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I received a verbal job offer from a company in my field of study and expect HR to follow up with a written offer by the end of the day or early next week. If I sign the contract, I'll have only 2 weeks to secure housing (I'll look for a room to rent by the month on craigslist or similar site or if I'm in a pinch, airbnb by the week) + plus transportation. I'm currently using my dad's 2nd leased car but we've already determined it's going to be returned at the end of the lease (spring 2018), he refuses to let me take his car out of state so I have to arrange my own transportation.
I was hoping to use the car to relocate and also do a cross country round trip (to attend an interview and possibly start a second job in the new year). I figure I need an allowance of about 2000-3000 miles a month for 2-3 months, maybe longer or until I get settled. Being currently unemployed and not owning a vehicle, I have a credit card with a $5000 credit limit and a student loan in my name but no house and no other car loan, so I doubt I'd qualify for a 12 month lease take over. Could I show a finance company the offer letter from my future employer as a way to prove income?
I looked briefly at long term car rentals from Enterprise and competitors and it's pretty pricey for 1-2 months. The other option is buying a used car in cash, my limit would be about $4000-5000 including winter tires. And I'm not sure what I can get for that price that's comfortable on long drives, manual and reliable enough to take cross country. Ideally I could find a car with warranty coverage. Suggestions welcome. I understand I may have to rely on public transit initially but looking for my own wheels soon.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,736,702 times
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Where do you live today and where are you headed?
Given you are just starting out, I would strongly recommend you DO NOT BUY A NEW CAR. In fact I would do nothing until you get the written offer, formally accepted it, and the company has started the on boarding process. Do you have cash saved up for the car, the move, and startup expenses? Do not start out living off your credit card! I don't know how much your salary will be but given you already have student loan debt I would make absolutely sure no more debt is incurred.
How much stuff do you have to move, anyways? Can you just fly there with your clothes and buy things there once you know your living situation? Can you take the bus, train, or walk to work? Given you have zero money I would do everything I could to live as close to work, as cheaply as possible, and take public transportation until you get money saved up. Do not start off a new job with more debt.
I would also not buy a car of any sort until you know the parking and insurance situation.
I am headed to a northern state and will need winter tires for 4-5 months a year. Relocation to my first job and driving across the country would involve traveling on snow and ice covered roads. I was actually leaning more towards looking for a lease transfer with 12 or less months remaining. Sometimes you find deals where cash incentives are offered and there's a lot of mileage left in the term. I definitely don't want to try to finance for 48-60 months, I'm looking for a short term solution that's as cheap as possible. I just mentioned my credit card limit in passing - I don't plan to use it since the interest rate is close to 20%. The student loan balance is around $3000 and I can easily pay it off now but the interest rate is still under 3% so not in a rush to do so. I'd rather keep cash for buying a used vehicle if I can/choose that option. The starting salary is about $40k/year gross and I've never applied for financing before so I don't know if I'd get approved. Maybe I should check my credit score?
Yes, insurance is something I have to look at. There's free parking at the new employer and I'm hoping to find a room to rent at a private home with a driveway or free street parking. I have a lot of boxes and clothes to move, enough that it filled up a compact 5 door hatchback before and I need even more room to move some of my stuff (furniture) out of storage and sell it in the new city I'm going to.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,736,702 times
Reputation: 3203
Quote:
Originally Posted by sedonaverde
I am headed to a northern state and will need winter tires for 4-5 months a year. Relocation to my first job and driving across the country would involve traveling on snow and ice covered roads. I was actually leaning more towards looking for a lease transfer with 12 or less months remaining. Sometimes you find deals where cash incentives are offered and there's a lot of mileage left in the term. I definitely don't want to try to finance for 48-60 months, I'm looking for a short term solution that's as cheap as possible. I just mentioned my credit card limit in passing - I don't plan to use it since the interest rate is close to 20%. The student loan balance is around $3000 and I can easily pay it off now but the interest rate is still under 3% so not in a rush to do so. I'd rather keep cash for buying a used vehicle if I can/choose that option. The starting salary is about $40k/year gross and I've never applied for financing before so I don't know if I'd get approved. Maybe I should check my credit score?
Yes, insurance is something I have to look at. There's free parking at the new employer and I'm hoping to find a room to rent at a private home with a driveway or free street parking. I have a lot of boxes and clothes to move, enough that it filled up a compact 5 door hatchback before and I need even more room to move some of my stuff (furniture) out of storage and sell it in the new city I'm going to.
I'd stay away from the lease transfer. Far far away. I'd ship the boxes to your new address and try to live as close as possible to your employer, or on a public transportation route. The reason why I asked where you are going is that could make a big deal on whether or not you need a car. If you end up needing one buy cheap and cash. You'll be glad you did.
Why should I stay far away from a lease transfer? Also if I have no knowledge/tools to repair an old car myself, wouldn't a cheap one be risky? If possible I'd like to find a car that's still covered under warranty.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,736,702 times
Reputation: 3203
Quote:
Originally Posted by sedonaverde
Why should I stay far away from a lease transfer? Also if I have no knowledge/tools to repair an old car myself, wouldn't a cheap one be risky? If possible I'd like to find a car that's still covered under warranty.
Leases are basically loans that are written based on the credit worthiness of the applicant. If the car was your father's, the original lease will be based on his credit score among other considerations. To be approved by the leasing company to assume the lease, you will need similar if not better credit. You said in your original post you have no money, no job, and student loan debt. You are not a good credit risk and there is a very good chance the leasing company will turn down your application to assume the lease. The car isn't your dad's or yours, so there is nothing you could do to prevent that.
You can buy an inexpensive used car for cash. You don't need to know how to fix cars - that's what a mechanic is for. And even if you buy a $5k car for cash such as an Toyota Corolla or a Honda Civic you can get something that will give you years of trouble free motoring.
You are broke. You have no money and are in debt. Don't make it worse by getting a car loan.
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