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I know a single parent who is in need of a car (quickly). The problem is that her credit isn't so hot, so the only options she has are car lots who want to offer her a loan at 28% interest. She got a credit union to offer her a $5,000 loan (at 21% APR), if she puts at least $2,000 down and the car has less than 89k miles. You guessed it. Not only are decent cars like that hard to find, but she doesn't have the $2k.
Does anyone have realistic alternatives? BTW, I am already very familiar with Dave Ramsey's suggestions for buying cars. I don't think it is a viable option here. Thx.
Your friend doesnt even have $2,000 to buy a used car?
She will need to ride the bus for a few more months.
It would be CRAZY to get a loan at 28%, but then again, that's what people that don't pay their bills deserve to get in life.
In the near future, when your friend does accumulate the money, lets say $2,000, she should buy a car that costs less than $2,000, a toyota or honda, nothing fancy. Because, thats all she can afford.
Your friend doesnt even have $2,000 to buy a used car?
She will need to ride the bus for a few more months.
It would be CRAZY to get a loan at 28%, but then again, that's what people that don't pay their bills deserve to get in life.
In the near future, when your friend does accumulate the money, lets say $2,000, she should buy a car that costs less than $2,000, a toyota or honda, nothing fancy. Because, thats all she can afford.
This may come as somewhat of a surprise to you, but MANY single parents pretty much live from paycheck to paycheck. Its can be a very tough life. Has she made some bad choices? No doubt. But she is where she is. Needs a car in a town that is not public transportation friendly. A car is a necessity, and with a young child, dependable transportation is a must. I'm just looking for different options to help her. Thanks for your input though.
Your friend doesnt even have $2,000 to buy a used car?
She will need to ride the bus for a few more months. It would be CRAZY to get a loan at 28%, but then again, that's what people that don't pay their bills deserve to get in life.
In the near future, when your friend does accumulate the money, lets say $2,000, she should buy a car that costs less than $2,000, a toyota or honda, nothing fancy. Because, thats all she can afford.
There are more causes for poor credit than just "not paying her bills": what if she's a young or maybe even teenaged mom who's just starting out? What if she's just come off of the back of some medical emergency? Or was a victim of identity theft?
It's not possible to assume she is in this situation just because she hasn't paid her bills.
OP, I'd like to reiterate - has she checked the usuals - family / close friends who can loan her the money? Maybe a church has a benevolence fund she could request to use?
Does anyone have realistic alternatives? BTW, I am already very familiar with Dave Ramsey's suggestions for buying cars. I don't think it is a viable option here. Thx.
I used to listen to Dave Ramsey on a regular basis. His advice to people in her situation is usually to find somebody to give or loan her a car until she gets on her feet. When he lost everything he drove a ratty old borrowed Cadillac for awhile himself.
Finding a freebie car for someone who truly needs one isn't nearly as hard as it sounds. There are lots of people who keep an extra car around just as a spare because they don't see it as having any value to sell when they get a new one; many of these folks would probably be happy to cut the expense especially if it means helping somebody out.
Churches are a good place to start as some of them have ministries set up for that sort of thing, but intense networking is your best bet. She doesn't happen to be near southeast Iowa, does she?
Well, op...if she's so upstanding, why not loan her the money yourself?
I have actually considered that, but am interested in looking at all options. I don't believe that giving someone a car is always the best option. I'm mainly asking to see if others come up with an option I hadnt considered.
Thanks for all the suggestions so far.
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