How do I get a car? - Mothering Forums

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#1 of 16 Old 11-22-2008, 09:06 PM - Thread Starter
 
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Does anyone have any advice on how to get a bad credit auto loan, that's safe? Basically, I was divorced last year, I don't have much credit, what I do is bad and I just started working so I don't have any savings yet, really.

My mom takes my dd (special needs) to school everyday on the bus while I go to work at the hospital 30 miles away. It's easier for me to drive because to take the bus would add hours to my already hours long commute cutting down on the already limited time I get with my kids. So don't give me crap about it, ok.

I REALLY want to get a car for my mom, something cheap. She won't finance anything, because when I got divorced, she put my car in her name, even though I make the payments and she doesn't want to add anymore debt to her name. She said she'll get a car if I finance it and after all she does for me, I feel like that's a fair solution. She's basically taking care of my kids, letting me live w/ her, assuming the role of my wife, ect...it's the least I could do.

So here's the problem, how do I get a used car with no down payment, bad credit and no savings? I make excellent money, I just don't have the money right now to spring for a car. However, my dd and mom having been walking to the bus stop in the rain, so something has to change like, now, cause that's not right. I'm afraid of the internet adds and I called a few dealers but they'll finance me, but want 1000 down or something.

My sister might co sign, but she's a banker and anal about her credit. However, this is for our mom, so she may have a heart about it.

I guess I'm just wondering if anyone else has had a similar situation and what they've done.
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#2 of 16 Old 11-22-2008, 09:19 PM
 
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Well with the current credit situation, you are facing an uphill battle and I speak from experience. Last month we were looking for a car and we have less than stellar credit, well even at the bad credit car places they needed at least a minimum of a $1000 to upwards of $3000. Gone are the days of really low to no downpayment if you have less than stellar credit.

Considering that even if you could get your hands on that kind of cash you are looking at high interest rates, I would save some cash and buy a reliable beater. Or talk to your sister.

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#3 of 16 Old 11-24-2008, 06:00 PM
 
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We went to carmax, and ended up paying 500 down. My husbands credit sucks, and he has only been at his job for 6 months (the company sold to another company, so he is still at the same job, but a new name in the last 6 months.)

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#4 of 16 Old 11-24-2008, 06:20 PM
 
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My suggestion, unfortunately, is to just wait it out until you get your income tax. Would that be an option? I know here you can get a car for about 1500.00 to start that runs good. I know living with out a car sucks. I'm waiting it out also.

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#5 of 16 Old 11-24-2008, 06:29 PM
 
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using your tax money is a good idea, if you get a big enough return.

If you don't go the co-signer route, be prepared to pay a super high interest rate. For really low credit scores it could be as high as 20%. You will also need a pretty generous down payment. Most big car dealerships offer "special financing" which is likely what you would fall under.

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#6 of 16 Old 11-24-2008, 06:31 PM
 
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I don't know about the credit thing but we got a loan through e-loan (online) and it was really simple. They sent us a check we used at the dealership, that we could write out for anything up to the approved amount. Good luck!

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#7 of 16 Old 11-24-2008, 08:39 PM
 
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1. Go to Craigslist autos and find something you like in the price range you want, then email the person with a deal... X amount now, X amount later and offer to make a written contract.

2. Post in the Free section of Craigslist and basically say you need a car, someone giving one away might see your ad first and contact you.

