I have a friend that has a 590 credit score and they are needing financed for $8995 car;?

Question

What should they do to get financed? Is there anywhere special that they can get financed?

Income is not the problem..... its a vehicle accident that their credit report still hasn't recovered from... most of it is health bills... that the insurance company screwed them on..

They had a house that they were never late on payments and have a home now that they have not been late on payments but his score is not changing at all with this.. it has been 8 years since they bought their first home (payments were never late)....

Answer 1

Maybe a less expensive car is in order until they get their income up? or use alternative transit and save for a car?

Answer 2

They should save up some money and buy a good quality used car with CASH.

If they DO get financed, they will probably pay more in interest than principal! Not a very good idea.
Depreciating assets should be purchased, not financed.

Answer 3

Easy Ralph's Buy Here, Pay Here

conveniently located in junker row, right next to the salvage yard.

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Seriously -- folk with poor credit shouldn't be buying $9k cars even if they are used. Look for the little old lady who is selling her deceased husband's car in retirement village. It'll be in lots better shape, have low mileage, and a decent price.

:-)

Answer 4

Wait. No one "needs" financing for a $9k car b/c no one "needs" a $9k car. Your friend should purchase a $2k or less car with CASH & stop trying to borrow his/her way through life. Clearly, credit has not blessed his/her life, so why would s/he want MORE of it?! Please do not tell me that a good car cannot be purchased this cheaply. I have 4 of them. They all run, most have a/c & I (happily) paid cash for every one. Please refer your friend to the website below before s/he goes & borrows him/herself into another hole at a ridiculous interest rate. (Is there any other kind?)