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.
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.
Laura wife to Chris proud mommy to our lil monkey (c-section 6-10-06), our other lil monkey (HBAC 3-08-09) Our next and last son (due by HBAC mid July 2011) and our angel (10-03-04). My middle son has many severe food allergies.
love and blessings
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.
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.
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.
RIP Sidney 1994-2010 RIP Charlie Brown 2008-2010
I do think you could consider telling laying your budget out here. People can help you figure out what you can afford.
|So here's the problem, how do I get a used car with no down payment, bad credit and no savings?|
Midwife (CPM, LDM) and homeschooling mama to:
14yo ds 11yo dd 9yo ds and 7yo ds and 2yo ds
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.
Unassisted birthing, atheist, poly, bi WOHM to 4 wonderful, smart homeschooling kids Wes (14) Seth (7) Pandora Moonlilly (2) and Nevermore Stargazer (11/2012) Married to awesome SAH DH.
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.