Got some questions about financing a car

[qtnguyen87]

I am looking for a car, it doesnt have to be an all out great exspensive car. I have poor credit, probably 550-575. I have about $1400 in my bank account and i am in need of a car thats reliable and i can probably pay only $150-175 a month. I am looking for an import car though. Should i go to a big dealership or should i go to the local dealerships? Are there some that would let me do $400 down and atleast $150-175 monthly payments? any suggestions? Be nice =) any help would do. BTW, i have a good job. Pays me $400 week if that helps.

 

[DesiPower]

Big dealership is out of question, you should be looking at dealers with lot financing, IMHO that's the only place where you can go with your budget and credit score. DO NOT got to big dealers or banks you will NEVER get a loan. only ppl that will finance you are local city financing companies at around 25 to 35% APR with 50% down OR the dealer themselves. They too will make you pay a lot but its should fit your budget.
You are really in Chicago, I would keep using public transport and save up and buy... If you are in school, try waiting till you graduate.

 

[qtnguyen87]

The reason why i need a car is becuase my Wife is back in VA and she is pregnant and i will need a car soon to make it back to her baby shower and etc. I am just looking for like a $8K car or less with 4 doors and 4cyl or v6. Nothing special but i will probably dry the local dealers to see what comes up. But any suggestions here would be nice

 

[Garet Jax]

The reason why i need a car is becuase my Wife is back in VA and she is pregnant and i will need a car soon to make it back to her baby shower and etc. I am just looking for like a $8K car or less with 4 doors and 4cyl or v6. Nothing special but i will probably dry the local dealers to see what comes up. But any suggestions here would be nice

Visit local credit unions to see if you can secure financing first. Once you know what you can spend and how that translates into monthly payments, you will be in a stronger position to search for available cars.

 

[Andy22]

I am in the same boat and I suggest looking through www.autotrader.com. You can search for cars less that match your needs and can even search for dealers only. I think I have narrowed my choice down to a 2004-2005 Altima or Civic.

 

[qtnguyen87]

Hey Andy! i am looking for an Altima or a Civic as well lol.

 

[Barnaby W. Füi]

Buy a Civic with cash.

 

[qtnguyen87]

Visit local credit unions to see if you can secure financing first. Once you know what you can spend and how that translates into monthly payments, you will be in a stronger position to search for available cars.

hey would it be a problem if i am not a member of the credit union? becuase there is no way i can join the union unless i am a part of something, am i correct?

 

[qtnguyen87]

also, will a used civic for less then $2k make it from IL to NC then back without a problem? and milage wise, what is high for a civic?

 

[Barnaby W. Füi]

My 96 Civic (that was less than 10 years old when I bought it) had something like 170k miles on it and made it across the country just fine. Ultimately it's a gamble that depends upon the specific car you buy and whatever problems it might or might not have. Getting a proper inspection would help avoid these kinds of problems, but of course it costs money too (unless you have a knowledgeable friend).

 

[alkemyst]

Personally with only $1400 in the bank and a baby on the way, I'd not look to be financing anything.

I'd try to find a older car with lower mileage and pay cash.

 

[BigFatCow]

http://www.youtube.com/watch?v=WWnAdB-vkXo

 

[dud]

Those with the least ability to pay are most often the ones that have to pay the most to finance anything.

 

[jtvang125]

Why don't you just rent one for the trip?

 

[deadlyapp]

Why don't you just rent one for the trip?

Renting a car for a few days at a time will ultimately cost him way more.

 

[qtnguyen87]

well i am thinking about going to a dealer with $500 down for a car thats worth $5k. Pay like $150 a month for the next 2 1/2 years, by then i will get paid more from my job and i should be settled. I don't pay for rent so thats a bonus lol. $150/Month plus Insurance is ariund $230/Month

 

[Barnaby W. Füi]

Renting a car for a few days at a time will ultimately cost him way more.

That's quite an assumption, considering that the only info he's given us about how much he'll drive it is "to make it back to her baby shower and etc." which is not nearly enough information to know what would be the least costly option.

 

[summit]

just wire her money. she and the baby will appreciate it more.

 

[alkemyst]

well i am thinking about going to a dealer with $500 down for a car thats worth $5k. Pay like $150 a month for the next 2 1/2 years, by then i will get paid more from my job and i should be settled. I don't pay for rent so thats a bonus lol. $150/Month plus Insurance is ariund $230/Month

With your credit score getting less than 15% will be a miracle. To pay off $4500 would be closer to 3 years. You may even be looking as high as 30% and that's a 60 month pay off. Problem is finding someone willing to float $4500 for more than 3 years on financing.

You have to figure sales tax on top of that 4500.

I'd get a car cash...70's-80's american four door for now with low mileage, save on insurance and figure out a place to live for the baby that's due.

 

[qtnguyen87]

BUMP should i?

 

[paulney]

Like others said, if you _really_ need a car, search craigslist for a used civic - those are pretty indestructible. Buying from a girl who didn't drive it much or a soft.eng. will give you better chances of car being in a much nicer condition.

 

[boomhower]

Try Capital One. I used them when my credit was in the crapper. If I remember correctly the interest was around 14%. Yes it's high but better than buy here pay here or one of the other shaky poor credit loan companies.

 

[Mike Gayner]

well i am thinking about going to a dealer with $500 down for a car thats worth $5k. Pay like $150 a month for the next 2 1/2 years, by then i will get paid more from my job and i should be settled. I don't pay for rent so thats a bonus lol. $150/Month plus Insurance is ariund $230/Month

So you're betting you'll get a 0% loan with 10% down and poor credit at a deal on a $5k car? Good luck with that.

 

[RaistlinZ]

I'd just rent a car for the weekend. Most rental places offer cheap weekend specials so cars don't sit on their books all weekend. I know, I used to work for one.

 

[Tweak155]

If you really just need the one trip, how much is a plane ticket? I would imagine well within the $1400 range, if not less than half.