Has anyone ever seen that commercial for
1-800-barnone? They specialize in auto loans for people with bad credt(like me)

Well, just for Funn, I filled out an app. (I have been wanting to trade in my car anyway)5 minutes after I filled it out, a lady contacted me and told me I had pre-qualified for a loan. I asked what that meant and she never really answered.

She said that I needed to make an appointment to go to this dealer and talk to this guy. She told me the necessary papers to bring ie: proof of income and D.L.

My question is, what exactly does pre-qualify for an automobile loan mean? I constantly get things in my snail mail that say I have pre-qualified for a card but they still have to do the usual credit check and what not. Is it the same with an auto loan?

Also, when I contacted the Dodge dealer from which I bought the car I have now, I asked about bar none and the pre qualify bit. Again, never got a straight answer on that,but he told me that bar none has extremly high APRs. Does anyone know if this is true?

Thanks

This message has been edited. Last edited by: DorianGreyed,

I did some searching online and couldn't come up with much of anything on Bar None except their own web site. By reading through their site, they specialize in obtaining financing for those that cannot go through the traditional methods (banks, credit unions, car financing arms). You will absolutely pay the highest APR through someone like Bar None...

The one quote I saw should give you some idea of the fact that they WILL charge pretty high rates and some even higher depending on credit history:
"The degree of past problems in conjunction with the current circumstances will determine details such as interest rates, down payment requirements, payment qualification and term of the loan, to name a few."

I believe, that based on the info on their site, that they only work with specific dealerships that have arrangements with them. I would guess that these are not the major dealers in your area, but are ones that specialize in the high-credit risk that Bar None works with.

Their site (which you probably already have)
Bar None FAQ's

I would recommend, that unless you have no other options, you stay away from these types of loans as you will pay through the nose and end up paying twice (if not more) than what the car is worth.

thank you, Lydia. I found out Bar None was a joke. They expected me to come up with $7,000 down. They were no help too me whatsover.

If anyone finds a legitimate company that can offer financing for people with bad credit, please let me know. I am having the same problem.