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Duration of Employment

New Member

Duration of Employment

Right now I have a 2001 Honda Accord sitting in my backyard. It's been there for 3 years now. It needs a new transmission (easily 2K). I don't know if I should sink in the money to get it fixed or get try to get financing from a Credit Union or bank for a used car (no more than 11K) I have a full time job, work 40 hrs a week, make 1400 after taxes. I live with my parents, so no real expenses.

 

TransUnion says my score is 693 and Experian says its 656. I worry that my time at my current employer isn't favorable (its only been 3 weeks since I was hired.)  Currently i walk to the train station and take the train. I am not looking forward to the summer time because I live in Texas. So I was wanting to make a decision and hoping fix up the car/buy a car by then. With my combination of scores and time of employment, which may be easier or better? (considering I was end up having transmission issues in the future)

 

Advice?

Message 1 of 4
3 REPLIES
New Contributor

Re: Duration of Employment

Any previous auto loans?
Message 2 of 4
New Member

Re: Duration of Employment

Nope.

Message 3 of 4
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New Contributor

Re: Duration of Employment

You could try a CU first if they offer a first time buyers program but you will probably have more luck at the dealer.. You will get approved but will probably have a high interest rate in the teens..
Message 4 of 4