Ok I haven't had steady work in more than 2 years because of mental illness that I'm trying to resolve. I have worked here and there for a couple of months at a time because it's hard for me to keep a job but I'm in counseling and I'm determined to find work to save money for a car and turn my life around. My credit score is like 400 so it's really bad and I owe more than $5,000. My question is...how long would I have to be at a job to qualify and how much would I need to put up for a down payment? Would I qualify for a car if I worked 6 straight months and I saved $2,500 for a down payment? It doesn't have to be a brand new car. I would be happy with car that's 5 years old and like $7,000. Do you think I can qualify?
2007-09-10 11:20:17 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
The $5,000 I owe is from old credit cards that are in collection.
2007-09-10 11:33:13 · update #1
Auto finance is what I do for a living and 6-months on the job with $2,500.00 down and yes there are several lenders out there that will approve you.
And pay no attention to the first poster he does not know what he's talking about.
2007-09-10 11:32:01 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Get a job where the company has a credit union .
Open a savings , and after 2 years , apply for the vehicle loan with at least 10% down .
Given your circumstances , your monthly insurance may be as high as your car payments .
Ride the bus for awhile , get your life into a productive work track and go car shopping in 2 years .
If you do not take time to clean up your past ,
( and by your accounts of debt & sucky FICO ,
It will take moroe than 6 months )
Your future is going to be fairly gnarly too .
>
2007-09-10 11:30:51 · answer #2 · answered by kate 7 · 0⤊ 0⤋
When I bought my first car about 2 1/2 years ago I was on social security and I brought with me $1,000 down payment and they did a $400 more deferred down payment. My credit was right around 500 at the time. They had NO problems giving me a car.
Also! In response to the guy above me, I had about $5,000 worth of stuff on my credit and they gave me a loan for $10,000.
My only suggestion is not to quit the next job cause you don't want to miss a payment!
2007-09-10 11:28:45 · answer #3 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
Are you currently paying on the $5,000 debt? If so it's probably not that big a deal, if not absolutely no-one is going to give you money. If your still resolving your issues maybe hold off on getting a car as if things aren't resolved and you can't make payments the car is just going to get taken and your going to be even worse off. Personally I would recommend you buy an old beater with whatever you can afford and drive it into the ground while you save money. There are dealerships that specialize in poor credit and special situations but they are going to rape you with interest and fees.
2007-09-10 11:26:30 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen towardyou can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
2007-09-10 14:56:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, you will no longer qualify for any form of own loan own loan, as long as those previous themes exist on your credit comments. you're able to make certain those previous themes, and that could require paying off your lenders to sparkling up your credit record. you're able to understand that previous unpaid costs do no longer 'purely pass away'. the only thank you to qualify for a private loan own loan is to sparkling up those previous debt themes, and which will require which you PAY what you owe.
2016-10-10 08:12:52 · answer #6 · answered by ? 3 · 0⤊ 0⤋
check with a credit union. They will charge you an interest rate in keeping with your credit.
They may well lower your rate if you are doing well with your payments. See if you can pay every two weeks, as this will lower your total payment.
2007-09-10 11:58:36 · answer #7 · answered by Steveo 5 · 0⤊ 0⤋
And if you need help cleaning up your credit, check out this site - I used them and I'm so glad I did. Let me know if you have any questions about the process.
www.secureyourcredit.info
2007-09-10 15:26:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