Brand new car with bad credit? How?

Deal Score0

I am a single female (25), and live on my own. I currently drive a ’98 chevy cavalier, and still have a $ 800 payoff amount. My record is clean, and I was recently quoted a lower insurance amount (not like that will make a difference). Here is the deal. I just recently got a promotion at work which will require me to travel much more. I need a new car (or at least no older than 2 years old). I have horrible credit (which I know makes me a high risk). I GET ALL OF THAT. But, I know that people still manage to work this kind of thing out. Does anyone have any suggestions as to how I can get a loan for around $ 10k or so, and what I should do with my current car that I still have to pay off? I would appreciate any help!

Note: I do know my FICA score (which I don’t want to share), and have researched all of my credit information. Please be sensitive with your responses, I am not a naive, braindead sorority girl. I know what I am asking, and realize it is a difficult situation. So, please only give me genuine, helpful information. Thanks!
P.S. I am looking to pay NO MORE than $ 200 a month for a car payment. So, whatever I get as a loan MUST cover the new registration, taxes, etc., plus must keep my payments at or below $ 200 a month.

Thanks for any advise!

7 Comments
  1. Reply
    Chris07059
    July 21, 2011 at 3:29 am

    You will most definetly need a co-signer and a big down payment. I am not sure what it will take now, but that has done it in the past.

    If you are looking for $ 200 a month, you will need to buy used and also a low MSRP. Don’t expect to get a 2-year-old Lexus for that amount. Set your expectations really low so that if you find a good deal, you will be happy.

    I would look at 2007 Corollas or other small cars that a) aren’t a big difference from your current vehicle, b) are affordable for you, and c) will keep your insurance at around the same amount.

    Also keep in mind that you may have to increase your insurance coverage when you finance, but definetly if you want to lease.

  2. Reply
    PETER GRIFFIN
    July 21, 2011 at 4:19 am

    Why do you need a new car…. what’s wrong with your current car? Or do you just want a new car to celebrate your new promotion?

    If you have FICO Score below 700, forget it, your chances are very very low. But you won’t know until you apply. You’ll definately need at least 50% down and/or a co-signer. Even then you may not get approval.

    You’re right, insurance on your current car means nothing. Except if you get a new car, it’ll go up by at least 4 times since you are required to carry full coverage by the lender.

    You should payoff your current loan and fix anything that’s wrong. Keep it for a few years while you save up for a new car because your chances of getting a loan is almost zero.

  3. Reply
    Evan
    July 21, 2011 at 5:04 am

    In the current credit crunch, getting a car loan with less than perfect credit can be tough. And, if you are able to get a loan with bad credit, you will likely pay an extremely high interest rate. A high interest rate can cost you thousands extra over the coarse of a loan repayment. Here are a few tips on how to get the best rate possible on a car loan. Regular banks are likely to deny you or give you a very high rate even if your credit is only slightly less than perfect.

    http://www.worldbestloans.com/

    Smaller banks that specialize in higher risk need the business more and will investigate your credit to a greater extent making it more likely that you get a better loan. These banks are likely to approve a loan even with a bankruptcy in your past if you have a job and a stable residence.

  4. Reply
    Amy
    July 21, 2011 at 5:42 am

    lets start with u wont get a car only 2 years old for 10k (not a good one) and with the bad credit score lets say under 550 your interest will be over 18 percent and the 200 dollar payment no way now to the real world go to your bank tell them u want to buy a new car see how much u can get approved for then u know how much to spend and you can get a good running used car even 10 years old my suv is a 02 and runs like it is brand new

  5. Reply
    N
    July 21, 2011 at 6:02 am

    FICA score ? Sounds like something a naive, brain dead sorority girl might say.

    Bottom line is without a cosigner or a huge down payment you stand ZERO chance at borrowing anywhere near $ 10k.

    Anyone that would cosign for you would be an idiot.

    And you cant afford more than $ 200 a month after your promotion ?

    You cant afford another car.

    Stick with what you have. Pay it off, save a few grand up. Then you might stand a chance at using it and a few thou down to buy a newer car at a high price and high interest rate.

    horrible credit has consequences. You have proven your word is worthless in the past. Why should a creditor believe you now ?

  6. Reply
    Jay
    July 21, 2011 at 6:54 am

    freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

  7. Reply
    Skyline
    July 21, 2011 at 6:55 am

    Just drive your cavalier for a few more years.

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