3. Get a cheap car that runs and save your monthly payment until you can get something more reliable (just a toss up there with not wanting to chance being late and not wanting your loved ones riding in a clunker)

I think anything to avoid high interest loans is worth the sacrifice, but vehicles aren't important to me as long as they run or unless they have historical / emotional value (like my VW bus) DH on the other hand thinks any car for $400 has to be worthless while I have happily found and driven some 3-400 dollar cars for years.
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#8 of 16 Old 11-24-2008, 08:45 PM
 
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If you are going to finance a car, buy new. I used to sell cars, and interest rates were significantly lower on new cars than on used cars. (The only exception was if it was a used car that was the same model year. But often rebates/incentives made the new car cheaper than the same model year used one.) Granted, this was about 4.5 years ago (with really low interest rates), but I had a woman come in with bad credit. She was approved for an 18% interest rate on a used car but could have gotten approved on a new car for 9.9%.
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#9 of 16 Old 11-24-2008, 09:06 PM
 
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I would urge you to *not* go to a place which accepts "bad credit/no credit." These are cars that haven't been maintained well, have little guaranty that they won't break down soon & often, have hugely inflated prices. The cost you'll end up paying for a car will be well over blue book.

I say all this because I used to work repo, and these dealers are referred to as 'buy here, cry heres.' They made their money buying poorly maintained cars at auction and selling them for inflated values. I saw lots of people get screwed by these dealers in different ways.

I don't know your financial situation in any depth, but buying a used car from an individual is a better bet, imho.
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#10 of 16 Old 11-24-2008, 10:36 PM
 
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How much cash can you come up with? How much of a payment are you thinking? When you say used do you mean a real beat up car or are you thinking something that looks nice and has a fairly long life left? Do you belong to a credit union? They have better rates. I would do whatever you can to avoid the bad credit places- they just can't be good.

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#11 of 16 Old 11-24-2008, 11:27 PM
 
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How much of a monthly payment are you thinking about taking on? That would affect my opinion.

I do think you could consider telling laying your budget out here. People can help you figure out what you can afford.

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#12 of 16 Old 11-25-2008, 01:34 AM
 
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Quote:
So here's the problem, how do I get a used car with no down payment, bad credit and no savings?
If you have no savings, I would say to not take on any debt until you have at least a small emergency fund stashed away.

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#13 of 16 Old 11-25-2008, 01:46 AM
 
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Quote:
Originally Posted by 3_opihi View Post

So here's the problem, how do I get a used car with no down payment, bad credit and no savings? I make excellent money, I just don't have the money right now to spring for a car.
If you make excellent money now, would you be able to set aside a few hundred for the few months or a little more and just pay cash for something. I mean we got a really great deal on a used car - $1000 a few years back, though it was through a friend, I know to someone else, they would've only asked $1500 from someone else and it has worked great for the last 2 years and continuing! A lot cars are available - at least around here around $1000 that are in really good working condition - just older vehicles.

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#14 of 16 Old 11-25-2008, 01:58 AM - Thread Starter
 
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Originally Posted by RGsMom View Post
If you make excellent money now, would you be able to set aside a few hundred for the few months or a little more and just pay cash for something. I mean we got a really great deal on a used car - $1000 a few years back, though it was through a friend, I know to someone else, they would've only asked $1500 from someone else and it has worked great for the last 2 years and continuing! A lot cars are available - at least around here around $1000 that are in really good working condition - just older vehicles.

This is what I'm hoping to get. It's really expensive where I live (Hawaii) so you won't find any cars for 1000 dollars, but I was hoping to get something for 3-4000.
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#15 of 16 Old 11-25-2008, 03:16 AM
 
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I went to one of the buy here pay here places. I put $900 down, no credit check. Payments are $212 a month and they don't require full coverage insurance. After all is said and done it will cost $2700 for a 1995 Volvo with 100K miles on it.

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#16 of 16 Old 11-26-2008, 03:40 AM - Thread Starter
 
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Well, it turned out to be easier than I thought it would be. I ended up getting a random check in the mail for 2500 dollars (talk about manifestation!) and was able to get pretty good financing through a dealership on a 2004 Nissan Quest, for 10000 (monthly payment of $258, which is not a wonderful interest rate, but I figure I can refinance after 6 months.). They asked me to put 1500 down, which I am going to and I'll still get to keep 1000 dollars. Whoo hoo!

Since I have three kids, I'll just keep the minivan and give the newer, nicer car to my mom. Works for everyone all around. I'm so glad it was relatively painless.
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