Seeking advice on buying/finding a decent car?

I’m in a bit of a bad situation. I’ll start by giving some background. I was laid off from my job during downsizing about two years ago and haven’t been able to find stable work. During that time I pretty much have lost everything, including my car. Needless to say, my credit is ruined and have a score in the low 400′s. Fast Forward to now and I have a few job offers sitting one the table, one of which I have accepted and start on Monday. The job is 25 miles one way and public transit isn’t an option due to distance and locations of myself and the job.

I have 00 I can spend on a car, but I live in a small beach community of about 25,000 people and I am not near any major cities. I have been searching craigslist every single day, even searching in towns up to 150 miles away and I haven’t been able to find a decent running car in the 00 range. I am mostly finding 20+ year old rust buckets with 250,000+ miles, or 10+ year old cars with engine and transmission issues. Just for fun, I have looked in Atlanta (350 miles from me) for cars and sure enough, you can find a decent car in the 00 range, but not in my area.

So… I am in a situation. I have no income history, bad credit, and no co-signer… so professional dealerships are out, leaving me with only buy here pay here places. Years ago, my mom (when she had bad credit) bought a car from a small family owned buy here pay here place. The place is very honest and upfront and put the prices in the car windows, including monthly payments and down payment. They would also repair the car if it breaks down (engine or transmission) during the first couple of months (I have spoke to the owner about this). They also only have monthly payments (instead of weekly or bi-weekly like most buy here pay here)

I found a 2002 Ford Taurus with 139,000 miles there that I really liked and did good on a short test drive. The car has a few minor issues (cheap fixes that can be self done) but looks like new inside and out. The car would be 0 down and 5 a month for 24 months. Yes, it’s over priced but in my situation… I don’t have many options. Insurance would be 0 a month for the car.

I should also note that I’ve always loved Ford and over the years I’ve had several of their cars, trucks, and SUV’s…. many of which had well over 200,000 miles… so I have a lot of faith in Ford.

I’m sorry for the long post, but what would you do in my situation? Just to be clear, I have no one I can borrow money from… 00 is it for a car. Thanks for your time and suggestions.
I am located in Pensacola, FL. 0 would not get you a truck, let alone a car with 100,000 miles here. Sure, it might where you live but in my area even 00 doesn’t get you much, if anything. I should also note that I cannot drive a manual… been there, done that. I’ll also say that I am trying to stay as far away as possible from GM (Chevy) as I have had nothing but problems. I recently had a 1998 Chevy Lumina with only 88,000 miles that I paid 0 for… but it needed over 00 in work… bad fuel pump, no ac, bad brakes, bad intake manifold (plastic… car burning water) among a bunch of other problems. I even had a new Chevy in 2004 and less than 6 months of having it, I started having electrical issues and whatnot.
Oh, and we do not have emission and/or inspections here… so most of the cars for cheap on craigslist has loads of issues and are junk.

Trying to buy a house need to improve credit score?

Please only want professional advice or advice from people who know about the topic…

I have ,000 saved (I already know this could help fix my credit….that is not question). I have someone who would co-sign for the house (I know if I have bad credit a co-signer doesn’t do any good…that is not my question). I am looking at properties for under ,000 dollars.

Currently my fico score ranges from 530-620 depending on which one you look at (the loan lender looked at the lower one).

I have read in several places that paying off your debt in collections does no good because the mark will remain on your credit report. I read the way to go about fixing your debt is to mail a letter in to whatever collection agencies (supposely this is the best way to deal with them because they might try to slip you up by phone which can renew an old debt to most recent debt) and request they remove the item if you state you will pay in full if they do this (I have tried this and NO reply back). How can I raise my score if this is the case…it doesn’t erase and even when I attempt to pay via mail I get nothing…suggestions?

I have done alot of reading on how to fix credit and all I get is how to fix credit in credit card terms. I have never owned a credit card. So it erks me when I want to know how to fix my credit.

Also, if paying you debt on collections does nothing to improve you fico score doesn’t it aleast pay down your overall debt on your credit report….and doesn’t that help in terms of debt to income/asset ratio. I believe payment history is 30% or so and wouldn’t paying debt help in this aspect to help improve my fico score???

Additionally, I only need to raise my credit by about 50-70 pts to reach 600(says the loan officer). Which is about 2 or 3 items on my own credit report.

Please I need good advice

Thanks

Why Can't I Get a Car Loan?

First to whomever reads this it is a bit lengthy but i’m extremely baffled.

I am a 25 year old part time college student living at home and i’m currently employed as a server. 8% of my sales are automatically declared on my checks as part of a deal with the IRS(8% sales or credit card tips whichever is higher). I have a 748 credit score with no debt and no bills/loans on my credit report. I have almost 3 years of credit history with 3 active credit cards totaling ,100. I have never made a late payment, i’m always early actually. Also I am a first time car buyer.

My current check-stubs show ,471.16/month. I also have my W2′s from the last two years which show just under 00/month on the eldest and 70/month last years. I have all my paychecks from the past 3 years and after comparison they are all pretty much the same(meaning the paychecks are nearly identical based on the previous pay dates – My first check in July was like a clone of last years July check etc).

I have now tried five times to get an auto-loan with zero luck. I do not have a co-signer by the way.

The denial I just received this morning has me completely baffled. It is my actual bank and I requested a loan for ,000 previously for a Toyota Tacoma. Note: My credit score was only 739 that time and I didn’t offer to put anything down. I was approved for ,000 without a co-signer and ,000 with one. Knowing that getting anything in the over ,000 range won’t happen until I get a different job, I opted for a Kia Soul. I found a brand new one for ,000 that already had tags. This time my credit score was 748, same deal no debt or dings, I offered to put ,200 down, and I was approved for ,000 with a "really good co-signer".

I am so lost it’s crazy, my head just hurts trying to figure this out. Am I supposed to buy a cheap, busted up vehicle and make a terrible investment in order to get a loan for a good investment? By the time I pay for the inevitable repairs on a vehicle with 60k+ miles the amount invested would probably equal what I was asking for in the first place. I feel like i’m being punished for doing what is asked of by the credit industry.

Annoying note – My boss shows ,200/month and just bought a Truck for ,000, but the kicker is the place couldn’t find his credit. It wouldn’t appear in their system but they just gave it to him anyways.

So there is my wall of text, can anyone offer me any advice or anything, seriously anything at all?
I have 98% of my total credit free. I only use one of the 3 cards and it is for daily expenses only.
MadMan – I am a waiter, what shows up on my checks is not what I make. My checks show 00 when in reality I make 00-00/month(00 is a very bad month). So asking for a loan that would require a payment 4/month is not over doing it.

Reena I stated multiple times that I pay off everything monthly. Out of a potential 00 debt I carry only 2%-4% depending on the time of the month.

Thank you for the responses so far.

Any suggestions on the best way to get approved for a $25k loan to consolidate my high interest debt?

Hello All,
I’m trying to roll up my outstanding unsecured debt (about k) into 1 payment per month at a lower interest rate than what my current avg. interest rate is (19%). I gross about k a month as an analyst with a utility company and get paid monthly. I have a credit score around 630, I rent an apt. and I’m financing my car. I’m paying close to ,500 a month towards my unsecured debt, a small % is going towards the actual principals. The payments are due on various dates each month (which I’ve already moved some bill cycle dates) which has caused me to be late or miss payments altogether. Ultimately my goals are to have 1 payment (close to my pay date), have a larger % of the payments go towards the principal at a better interest rate, lower my payment to around the 0-0 range per month & improve my credit score. I think the only hope I have is to try & get a loan with a co-applicant/ co-signer.
With that being said, does anyone have any suggestions on a route to take?

What direction should I take to get approved for a Personal/Consolidation Loan for $25k without owning a home?

Hello All,
I’m trying to roll up my outstanding unsecured debt (about k) into 1 payment per month at a lower interest rate than what my current avg. interest rate is (19%). I gross about k a month as an analyst with a utility company and get paid monthly. I have a credit score around 630, I rent an apt. and I’m financing my car. I’m paying close to ,500 a month towards my unsecured debt, a small % is going towards the actual principals. The payments are due on various dates each month (which I’ve already moved some bill cycle dates) which has caused me to be late or miss payments altogether. Ultimately my goals are to have 1 payment (close to my pay date), have a larger % of the payments go towards the principal at a better interest rate, lower my payment to around the 0-0 range per month & improve my credit score. I think the only hope I have is to try & get a loan with a co-applicant/ co-signer.
With that being said, does anyone have any suggestions on a route to take?

How can I get a car loan with low income and short credit history?

