2007-03-08 12:35:21 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
If you have NO credit, that is a GOOD thing. Keep it going by saving up & paying CASH for a decent used car. Honestly, we have a six figure income & I drive a $1700 Toyota Camry. I love it! I have had exactly ONE car payment in my life & I will NEVER have another one. We follow Dave Ramsey's "Total Money Makeover". We have had to follow it to get OUT of the hole. If you are not yet in one, you have every opportunity to start seriously managing your finances to BUILD WEALTH. Get it at the library or bookstore.
Learn how to live on less than you make & you will always have money for your large purchases.
Best wishes.
2007-03-08 12:43:28 · answer #1 · answered by Tom's Mom 4 · 2⤊ 0⤋
Don't buy a new car. You immediately will lose around 15% to 35% in first owner depeciation. Your car costs high amount cause at brand new cause your paying for the priviledge of no previous owners.
Look for nearly new, with limited miles and just a couple months old for a better bargain. Also if you need a loan to get car then you more than likely will get shafted in what you end up having to pay back. Why not get a reliable 2nd hand car for cash ? You can get an older but trustworthy solid Toyota which has been serviced and will run without problems if you hunt around for like £1,500 - £2000. Live within your means... don't borrow if you can help it.
2007-03-08 12:57:48 · answer #2 · answered by Narky 5 · 1⤊ 0⤋
One thing you could do is accept the ridiculous interest rate they are going to charge you at the dealership (don't buy it down at all! Don't even worry about what the monthly pmt is, assuming you are comfortable with the total price). Then, after you have made one or two payments, refinance the loan with your bank or any other financial institution. Your loan term won't be extended in any material way, and you'll get a much better interest rate than the "no credit history" rate the dealership will give you.
2007-03-09 06:33:46 · answer #3 · answered by Diet Lava 3 · 0⤊ 1⤋
It is alot easier to get approved for a brand new car (with in the last 2 years) than an older car and lots of dealership accept people with no credit nowadays.
2007-03-08 15:34:36 · answer #4 · answered by ? 2 · 0⤊ 2⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-08 18:02:29 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Instead of getting yourself into debt, why don't you buy something you can afford and try selling it on for a small profit and then work your way up like that?
2007-03-08 12:39:44 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Try a buy here pay here place that reports to the bureaus.
2007-03-08 12:38:11 · answer #7 · answered by Mariposa 7 · 0⤊ 1⤋
You could start by typing Ireland correctly...?
2007-03-08 12:49:39 · answer #8 · answered by Scott E-Walk 3 · 0⤊ 0⤋