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Is it really possible!?

My credit sucks, and soon I will need a new car. IS IT POSSIBLE to get a financed car? That isn't 400 a month? and where do I do this?

Meltom asked in Cars, Bikes & Transit about 1 year ago | Report

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3 Answers

  • Cateyes_small
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    MyrnaMinkoff

    Go through a credit union and get pre-approved for a loan. You don't need to have a prior relationship with the credit union - you should just be able to schedule an appointment with a loan officer. If you qualify, they'll help you figure out what you can afford. (I pay $260 a month on a six year old Subaru.) And paying a car loan reliably and on time every month can be a great way to establish good credit, though you will likely have a higher interest rate and longer repayment period than someone with good credit.

    I went through a credit union, and honestly, it was the best credit and loan counselling I ever received. And, it meant that when I went into the dealership, I *knew* that the loan I had from the credit union was way better than anything the dealership might offer me. It gave me an incredibly strong bargaining position (I paid $10.5k for a car originally listed at $14.5k) and really gave me the upper hand when I found the car I wanted.

    You should also consider buying an older car outright. You can get a decent car that will run for another five years for $3000 or so. And then you wouldn't have a car payment to deal with.

    MyrnaMinkoff answered in Cars, Bikes & Transit about 1 year ago | Report
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  • Sacri_ordines_by_charism_small
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    While you work to repair your credit for a year or two, it might be wiser to buy a used car (outright cash) from someone

    ...that said, some dealerships are cutting deep deals right now... perhaps you could get a little on-special-sale on a Hyundai or something. (See RM's Q about getting the best deal for how to stay firmly on budget)

    Rev.Enant answered in Cars, Bikes & Transit about 1 year ago | Report
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  • Me_small
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    I'm just going to go out on a limb and say that if your credit sucks, it might not be such a good idea to get a dealership financed car. It is possible to finance a car through any number of banks (you're more likely to get small auto loans through local credit unions that you've established a history with), but if you're super concerned about money and your credit sucks, look into the other options that are available.

    Do you really NEED a car right now? What would you use it for? Is it necessary for your everyday travels or just a convenience. Depending on where you live, Seattle's public transit doesn't always suck. If you only need a car for the occasional grocery run, look into Zipcar, it's super slick, pretty cheap and has a whole lot of options.

    Just throwing out some ideas.

    Lukeiscool answered in Cars, Bikes & Transit about 1 year ago | Report
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