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Started By
Message
re: Car buying question for bad credit
Posted on 7/14/14 at 8:49 am to VABuckeye
Posted on 7/14/14 at 8:49 am to VABuckeye
quote:
Would you cosign on a 475?
I would for one of my kids probably, but that's it. My dad had to co-sign on a car loan for me right out of college, but my score wasn't as low as the OP. And we got the loan through the Credit Union he had been a member of for 20-30 years. My rate was still around 9% for a used car even with him co-signing.
You are going to need a nice downpayment or a co-signor to get a decent loan. Otherwise you're looking at an interest rate in the 15-20% range, which is just silly for a car.
1
Posted on 7/14/14 at 10:01 am to The Spleen
I'd consign if you gave me 3-6 months payments up front to hold until the loan was paid for. That way I'm not coming out of pocket if you miss a payment or 2.
Posted on 7/14/14 at 10:47 am to PurpleNGoldFan
What kind of travel? Just riding around the city? Or travel into multiple states or around the state?
Will your company pay mileage to you?
If you have to travel significant amounts of time away from home, or you are expected to transport clients, a beater car might not be an option. But a $5,000 car might be.
If you have to finance, put down as much as you can, finance as little as you can, make sure there are no early payment penalties, and throw as much money at the car note as you can. Try to pay it off as quickly as humanely possible. Cut out all frills in your life and get that car paid off. If you do that, the interest will simply be uncomfortable, instead of punishing.
Just run some amortization schedules at 18 percent, and be sure to add in tax, title, etc to the full rack rate as you won't be getting any discounts from the dealer.
Will your company pay mileage to you?
If you have to travel significant amounts of time away from home, or you are expected to transport clients, a beater car might not be an option. But a $5,000 car might be.
If you have to finance, put down as much as you can, finance as little as you can, make sure there are no early payment penalties, and throw as much money at the car note as you can. Try to pay it off as quickly as humanely possible. Cut out all frills in your life and get that car paid off. If you do that, the interest will simply be uncomfortable, instead of punishing.
Just run some amortization schedules at 18 percent, and be sure to add in tax, title, etc to the full rack rate as you won't be getting any discounts from the dealer.
Posted on 7/14/14 at 11:08 am to LSUGUMBO
quote:
That way I'm not coming out of pocket if you miss a payment or 2.
Coming out of pocket would be the least of your concerns. It would/could adversely affect your credit and you may end up owning and paying for a car you didn't want.
Posted on 7/14/14 at 12:13 pm to VABuckeye
quote:
Would you cosign on a 475? No way in hell that I would.
I'm mostly thinking about family that would take the risk for him
Posted on 7/14/14 at 12:53 pm to POCKET
I figured but I'd tell him to get his shite together even as family before I'd cosign. At 475 he hasn't done a damned thing to start digging out of the hole and improving his credit yet.
Edited: Yes I can be a prick when it comes to money and my credit.
Edited: Yes I can be a prick when it comes to money and my credit.
This post was edited on 7/14/14 at 12:54 pm
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