Really complicated matter with my credit

[Anonymous]

What about a leftover new car? I don't want to get a car that will break down after a week. Carfax and autocheck have flaws each. I did too much reading on that stuff.

[Anonymous]

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@Anonymous wrote:

What about a leftover new car? I don't want to get a car that will break down after a week. Carfax and autocheck have flaws each. I did too much reading on that stuff.

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I drive a mini van that I bought used for $950 over five years ago. It has been very reliable and I've done nothing but regular maintenance. Not all used cars have issues. It's a matter of doing the research to find the ones that are likely to have the fewest problems, and seeking a private seller who has maintained the vehicle well. I did my research on edmunds.com, and bought the car through Craigslist.

[Callandra]

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@Anonymous wrote:

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@Anonymous wrote:

What about a leftover new car? I don't want to get a car that will break down after a week. Carfax and autocheck have flaws each. I did too much reading on that stuff.

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I drive a mini van that I bought used for $950 over five years ago. It has been very reliable and I've done nothing but regular maintenance. Not all used cars have issues. It's a matter of doing the research to find the ones that are likely to have the fewest problems, and seeking a private seller who has maintained the vehicle well. I did my research on edmunds.com, and bought the car through Craigslist.

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Private sellers are the way to go. My Dad sold my last Honda Civic (2002, 2 door, 55k miles, pristine condition, never been in an accident -- I miss that car ) in 2012 for about $6k. Look for one that is well maintained (they do exist) and I recommend a Honda or Toyota, they tend to last. 

[Gunnar419]

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@Anonymous wrote:

What about a leftover new car? I don't want to get a car that will break down after a week. Carfax and autocheck have flaws each. I did too much reading on that stuff.

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Can you please explain in more detail how you would get the monthly income to pay for a new (or even newish) car? You asked what interest rate you'd be likely to pay, but the plain fact is that you'll be paying $0 at 0% because you won't get a new vehicle unless you have enough income to qualify for the loan (or you lie about your income, which you might get away with but which would put you in a disastrous position, owning a vehicle you can't pay for). It can't be income you might get in the future. It has to be income you already have. If you do have such income, please clarify so we can help you better.

If you don't have it, then definitely research and consider buying an older car that has a reputation for reliability. The suggestion Callandra made for a Honda or a Toyota is good. I'm low income myself and drive a 20 year old Toyota that runs like new. It's not pretty, but it works great and my experience isn't that unusual.

[Gunnar419]

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@Anonymous wrote:

I really want what I have offered here to not be a death nail for my nice car chances because used cars and BHPHs have high interest rates and I don't want a car I have to repair every month. I have also read so many articles on these BHPHs that it isn't funny. I dread having to buy a car like that. I need a car to get on my feet and get off this income so I can go back to work and school.

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Did you edit your original post to add this paragraph? (Sorry, I don't recall it being there when I first read your post.) As others have suggested, if you want to avoid used car lots, then your best option is to buy from a private seller.

But believe the people who say that you can quite often get a "nice" car that's got 10 or 15 years on it. Just do your homework on the vehicle's reliability and history, and maybe have a mechanic check it out before you buy.

That said, you appear to be determined to ignore every bit of advice that doesn't somehow give you some magical formula by which you can purchase a dealer-new car. From everything you've written, you are absolutely NOT in a position to buy one.

Many of us here have struggled with unemployment, panic disorders, depression, physical disability and other problems. Many of us are or have been poor. I paid $700 for my current car. It's all I could afford. I haven't had a new vehicle since 1991 because I can't afford one. Others have to take public transit or get rides with friends and relatives. The idea that somehow we should all, despite our limited resources, just be able to go out and finance brand new cars is nice in the same way that unicorns and the big rock candy mountain are nice. We have to live in reality, though, and work with the resources we have.

Your best hope of getting on your feet again begins with realistically assessing your limitations and making realistic choices. We can help you do that, but not if you ignore the best advice we have to offer and remain fixated on this idea that you MUST have and are somehow entitled to have a vehicle from a new car dealer.

[Anonymous]

It is as simple as this:

If you can't manage to save up a sizeable down payment you cannot afford a car.

Why? Because if you had enough extra money to make payments on a car loan you would be saving that extra money now and over a few months it would turn into a downpayment.

Try this instead: take the money you believe you could be using to pay a loan and save it in a high interest account. You say, $400. After six months you will have $2400 to put down against a $4800 car and if you can manage that you can manage the payments for the other half.

[Anonymous]

Like the others have said. With $500 a month to pay with you will be over that with a new card and the insurance (keep in mind if you dont own the car outright dealers will require FULL insurance which is a bit more expensive. Not to mention the cost of gas to actually get your car on the road. I pay 30.00 a week with my 42MPG and that is just back and forth from work. 

I would just say, that if a car is something you need make sure to be inside your means. A car that will eat all of your money, wont do you any good if you cant afford to go anywhere or maintain the vehicle itself.

[Anonymous]

Mechanics cost a lot don't they?

[Anonymous]

Your first post isn't clear about your income. Many read it being $500, but I interpret it as government benefits + $500. If so, then presumably, your income is around $1200-$1600 minimum monthly. If so, you can get a car loan, but you'll be very limited in what you can buy. If the Honda loan + $1K deposit deal was for a new, or at minimum a certified pre-owned, go back there pronto. Also, try Carmax. Figure on full coverage insurance being $100-$200 per month, or possibly far more depending on your past driving history and other factors. Good luck.

[Anonymous]

They do, but I think you are confusing the word "Used" with "Broken". At the end of they day you have to do what is best for you. I just urge you to look at used cars. They dont have to be a 83 buick lasaber or anything. Something in the last 10 years (as others have said Toyota has a great on the road percentage) will be reliable with an abundance of savings.

This forum is completely dedicated to helping people maintain the best credit and to be happy and comfortable in whatever situation they are in. Those who have posted here want to help, and have likely gone through similar situations, and just want to help you avoid something that might put strain on your life.

My biggest advice, if not buying a used car, would simply be to take your time. Don't rush. Look around, find the best deal, and keep doing the math. You'll want to know every step of the way where you are at and what you can do from a financial standpoint.

Stay safe