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Car buying question for bad credit
Posted on 7/12/14 at 1:04 pm
Posted on 7/12/14 at 1:04 pm
For a variety of reasons, my credit sucks. I'm in my 20s and put myself through college, taking out loans and credit cards to do so. I don't regret it-I got a degree and a very good job out of college. But my credit sucks and I'm looking at needing a car for work(it's mostly travel). If they are basing it off income I would be fine, but I know any place is going to run a credit check and that factors into it,
Is there a website to see based on xxx credit score what I would be looking at as far as finance rate, money down and payment per month. I'll go ahead and say my credit score is 475. I know it's awful, but I couldn't have done much differently,
I'm trying to factor in how much a car payment would be on my monthly budget. Thanks for any help.
Is there a website to see based on xxx credit score what I would be looking at as far as finance rate, money down and payment per month. I'll go ahead and say my credit score is 475. I know it's awful, but I couldn't have done much differently,
I'm trying to factor in how much a car payment would be on my monthly budget. Thanks for any help.
12
Posted on 7/12/14 at 1:17 pm to PurpleNGoldFan
Unfortunately I don't think you'll get a payment, but I could be wrong. Even if you do it's going to be a horrendous rate that you shouldn't pay.
I'd pay off any credit cards you have a balance on and get you student loans current. Then save. If all that's taken care of, just save. Continue to use the cards for everyday purchases, just pay them off every month. This will help rebuild your credit slowly.
I'd pay off any credit cards you have a balance on and get you student loans current. Then save. If all that's taken care of, just save. Continue to use the cards for everyday purchases, just pay them off every month. This will help rebuild your credit slowly.
Posted on 7/12/14 at 2:05 pm to TigerDeBaiter
I don't have the option to wait. My job is 100% travel.
Posted on 7/12/14 at 2:09 pm to PurpleNGoldFan
Watch some late night tv and find one of those cheesy car lots that guarantee you to get financed
Auto yes?
Auto yes?
Posted on 7/12/14 at 2:38 pm to Tigerpaw123
I don't want to ride in style with AutoYes. I know whatever my options are, they're limited, but I'd prefer to avoid a car sold to me by a guy in a clown suit.
Posted on 7/12/14 at 2:46 pm to PurpleNGoldFan
quote:
degree and a very good job out of college. But my credit sucks and I'm looking at needing a car for work(it's mostly travel). If they are basing it off income I would be fine, but I know any place is going to run a credit check and that factors into it,
Is there a website to see based on xxx credit score what I would be looking at as far as finance rate, money down and payment per month. I'll go ahead and say my credit score is 475. I know it's awful, but I couldn't have done much differently,
I'm trying to factor in how much a car payment would be on my monthly budget. Thanks for any help.
buy a beater
Posted on 7/12/14 at 2:50 pm to PurpleNGoldFan
Just buy a used car that'll last until you can get your credit in order. Gotta crawl before you can walk.
Posted on 7/12/14 at 3:34 pm to PurpleNGoldFan
You'll probably have to get financed by someone like roadloans/santander. Google it and fill out an online application. Your interest rate will be high but I'm assuming you already know that.
This post was edited on 7/12/14 at 3:37 pm
Posted on 7/12/14 at 3:39 pm to PurpleNGoldFan
Another option would be to use one of those p2p lending sites. The interest rate will probably still be high, but maybe not as high as with a bank/dealership.
Not sure if any of them are good, but it's worth a shot.
Not sure if any of them are good, but it's worth a shot.
Posted on 7/13/14 at 12:17 pm to PurpleNGoldFan
quote:
Is there a website to see based on xxx credit score what I would be looking at as far as finance rate, money down and payment per month. I'll go ahead and say my credit score is 475. I know it's awful, but I couldn't have done much differently,
Is that your FICO score? Most lenders will use an auto enhanced FICO score that puts more emphasis on your past auto loans than your traditional scores. Go to the MyFico forums, they share a lot of very useful information. There's a board specifically for auto loans. You may also want to check out the "Rebuilding Your Credit" board. I got some tips from there a couple years ago and was able to raise my score over 100 points. Good luck.
Posted on 7/13/14 at 12:23 pm to Goldrush25
quote:
Just buy a used car that'll last until you can get your credit in order. Gotta crawl before you can walk.
Exactly buy a used car with cash then clean up the CC debt.
Posted on 7/13/14 at 12:34 pm to PurpleNGoldFan
quote:
I'll go ahead and say my credit score is 475.
If that really is your FICO then you must have been seriously late on multiple payments, just having lots of debt wouldn't drag it that far down. In which case I doubt you will get a loan on anything resembling reasonable terms.
If you need a car for work, will your employer help you out somehow?
Posted on 7/13/14 at 1:43 pm to foshizzle
quote:
that really is your FICO then you must have been seriously late on multiple payments, just having lots of debt wouldn't drag it that far down
I think you're right. I only have a few credit cards and let them carry balances close to their limit last month just to see where it put my score. Got my FICO through Discover IT and even with that much revolving debt my score was still over 650.
Posted on 7/13/14 at 2:41 pm to PurpleNGoldFan
Is getting somebody to cosign not an option?
Posted on 7/13/14 at 3:21 pm to PurpleNGoldFan
You can get financing, anyone can get financing. Even a 379 can get financing. But you will pay out the arse on interest.
Posted on 7/13/14 at 6:07 pm to Napoleon
Pay a couple thousand dollars cash for a used car that will get you from A to B. You cant afford a high interest payment. Get off that cycle and start paying off your debt. Part of doing that means you drive a throw away car you can afford. Thats how you start getting ahead. Sorry.
Posted on 7/13/14 at 10:41 pm to PurpleNGoldFan
You need to find a something along the lines of an 08-10 Corolla for 10-11 K under 60,000 miles. You will probably need 2 grand down but you should be able to get financed by someone like Santander or First Choice expect to get hit with fees out the arse. You are definitely going to need check stubs for the last 2 years and proof of residence. If you have those + down payment you should be fine.
Posted on 7/14/14 at 12:04 am to PurpleNGoldFan
With the information you have posted, more than likely you will have to put at least 20% down and your interest rate will be 18%. And you will probably have a device installed on your car that will disable it from starting if you are late on your payment (even 1 day).
Or you can go to Auto Yes or a mom and pop dealership.
Or you can go to Auto Yes or a mom and pop dealership.
Posted on 7/14/14 at 7:12 am to POCKET
quote:
Is getting somebody to cosign not an option?
Would you cosign on a 475? No way in hell that I would.
Posted on 7/14/14 at 8:45 am to VABuckeye
quote:
Would you cosign on a 475? No way in hell that I would.
Would you cosign on that if the score was directly related to MS and perhaps a recent app-oramo? Nothing else
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