Need a used car. Ltmd cash this mo. Bad credit. Options?

[Anonymous]

Are you married

[Anonymous]

Anonymous wrote:Are you married

No. Divorced.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In a bad spot due to medical bills and past car repairs. Must have a vehicle to get to work. Public transportation is absolutely not an option due to child care logistics and inflexible work schedule. Nothing fancy. What options do I have? Almost desperate enough for a payday loan!

Go to CapitalOne. com and fill out the application for auto loan. I have credit under 620 and they offered a generous loan, albeit at a high interest rate. You can finance through a credit union when your credit improves.

Thanks!

[Anonymous]

Anonymous wrote:How much cash do you have on hand?

And what are the logistics that you have to deal with everyday? ie how far is childcare from home and work etc?

Have you looked into something like zipcar?

I considered briefly when I was debating going carless a while back. But I think the cost wasn't worth it and it didn't really work well in my area at the time. Not sure if it's more readily available in your area.

I have $500.

Childcare is 20 minutes from home by car but 40 minutes on 2 buses. Work is 30 min further from there by car. I've never tried going from daycare to work, but home to work is 70 minutes by Metro and bus.

I think Zipcar is as expensive as Uber.

[Anonymous]

What is your credit score? It's probably worth applying through a bank or credit union and a traditional car dealership. Sometimes banks are more likely to give loans to current customers. If you have any credit cards that aren't maxed out and have a low interest rate, that could be another option.

Incidentally, I've read that a lot of medical offices will knock off a lot of your medical bill if you ask to pay a lump sum of 50 percent of your bill to settle it.

[Anonymous]

What is your relationship with your ex like? Since this involves getting his child to daycare could he be helpful? Or are you concerned that he'd use that to get increased custody?

[Anonymous]

With $500 I agree with the other posters about checking out a credit union or bank for a loan.

The issue with those car dealerships that try to cater people with poor credit is that they'll probably gouge you with the financing. You can still see what they offer but at least you'll have the other loan from the bank or credit union as back up if the dealership's terms aren't favorable.

With the loan from the bank you can also shop cars from private sellers.

I think it's possible to find a decent vehicle in the $5000 range. Maybe check out reliable compacts like Honda Civics, Toyota Corollas, etc. Just make sure that you do your due diligence and get it checked out by a trustworthy mechanic. You might be able to check out some subcompacts as well, such as Honda Fit, Toyota Yaris, etc. You might be able to get something a bit nicer and maybe cheaper if get an even older car. But with older cars, there is more potential for needed repairs and maintenance that will come soon after you get it. By looking at cars that are cheaper to begin with, hopefully you can get something a bit newer and not need as much money right away.

I don't know what interest rates are but there are some decent vehicles that you can get new for less than $20k nowadays. Like the ones mentioned above and I've heard good things about the Kia Soul.

A good way to get a deal is try to find out if anyone you know is planning to trade in their vehicle. And maybe offer a bit more than they would get if they traded in the vehicle. But do your due diligence as you normally would.

An issue is that there are a lot of costs that come with car ownership as well. To start out with you're going to need to get insurance for the car as well.

[Anonymous]

Maybe try getting a cheap rental through priceline... esp if you will ne out of the woods in a couple of paychecks.

[Anonymous]

Anonymous wrote:With $500 I agree with the other posters about checking out a credit union or bank for a loan.

The issue with those car dealerships that try to cater people with poor credit is that they'll probably gouge you with the financing. You can still see what they offer but at least you'll have the other loan from the bank or credit union as back up if the dealership's terms aren't favorable.

With the loan from the bank you can also shop cars from private sellers.

I think it's possible to find a decent vehicle in the $5000 range. Maybe check out reliable compacts like Honda Civics, Toyota Corollas, etc. Just make sure that you do your due diligence and get it checked out by a trustworthy mechanic. You might be able to check out some subcompacts as well, such as Honda Fit, Toyota Yaris, etc. You might be able to get something a bit nicer and maybe cheaper if get an even older car. But with older cars, there is more potential for needed repairs and maintenance that will come soon after you get it. By looking at cars that are cheaper to begin with, hopefully you can get something a bit newer and not need as much money right away.

I don't know what interest rates are but there are some decent vehicles that you can get new for less than $20k nowadays. Like the ones mentioned above and I've heard good things about the Kia Soul.

A good way to get a deal is try to find out if anyone you know is planning to trade in their vehicle. And maybe offer a bit more than they would get if they traded in the vehicle. But do your due diligence as you normally would.

An issue is that there are a lot of costs that come with car ownership as well. To start out with you're going to need to get insurance for the car as well.

You want to avoid the buy here pay here lots, if you can. They will take a $2000 dollar car, have you put $1000 down, then pay $100 /week for 1 year. So, you have paid $6200 for a crappy car.

[Anonymous]

Take public transpiration to your child's day care. Try to find a carpool from there to work.

Other options

Carmax but I'm not sure how cheap their cars go. They have 30 day warranty.

You can also rent a car for A month or two.

[Anonymous]

Anonymous wrote:What is your relationship with your ex like? Since this involves getting his child to daycare could he be helpful? Or are you concerned that he'd use that to get increased custody?

He moved an hour away recently and can't help with daily pickups and dropoffs. My car situation will undoubtedly help his revised custody case if I don't resolve it soon.

[Anonymous]

I just saw something called relay rides, where people rent out their cars like airbnb, look into it. You might be able to use the $500 to bridge the gap

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your relationship with your ex like? Since this involves getting his child to daycare could he be helpful? Or are you concerned that he'd use that to get increased custody?

He moved an hour away recently and can't help with daily pickups and dropoffs. My car situation will undoubtedly help his revised custody case if I don't resolve it soon.

Well since it appears like you are not capable of taking care of yourself and your child presently, I think it's a good thing.

[Anonymous]

You need to use any social network you have . . . parents, siblings, friends, or even work colleagues (are you a valued employee at work?) to find a car or get rides. If you have exhausted their goodwill, that's a problem.

I am currently helping a work colleague who is divorced, but I can see that she is improving herself (and she is a joy to work with). She finished her associate's degree and is on the cusp of her bachelor's. She always pays me back and I see how hard she is working (3 kids). She has only gotten in tight situations due to unforeseen circumstances (like car was hit from behind--not her fault or waiting for financial aid to come through at school).

[Anonymous]

Thanks for all the helpful comments. I learned a lot.

Most of the options in reach for someone in my position are just unwise financially. I really had no idea how blessed I've been until now.

Update: I applied online for a loan from my bank and cobbled together a series of rides for the next week.

Wish me luck!