I work part time at publix ranging from 28-36 hrs a week. I’m a single 19 yr old guy and I’m planning on going back to school. I’d like to buy a Nissan Altima between 2002 and 2006 if possible. I had found some real good deals but every bank I’ve gone to has either asked for a co-signer or to have at least 00 monthly income along with a credit score of 800 or higher. And NOBODY will co-sign for me, my parents cant because they have horrible credit. Is there anything I can do to get a loan for the car I’ve been after for the past 2 yrs or do i really have to buy a 00 junker and drive that for the rest of my life?

Does anyone know of a LEGITIMATE loan/program for $5,000 with bankrtupcy discharged, but bad credit?

Before everyone starts posting responses, here is my full situation. I was careless with my finances and also a self-supported college student at a big 10 school. I had no choice but to file bankruptcy to start over and that was discharged nearly 3-years ago. Since then, I had been VERY good with my finances and responsibilities after realizing this was a "new fresh start" for me to do it all right. I have stable employment and am in a good place now. I am paying to own my own home (through an in-house loan, similar to a land contract) and have never paid late or missed a payment in the past 3-years. I have financed on my own and purchased a new Ford since the bankruptcy discharged and made all my payments on time. This vehicle was traded in for my current Chevy lease (I needed a more reliable car for winter driving after owning the Ford for 14+ months) which I did require a co-signer for, but I have made every single payment in full and on time for the past year. I have finally built up my credit enough to qualify for two major credit cards (not ones that specialize in giving people with "bad credit" or "bankruptcy credit" a chance, but actual major financial institutions) I have both a savings and checking account – simply put, I learned the HARD way and have changed my lifestyle for the better after my experience. The situation I am facing right now is that I am looking to purchase a "2nd" summer car, not to be spoiled, but because I put TOO many miles on my lease and will be penalized. I am aiming to find a reliable car that I can use in the summer time only for the next few years and continue to lease a good winter car. I have done all the research and budgeting and know that I can afford to repay the loan. I have found some good vehicles that fall into the ,000 price range and am interested in getting a personal loan for such; however, with the stigma of bankruptcy on my record and not that high of a credit score, I have found it extremely difficult to get the banks to truly understand my situation now. I have researched online countless hours for any institution who deals with this type of circumstance, but have had no luck. I was hoping someone out there had been in a similar situation and found something useful. If you have, I would greatly appreciate you sharing that information with me. Prosper.com and the similar have put a halt on all their new loan requests and applications. Thank you so much!

Please help me.. i really need an advice about financial aid…?

I’m 23 years old and in the comm.college. I have quiet of debts that needs to be pay off and also have to pay off my college at the same time. I’m struggling really bad and i don’t know who i should talk about my finance problems. I can’t even get co-signer. b/c my parents got bankruptcy. Does any one know where can I get good student loans so that I can be free from debts and pay off my college at the same time?? My credit score is middle range. Please give me some good advice… thank you.

How hard will it be for me to get an auto loan in the current economy?

I’m only 22, have good credit though (730 on all three credit scores), have at least 00 for a down payment, and go to college, but also work 40 hours a week. Income is a little weak but credits good.

Anyways I am looking at a car in the 18k price range. Dealer told me today I most likely would need a co-signer though. Thoughts?

How can you raise your credit score if you are constantly denied when applying for credit?

I was told that in order to raise a poor credit score, you need to pay things on time and get new credit to work with. I’ve been paying my car payment on time (which has ultimately raised my score a few points-almost into the good score range-600′s) However, I do have about ,000.00 left in the bad credit part of my credit score, which marjorily is medical bills and one other thing-a bad cell phone bill. I am trying to pay off each one little by little, but I really need my score to start going up faster! I have to buy a new car soon, which I will have a co-signer with not much better credit then me. However, we can afford the car. I also tried applying for a credit card that said when I was applying, that specific card was geared towards people that want to build up a lower credit score and I still got denied!! How in the hell can I raise my score if this keeps happening? I can’t wait forever to get my life back on track when I’m trying my hardest to fix what I didn’t have much to do with in the first place (bad cred from a HUGE surgery I couldn’t pay and was gipped into).
What else can be done?
Let me say I have never filed bankruptcy and I was just approved for an apartment.
I have no outstanding credit cards or balances in the bad credit section either. They were all paid off over 2 years ago.
I wasn’t asking to get a credit card so I can dig myself into a deeper hole. I was asking because this is how I was told I can raise my credit. By making small purchases (I already planned on making) and paying them off with the cash I would have used. Thus showing a good repor with the crediting agencies.