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Low Income College Graduate

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Low Income College Graduate

I am a low income, 23 year old college graduate that needs a new car ASAP. my credit score is good at 753, according to scoresense.com. unfortunately, iv been stuck working in retail for 2.5 years until i can find an entry-level position in web design. my income is very low, like 7k after taxes (pathetic i know). should i finance from a dealer or find a bank loan that suits me? which option could save me the most money? im thinking of getting a used 99 honda accord ex for 5,995. any advice or a second opinion would be great.

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Regular Contributor

Re: Low Income College Graduate

scorsesense is not an accurate score.  You'll want to pull your Fico's from here to be completely accurate, or atleast more accurate.  As far as your income goes, I'm not sure you would be able to get approved without a cosigner for income purposes.  Your best bet is to check with your local CU if you belong to one


Starting Score: EQ 619
Current Score: EQ 735, TU 732, EX 745(Lender Pulled)
Goal Score: EQ 700


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Message 2 of 4

Re: Low Income College Graduate


skalamanga wrote:

I am a low income, 23 year old college graduate that needs a new car ASAP. my credit score is good at 753, according to scoresense.com. unfortunately, iv been stuck working in retail for 2.5 years until i can find an entry-level position in web design. my income is very low, like 7k after taxes (pathetic i know). should i finance from a dealer or find a bank loan that suits me? which option could save me the most money? im thinking of getting a used 99 honda accord ex for 5,995. any advice or a second opinion would be great.


 

Take a look at Rackspace, they're a great company if you're willing to move.  I don't know much about web design jobs, but everytime i hear of Computer Jobs, I think of Rackspace.  They have a very google/Apple company culture -- Jeans and playgrounds -- no joke haha.   and btw, they LOVE college graduates.

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New Member

Re: Low Income College Graduate

That seams like a high price for a 99 accord. I would try getting a personal loan and buying from private party. Dealer markup as compared to a private seller can be anywhere from 1-4k. This can be quite a ripoff when you're looking at a car that is <5k.

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