Need a new (used) car, terrible credit - what to do? - Mothering Forums

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#1 of 8 Old 06-20-2014, 01:55 PM - Thread Starter
 
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Question Need a new (used) car, terrible credit - what to do?

We need a bigger vehicle as our kids literally no longer fit in our backseat. Kids are 3, 5, and 11 and the 11 year old is completely squished between the two car seats. We need a third row.


But our credit is really bad (like 570) and we don't have much of anything in savings. We can probably pull together about $2,000. I'm trying to figure out if it would be better buy what I can find for $2,000 private party (which would likely be very old or in very bad condition) or take my chances at a dealership, using the $2,000 as a down payment on something in the $10,000-$12,000 range and financing the rest at a likely ridiculous interest rate.


Our credit is so bad because we had several accounts go to collections about 5 years ago. We paid it all off and have most of our credit card debt paid off as well, but our credit wont really improve until those collections fall off our credit report in around 2 years. We have worked very hard over the past five years to pay down over $40,000 of debt and I hate the idea of accruing new high interest debt, but I also need a reliable vehicle. Thoughts?
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#2 of 8 Old 06-20-2014, 02:02 PM
 
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I was able to bring my score up a lot by paying all of my utilities on time for six months. It jumped over 100 points and I was able to get a loan from a car dealer. Your bank or creditunion may be wwilling to work with you also and there are some dealers who advertise that they work with bad credit.
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#3 of 8 Old 06-20-2014, 05:47 PM
 
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I'm a CPST and I can tell you that new, narrower carseats would be cheaper than a new car. What seats are your older kids in right now and what vehicle are you driving?

Carseat-checking (CPST) and WAH mama to a twelve-year-old girl.
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#4 of 8 Old 06-20-2014, 08:57 PM
 
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Originally Posted by chickabiddy View Post
I'm a CPST and I can tell you that new, narrower carseats would be cheaper than a new car. What seats are your older kids in right now and what vehicle are you driving?
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#5 of 8 Old 06-20-2014, 10:43 PM
 
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We just bought a van with terrible credit. I'm pregnant with #4 so a van is definitely required. So, we're sucking it up and paying high interest and high payments. One thing that worked in our favor is because our credit was so bad, the dealer had to really "play with the numbers" in order to get us financed. Funny how much they lowered the price for us! We got a really nice van that we love. Our hope is to refinance at a lower rate after awhile. Is there someone who could cosign for you? I was prepared to ask my dad but my husband was so opposed to it, would only consider it as an absolute last resort.

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#6 of 8 Old 06-22-2014, 03:54 PM
 
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How long until the 5-year-old can go to a booster seat? Can you bribe the oldest kid to wait that long?

What price do old, wide, gently-driven old lady cars go for in your area?
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#7 of 8 Old 06-23-2014, 07:08 PM
 
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I had kids about those ages in a small backseat-the oldest was originally in the middle but had to be moved to the side because there was no head rest. IIRC we had the a radius in the middle and an Evenflo (I could check, but I don't remember exactly what this was and they are in ex's car now!) HBB on the side (though I might be backwards on that?) and then the older kid sat on the other side. It squished but it fit!

I was in the same position as you and buying a van was not an option so I bought the expensive skinny car seats instead

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#8 of 8 Old 06-23-2014, 07:27 PM
 
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How long until the 5-year-old can go to a booster seat? Can you bribe the oldest kid to wait that long?
Actually, in tight three-across situations, harnessed seats normally work better than booster seats. They are a PITA to install, but once they're in, they're in, and all buckling can be done up front. Buckling a booster next to another seat can be difficult to deal with every day.

Carseat-checking (CPST) and WAH mama to a twelve-year-old girl.
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