Where to get a flexible used auto loan (pay, rate, financing)
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I need to buy a used car but unfortunately all I can pay a month right now is about $50. By June 2012 I will be able to increase the payments to $200+ per month. Is there a lender that would give me a loan with those payment terms?
A quick Google search found Noor Islamic Bank that gives out auto loans where people "pay less now and more later" but I doubt they do business in the US.
I know there were special programs for college grads - but that'll get you a better interest rate once you start working.
Some of the "pot lots" will give you a loan with a bunch down but $50/mo is only 600/year [probably about what they will finance].
If you are financing that little of a loan, you'll need full insurance coverage, which will eat into your $50 budget.
Lastly, $50 is about a tank of gas - so you won't be able to afford to drive it even if you can find something.
And why are you counting on your available car cash quadrupling in the next year? It's a bad path to commit to spend now the extra you hope to have next year. It's a never ending cycle to debt.
$2k if I really had to. I rather just use that to pay 1 year of payments upfront.
I'm currently driving a $1625 truck that books at about $4k
Pay cash and trade up next year
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