I need some advice (financing / loan for a car)

[Inearthed]

I'm stuck here. My situation is as follows.

- I'm currently driving a company car as my personal car is pretty much dead and costs too much to repair it.
- I want to get something new (I know, let the eye rolling begin) I need a fuel effecient car that I don't need to drop tons of cash on every 3 or 4 months to get repaired
- I have no credit cards. My past thinking was that I shouldn't be spending money on things that I can't afford, and mainly I just don't trust myself to use one carefully. Thus, no credit cards = No credit.
- I make decent money, I work hourly and I'm full time, but I don't pull down a ton of cash. I could afford car payments of $600 a month no problem, though.
- I know absolutely nothing about cars and I have no friends that are car savvy enough to assist me in assessing a used vehicle.

I can't get financing anywhere. No auto loans or anything. I keep getting rejected everywhere I've gone.

Any suggestions?

[semagic]

how much are you putting down? are we talking civic/corolla/focus type vehicles or camry/accord/taurus type vehicles?

[Inearthed]

how much are you putting down? are we talking civic/corolla/focus type vehicles or camry/accord/taurus type vehicles?

Civic / Corolla / Focus type. I could probably put down $4,000 no problem.

[OnlineStageGear]

If you can't get any loans, then you will need to make a pretty hefty down payment.

[Inearthed]

k. Looks like that's what I'll have to do.

Cheers.

[quakana]

You should be able to get one of those buy here pay here car loans like JD BYRIDER. Where the specialize in people with no credit (or bad credit) Problem is you would have to buy off their lot at their rates which are typically high.
here is a link to JD----->JDBYRYDER

[jacksonaxes]

You should be able to get a good used honda accord for 4000.00 cash, have no payments, good reliability, and use the 600.00 a month for more guitars.

[semagic]

unless you have defaulted on auto loans before... 4000.00 down will get you anything you desire in those classes of vehicles. most any dealership should be able to get you financing with that kind of down payment on a 15000 - 20000 vehicle.

[Inearthed]

Thanks for the further input gentlemen... I appreciate it.

[Drsracing]

I got my 96 Formula Firbird with a 2K Deposit, and at the time no real credit

[xsentrick]

I highly reccommend any of the Vehicles in the Scion line by Toyota. I have an XB and it is the best econo-box I have ever owned. I like it so much and the service for it that my wife will be getting an XA model at the end of this month. They aren't expensive, $12k-$15k, and they get really good gas mileage. As far as financing, see about joining a credit union and using your 4k in savings as collateral on a loan. CU's seem to be more relaxed about lending when you got money in the bank.

[Norton]

why don't you save money for a few months and then buy one with cash?Your current car won't be able to handle its job?

[horns666]

Take the 4K and look for a good used car from a private owner..preferably the original owner...NOT car lots.

With 4K in your hand..you can look at cars from 4500-5000K..should be able to find something nice and money talks.

Then no payments..nothin'..

When your credit is better..later down the road, worry about a new car then..otherwise you'll be paying out the ass in interest rates..and if you miss one payment..REPO!!

[DonP]

I bought a fully loaded 1997 Saturn SL2 w/143K for $2350 June 2004 and it's been great. I get 38mpg, air conditioner works great. The owners had every last service receipt from the Saturn Dealer, so I knew they took good care of it (probably better than I have LOL!).

Since then I've bought:
tires $300
Alt $250
Brakes $770

two years later and have the milage up to 189K now. Not a bad investment for reliable transportation.

I was slightly hit on the freeway by a speeding jackass in a Jeep Liberty (he cut across my bow and was cited). Hardly noticeable, but that got me $1300 in my pocket (Thanks State Farm!). One of the very nice things of owning a car I couldn't care less about. Buy a nice car and people will fuck it up. My 1999 Siverado Z-71 LT had dings, scratches, and some asshole keyed my hood. It doesn't pay to have a nice "daily driver".

[Bengal65]

Interesting, here in my area, if you are a warm body and have a job, you can get financing. This includes new cars at major dealerships. Although the interest rate you get depends upon several factors, amount down, job income, expense commitments.

Down the road, get some credit cards. Put money in the bank, like a savings account. Don't charge anymore than you have money for. I try to keep my accounts at a $0 balance, similar to a American Express charge card that has it's entire balance due in 30 days. At first you may end up getting a Visa or Mastercard, that has a membership fee and a higher than normal interest rate. But, after awhile you will be able to get lower interest rates and no charge membership fee's with a good credit score.