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I just got a new job where my paychecks are usually abou $200 a week. I am $800 in the hole on my credit cards (Credit rating is a 755), and I dont have much in the way of a down payment. Is there much chance of me getting a nice used car, or are they going to laugh at me? I have very few bills otherwise.
Im not the kind that switches often...this would be the very first car Ive ever bought...So Id drive this new one till it was time for it to go to Car Heaven too..
I would say go look for a nice used one, but I'll be honest, while they might be out there, I'm not finding any, at least any that meet basic requirements (safe, good MPG, no damage etc). The price of a late model used car and a new car is very close these days, maybe $2000. You might want to consider new.
For the one I want, I cant afford new...and when I say used, I mean 3-4 years old at the newest. Dont mind a bit of mileage on it as long as the engine is sound.
As long as your debt to income ratio is good and your salary can support your payment, you have a good credit score and you should not have an issue getting a loan for the right amount. I agree, though, it's HARD to find a good used car-we just bought one last week and there isn't much out there since the Cash for Clunker's program-and what is out there is kind of expensive. Depending on what you are looking at, you MIGHT be better off going new mainly because there is a good chance you will get a lower interest rate and you can take out a longer term loan, lowering your monthly payment (then add extra to your payment to pay it off sooner if you can). If you have a credit union you can check with, often they have the best rates. Otherwise, many car dealers have very low rates on new cars too. Just something to explore.
There's the problem. You want something you can't afford. Well, I want a Ferrari, but I don't waste time thinking about how to get one. My suggestion: modify your "wants" so they come in line with reality. Why take on lots of debt? That's the whole trouble with this country right now. Debt.
There's the problem. You want something you can't afford. Well, I want a Ferrari, but I don't waste time thinking about how to get one. My suggestion: modify your "wants" so they come in line with reality. Why take on lots of debt? That's the whole trouble with this country right now. Debt.
-,- The one I want is less than HALF the price it would be if it was new. Think a 25-30k car brand new thats 16k or less (if I opt for less mileage on it) once I find it. I want an older model (2006 or so) used Buick LaCrosse or Century. I can do 16k over the course of a few years, I cant do 25-30k. THAT is unrealistic.
Before jumping on me, you might try asking questions first.
There's the problem. You want something you can't afford. Well, I want a Ferrari, but I don't waste time thinking about how to get one. My suggestion: modify your "wants" so they come in line with reality. Why take on lots of debt? That's the whole trouble with this country right now. Debt.
Yup. With only $1,000/ mo income, OP has no right to be choosy.
OP, what other expenses do you have each month? Rent? Bills? Credit card payments? Food? Savings? Gas? Car insurance? You need to first figure out how much you have left to devote to a car payment (ex, $80 or $130 or whatever). You DO NOT want to spend more than 2-3 years paying off a used car. If you had $100/mo for 3 years, after accounting for interest, you'd probably have about a $2,800-3,000 budget. I HIGHLY recommend Honda- the cars are built to run for 200,000-300,000 miles and are very reliable and not too expensive to fix.
You don't get to have a dream car this time around. I just bought my first dream car at 31, but drove a few less-than-dream cars from age 16-30. You need a reliable car that fits into your meager budget.
-,- The one I want is less than HALF the price it would be if it was new. Think a 25-30k car brand new thats 16k or less (if I opt for less mileage on it) once I find it. I want an older model (2006 or so) used Buick LaCrosse or Century. I can do 16k over the course of a few years, I cant do 25-30k. THAT is unrealistic.
Before jumping on me, you might try asking questions first.
Here's a question for you: how on earth do you expect to devote over 50% of your monthly pay to owning a car? A $15k car would cost you about $330 in payments over 4 years or $450/mo over 3 years (recommend MAX loan for used car), plus $100/mo or so in interest and $100-200/mo in gas.
That is fiscal irresponsibility at it's worst. You make $800-1,000/mo and are already $800 in the hole. I cannot imagine anyone approving you for a $15,000 loan with no downpayment (shows you can't save), and even if someone did, it would seriously put you on the road to financial ruin.
You have no savings. $800 in credit card debt. And want to spend $500-600 of your $800-1,000 monthly income on a car. Keep reading this last paragraph until it hits you that this is a REALLY BAD IDEA.
Location: Huntersville/Charlotte, NC and Washington, DC
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Quote:
Originally Posted by Colddiamond102
I just got a new job where my paychecks are usually abou $200 a week. I am $800 in the hole on my credit cards (Credit rating is a 755), and I dont have much in the way of a down payment. Is there much chance of me getting a nice used car, or are they going to laugh at me? I have very few bills otherwise.
Im not the kind that switches often...this would be the very first car Ive ever bought...So Id drive this new one till it was time for it to go to Car Heaven too..
Honestly I would go with a older car maybe an 01-03 Nissan or Honda. Not having a lot for a down payment or much in way of income is going to be a problem. At least my area Nissans and Hondas are overinflated on price but they are reliable and a loan on that won't be a lot. I just paid mine off and it still runs decently (albeit needs some maintaining.)
You are obviously getting by without a car now, so why not continue to do that until you can save up about $2000 to pay cash for a decent used one? Then instead of wasting your money paying interest to the bank you can continue to save and have the bank pay you interest until you have enough for the nice car you really want.
And please, nobody tell me that you can't buy a decent car for $2000, I paid $275 for the van I currently drive, $450 for my previous car. I have a truck that I paid $800 for 8 years ago and it's only been in the shop once for anything other than tires.
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Unrealistic wants
