I haven't had steady employment in more than 2 years because of health problems and I have really bad credit..

Question

It's been a long time since I checked my credit but It's probably under 500 now. Now that I am able to work I'm looking for a job and I want to get a new car. What would it take for me to be able to finance a car. It doesn't have to be new but maybe like a $6,000 to $10,000 car. Like how long would I have to be at a job, how much at least approximately would I expect to put up for a down payment and about what percent my interest rate would be? Thanks

Answer 1

First get your job. At this point you really should not finance. I would definitely look for a car under $6,000. Do you live in an area with public transportation that you could use to get you to and from work until you have saved enough and purchased the car with cash. The lower your credit score the higher your interest rates. I have seen some on a used vehicle loan over 21%. You will need uninterrupted income for at the very least one year to be considered for a vehicle loan or any loan for that matter. It seem that getting deeper in debt for you is not the answer. Find things around your home that you are not using and have a sale. Many times people are surprised at how much they find at home that is not being used. It may be a good idea if you have a friend or family member that is money savvy to help you create a budget strategy to get to your financial goals. Good Luck.

Answer 2

1) Get out of debt. You didn't say if you had any, but with bad health usually comes some nasty debt.

2) Save up for a car. You don't need something fancy--even $6000 may be too much. Don't finance--save and buy it. Very few will finance to someone without a job. You NEED a steady income to get any loan.

3) What is your health problem that you can't get a job? Sell things to help. Start with getting a job, saving money for a car, and going from there.

Answer 3

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 4

If this is a 'want' - wait.

If it is a 'need' - shop with a really sharp pencil.
You can get a 10-year old car with reasonable miles for reasonable.

Depends on your situation. I'd be concentrating on increasing the income part of your equation. (as in start a side-business)

Hope this helps a little