Auto Loan Guidance - Please Help

I am in desperate need of a car soon due to work. i'm really trying to figure out the best way to go about doing this. I don't have great credit, scores i think are in the low 600's...I have a student loan that's in good standing, no revolving credit, and a couple of collections that are 3-6 years old depending. I also wouldn't be able to get a co-signer.


I really want to know what i'm doing so if anyone can advise about my situation, please help

1) Will I qualify? I take home about 1900 a month income after all taxes and everything (1300 gross every 2 weeks). I know there are 'bad credit auto' places all over, so i have to think its possible?

2) What terms can I expect? Can I refinance down the road if my score improves?

3) What comes first...finding a car or getting a loan if I go to the bank? Do I need a car ready to go in order to get a loan?

4) If the bank doesn't work, is getting a loan out a dealer possible?

5) Is leasing a viable option?

Please help me out with any advice, as I really don't know where to get started with this...

Thanks.

one more question...how does auto insurance work with less than stellar credit?

Hi...is there anyone as to who can advise me on the above? I would greatly appreciate it as I need all the advice I can get.

Call any loan agent or broker for solving your query.

Local lenders may help you for auto loan related problem

i would check with your local dealerships.what state are you in?i know in IL you could get a pre-owned at some lots,but you would need a down payment.the interest varies depending on much you finance,and the car itself.put out some feelers.get the ball rolling.

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Originally Posted by mppsu2003 I am in desperate need of a car soon due to work. i'm really trying to figure out the best way to go about doing this. I don't have great credit, scores i think are in the low 600's...I have a student loan that's in good standing, no revolving credit, and a couple of collections that are 3-6 years old depending. I also wouldn't be able to get a co-signer.

Hang on just a minute!!!

Can I have a little more information, so I can give you better advice? Where do you live? Big city or smaller town? What kind of work do you do? You need the car for work, or just for commuting? (The two are not the same.) What kind of car do you need? Not want, need. How far is your commute to work? Have you got any money saved up? How desperate is your need, and what is your time frame? I'm not just busting on you. The more information I have, the better advice I can give you.

Hi unclewulf...here are the answers to your questions...

I live in PA, in the suburbs of philadelphia...I do data analysis, and yes i need the car for commuting...I need and want just a basic car, one I woudln't have to put a whole ton miles on...used or new, whatever is cheaper or easier to get financing...you know like a camry or accord or something of that ilk, i'd prefer used because its cheaper..I wouldn't anticipate putting more than 75-100 miles on an average week on it. Right now i can probably afford a grand down but i can keep adding a few hundred each check...i really would like to have the car in place this time next month, so i'm thinking 4 weeks.

thank you and i look forward to your advice

Yeah, something like an Accord, Civic, Camry. It ain't like you're gonna have to be hauling tools and such. Why the fixation on financing? You could certainly do it that way. But unless you like the idea of bending over for some bank or car dealer, there's a better way. A grand is a good start. Keep socking it away while you're looking. Before long, you'll find that your car savings has risen to the level of an acceptable car. You can get a lot of car for a grand or two, if you know where to look.

Now... This is my suggestion. Talk to your friends, coworkers, parents, and such. Anybody who might know, that you can trust. Ask them who runs the best independent mechanic shops in the area. Not car dealers, but plain old repair shops. Then go talk to those guys. They'll probably know of a customer looking to sell a decent car cheap.

You can not only find some really good deals this way, but you also talk to somebody that knows the maintenance history of that particular vehicle, and can tell you what's really wrong with it. He ain't got a dog in this fight. Plus, you get your foot in the door with a good shop, in case you need things done down the line. I've bought several of my own cars this way, through my mechanic. My vehicles tend to be older, but they're super-reliable. And every one of them is paid for before I drive off in it.

You may not have enough to buy the car you think you need. You don't need fancy wheels, a kickin' stereo, or any of that crap. Just solid, mechanically sound, and reliable. Even if it's not exactly what you envisioned. Ask yourself if it'll get you back and forth for a year or two, until you can trade up.

I have a hard and fast rule. I never go into debt for anything with wheels on it, ever. Time was, all I could afford were fifty-dollar beaters, so that's what I drove. Today, I can drive pretty much whatever I want, but I still won't go into debt for it. It's not worth it. Just the money you'll pay in interest would cover tax, tags, basic liability insurance, and gas. And consider this: If you finance, you'll be required by the leinholder to carry full-coverage insurance. If you're young or your driving record's not squeaky clean, that'll cost.