How can a person with bad credit buy a car without a co-signer?

Question

I have only owned old cars that were passed on to me by my father. I have never actually went to a dealership and bought a car before. I feel trapped! The car I have now is falling apart! My parents and friends eathier have no credit or bad credit, but mostly just bad credit. So there is no way I can get a co-signer! I called a credit union today and they also said they couldn't help me. So I am confused. My father has purchased all of his cars through a credit union... Can someone please help me?!

& yes, Kia rejected me also!

Answer 1

You need a buy here pay here lot, or try J D Byrider-they finance almost anyone.

Answer 2

I'm certain that you must find every financial clarification at: loandirectory.info-

RE How can a person with bad credit buy a car without a co-signer?

I have only owned old cars that were passed on to me by my father. I have never actually went to a dealership and bought a car before. I feel trapped! The car I have now is falling apart! My parents and friends eathier have no credit or bad credit, but mostly just bad credit. So there is no way I can get a co-signer! I called a credit union today and they also said they couldn't help me. So I am confused. My father has purchased all of his cars through a credit union... Can someone please help me?!

Answer 3

you are caught in a bad spot
First off the days of a co signer are just about gone. The banks would rather the other person buy the car and let you use it. Your only solution, is a cheep car you can pay cash for or a buy here pay here company. Places like JD byrider are most every where. Most will charge you the maximum interest rate alowed by law in that state. In NY its 24.99%. If you do have to go that route make sure you get a deal with no prepayment penality and work on gettiing your credit restored as soon as possible. Then apply for a regular loan at at bank and see if you can pay off the first loan off to lower your interest rate. No only do buy here pay here places charge high interest they charge a ton of money for the car. I have seen some people wind up paying, with interest and all, over 15,000 for a 2500 car. I would almost rather see you borrow money from a relitive and offer them interest and pay cash for the car. Even if 20 people had to lend you 100 each. Its sad but I have seen it time and time again as rent prices go up and people get squeezed. Pay increase has not stayed in pace with the increase in housing costs in most places.

Answer 4

You are in trouble. You have bad credit and want to buy a car without a co-signer. Pay cash for it and get your credit straightened out.

Or: Borrow some money that you can put into an account, or have your name added to an account that has the money in it at the credit union, but do not, I repeat, do not use that money for any reason. With the money in the account you will get a loan. The money will act as a form of collateral, but it is not your money to spend, so do not let them withdraw the money to make your payments or you will burn your last financial bridge. It will take will power, if you can even get someone to let you sign on to their account, but it is one way to get your financial world in order.

Answer 5

I would look for an inexpensive car, say 1000 to 1500 dollars. Just something to get you back and forth to work or school. In that time I would consolidate all your bills to get your credit standing in the green. This is very simple to do and will lower your monthly payments to creditors, and give you a better interest rate. Only one payment for all your creditors. What a great feeling that is. And work your way up, getting things paid off and such. This is key, because you don't want to fall back into the same hole that you are in know. Get that credit rating up, get those bills paid off, and get you a car that is reliable, yet inexpensive. You don't want to get a new car and have a huge car payment, then you wont be able to pay your other bills. This has happened to me plenty of times. you just need to think straight, have a goal in mind, and go after it. Everything will fall into place. Good luck, and I hope this helped you

Answer 6

you just need to buy a cahs car until you have enough established credit, go apply for a couple of credit cards and use them and pay off the entire bablance everytime the bills are due, that minimum payment thing is not such a good idea for those who are trying to increase their credit scores. if you do that you wont need a co-signer, also go to a rental car place and try ti finance one of those cars that can't be rented out any more, they are usually cheaper than brand new ones but in very very good condition, almost new. try enterprise. good luck.

Answer 7

well you have not given me enough of you past credit info but here goes. You have to establish credit in various forms but if bad credit is an issue there are car lots that will offer buy here pay here and you will pay a considerably higher interest rate and, must come up with a substantial down payment. Give them the junker. Your income is also a key factor if trying on your own.

Answer 8

NEVER, EVER CO-SIGN anything for anyone who you are not legally married to. Your niece has bad credit because she failed to pay her bills on time. If you co-sign this loan, your credit will get dinged for any late payments or defaults. If she defaults, you can simply take the vehicle and pay the loan. But if she pays late, you can do nothing except take the hit in your credit. She should buy less car and not ask you to co-sign. If you really want to help her out. You buy the car and let her make payments to you. At least your credit won't get bashed.

Answer 9

Keep in mind the more people check your credit the worse it gets. Every credit inquiry makes your credit score lower and lower.
Suggest you try a used car dealer thats not affiliated with one of the big guys

Answer 10

you need to save about maybe 2,000 - 3,000 to get something good and affordable, your income has to be within a credit unions policy in order for you to afford the payments. they might extend the loan term to 6 yrs to help u afford the payments, first of all, you should ask a credit union how much would they loan you depending on your income. and see how much they can loan you, if not, you might wanna try a dealer who does the "your job is your credit" but i mean if a credit union couldnt do that then that would be your best bet.

Answer 11

You're either going to go thru a predatory lender is going to give you a 17 or 18% interest rate, or you need to save up some money and pay cash. Go thru a site like www.lendingtree.com to see if someone will finance you online.