Caught between a rock and a hard spot..?
im in the market for a new car..i work part time and student part time and have no co signer. i need to be financed but keep getting turned down do to monthly income and i cant even take out a loan from the bank for the same reason....what do i do? i need a new car because mine is a ticking time bomb...any advice for first time buyers??
2006-11-09 07:53:13 · 6 answers · asked by yourmygoodfeeling 3 in Business & Finance ➔ Credit
My brother can very well relate with your situation, he got assistance from NHBS, Inc, Im not pretty sure if you too can be lucky but lets just try, why not
http://www.newhorizon.org/Info/carloans.htm
he gave me this link, but I suggest you go speak with the team
all the best!
2006-11-09 08:06:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Just as a general question- how much can you put as a downpayment? You may want to save up and just buy a junker car (but one in better condition than your's is now)
You may have to go to a place that advertizes that they will finance anyone. The interest rate is going to be through the roof but that may be your only option.
You also may want to think about if you can use public transportation for a while until you can afford a car. Or, since you're a student, see how much of a student loan you can take out and put that money towards a car, since you'll probably be usingg to to drive to school.
2006-11-09 07:57:17 · answer #2 · answered by Vadalia 4 · 1⤊ 0⤋
I know this is not really the most moral advice to give...but the typical car lot is not going to verify your income. A good income to debt ratio per month is 60/40. Baisally take what you pay monthly for rent, credit cards and the car your want to buy, multiply that 2.5 and give that as your income. (Unless of course that amount is high enough to make them suscpious.)
2006-11-09 08:40:05 · answer #3 · answered by junglekitty187 2 · 0⤊ 0⤋
How much do you have to spend? you can always go to a buy here pay here lot where you don't have to have any credit but you will probably have to have some down plus like 200 a month. But if you have enough thats a good deal if you have 1000-1200 my friend has a car for sale its a 95 grand da 103,000 its a great car. It also depends where you live. I do know that you can get cheap cars off of ebay but be careful that you don't get a dud.
2006-11-09 07:59:15 · answer #4 · answered by ssccstudent2004 2 · 0⤊ 1⤋
You can either save your money so that you have a bigger down payment or go to a buy here/pay here. If you go for the second choice, make sure you have a mechanic check out the car.
2006-11-09 14:33:50 · answer #5 · answered by Mariposa 7 · 0⤊ 0⤋
each time you apply, "for finance", the record of application is kept by the credit rating company, "there`s one of your problems".
I would suggest, you "may" be able to "take over the book/payments", of someone who may be trying to opt out of paying a car, "but", use caution.
2006-11-09 08:05:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