12-18-2012 07:20 AM - edited 12-18-2012 07:20 AM
My situation in a nutshell. . . my husband has a job where he is a "critical employee" and has to be at work in the worst weather (we live in pittsburgh) sometimes starting at 4 in the morning. He has a low riding Honda and I have been without a car taking public transportation to work. His car is quickly deteriorating and we need a vehicle that has all wheel drive for the winter plus his son has come to live with us so we need to be able to get around reliably and safely.
We currently do not have a down payment but we are hoping to have $3,000-$4,000 by early February (right when the weather starts getting really bad). My husband's credit score is worst than mine. I am in the mid-high 500s. I have been working on our credit for the past couple of months. Paying on time and trying to PFD old collections (the PFD's aren't really working but I keep trying anyway)
The car we are interested is a mitsubishi outlander sport. We live on a street that is kinda tight so we would like to have a smaller SUV. My husband will not trade in his Honda it is a really old prelude so I doubt it's worth anything anyway. It is his baby and he wants to fix it up for the summer.
My question is . . . do I have any chance of getting financed (buying or leasing) at a dealer? If not, is it better to go to one of those buy here pay here places or buy a "beater" all/4 wheel drive while we continue to work on our credit?
12-18-2012 08:02 AM
Don't go with Buy Here/ Pay Here. You might as well buy a beater for 4k. The buy here/ pay here places have like mid 20's APR and some you literally have to pay there. It's not just an expression, lol.
I'm going to show my personal bias, but I would take a look at Subaru. Amazing in the snow. For 4K you could buy probably a 2002ish Impreza. With a cheap set of snow tires, you can't be stopped in the snow.
|Chase Freedom $5000|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
|Lowe's CC $8500|
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
12-21-2012 12:59 AM
Sounds like Subaru is winning!!!
12-21-2012 03:17 PM
As soon as I started reading this post I was thinking subbie. Then I read the three other posters who were also thinking subbie.
Just buy a decent Subaru. Some of the older ones have headgasket problems, so just be aware of that.
I have a '09 impreza, I found a set of snow tires and wheels for it on craigslist for $200. Last winter the car was unstoppable. 4x4 trucks were sideways and struggling in a foot of wet snow/ice as I easily went around them in my car.
Even with a bad credit score putting $4,000 down on an $8,000 car may get you approved with a livable interest rate. You will just have to talk to the dealer and check with your local bank/credit unions.
12-23-2012 09:43 AM
Hi I to am from pittsburgh and at time awd is nesssary if you are on the road when other arent. Roads can be terrible. I am on board with others. Subaru is the way to go. Many subarus do have Headgasket problems. Some have other problems but very good cars. So I was in a simailar situation cedit score of 551. August I attempted to buy another subaru. Even though I had enough cash to buy the $8800 car not a single bank would approve me. Even had a cosigner with credit score of 780 aaoa of about 5-6 years. But even though I have work at my current job for 10 years my pay comes in form of cash. I had to beg my boss to even put the $200 a month on the books. But that was not good enough anyways they want atleast 800 on the books. I do know of two different friends who did get approved and they know they can not afford the payments. very close to me on credit score. Even though they make less than me they both able to obtain (19k) and (21k). They both make about the same income. take home 1100 /month. Basically if you have pay stubs and little money down and you work on your credit. Come Feb. you so be all good. Also STAY AWAY FROM BUY HERE PAY HERE. The cars are junk. Even independant lot I would stay away from. So local to Pittsburgh places I myself would consider would be JD Byryder, Pittsburgh Auto Depot, or Leopardi. I would only concider if they had the exact vehicle you were looking for. Stick with the big lots for most of your shoping (independent lot get there cars from the big lots and is mostly cars that old owner traded because of a problem)
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO