex...I went to dealership this March to see if I could trade up to the SX but they said they didn't notice a change in credit yet and I haven't missed a payment and we (fiance and I) finance 2 Forte's, not just 1!! Both of us are on the loan so both should be reporting on my name.
My wife and I finance 2 cars as well. It takes at least 1 year of good payment history to help your credit. That's why I recommend 2 years financing before trading them off. Another good way is to get you and her 2 secured credit cards (each). They report to the 3 credit agencies regularly. Pay the balances off EVERY month to save interest. I went from a 420 score about 1 1/2 years ago to a 560 today. 140 points in a year and a half is very good (I've financed and paid off early 4 other cars totaling over $50,000 in this same time frame). Once you get to a 600, a lot more doors open for you. I have been down this bad credit road, and am well on my way up the ladder. Keep your bills paid on time, don't get anything shut off for non payment, they end up on your credit quick. Hope that helps. I know all of this from my own personal credit battle. I'm 31, and over the last 5 years built a business that is now over 6 figures (barely) a year, and still growing. You can also pay on the debts you owe on your credit, however they will still show up as negative. (I tried paying them to raise my score.. Didn't work).
 

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Good stuff...Thanks man...As far as the secured credit card thing....Funny, we actually were discussing that about a month ago...
 

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I wouldn't pick up a Kia for that short term credit build. They depreciate too quickly, already used or not.
All cars depreciate quickly. That is why I don't buy new. If you flip them in a year or two you can still get most of your $ back. Flipping them in a year or 2 is WAY better than paying 18% - 21% interest over 5 years. You want to show stable payment history, but you don't want to pay $10K in interest to do it. If you pay these cars over the full 5 - 7 year term, you will have paid $25K+ for a car that in 10 years won't be worth $2000. That is why I buy them newer, keep the mileage under warranty, and sell them. I've made a few $$ doing this as well, and you can't beat getting paid to drive a nice car, and build your credit. I have financed and flipped 4 cars over the last year and a half, making most of my $ back (Some I made a lil cash, others I lost). (I predict for the Forte, since it is a new model, and a very hot selling car that I will probably make money off this when I'm done with it). The fact is if you have very bad credit (like this gentleman) the option to buy a newer model Honda or comparable car (retians resale value, but IMO you're paying for a name) is not available. I only finance cars to build my credit. No other reason. I could pay cash if I wanted to (I'd have to save some $ for a few months) but it's about showing that I pay my bills now. It really pissed me off that I was able to take 5 years of business taxes, 5 months of bank statements proving I make over $100,000 a year, $5500 down, and my option was a Suzuki Forenza, or the Forte LX due to my still low 560 credit score. Better than the 420 a year and a half ago however. I wanted a Forte or Optima (2010+), and am happy with my base model automatic for now. In a year or 2 I'll get the K I want. I will not keep any car more than 2-3 years, that way I can get as much as possible back, and buy a newer model.
 

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Yeah, being self-employed in this economy is just another red-flag you need to overcome with the banks.

Paying down revolving debt will help. As you lower the amount of available credit being used, which is up to 30% of your credit score. Paying off fixed loans not so much. And as you pay off revolving credit(credit cards) do not close the accounts as that hurts your score by reducing that %used out of available credit ratio.
 
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