Re: 8k used car loan, VERY high interest rate, really low debt to income ratio, VERY low score
03-01-2013 09:36 PM
Yeah. You guys are right. So I was looking for a beater, but I wanted to find one that was reliable that I could eventually resell and I didn't have to repair much. I think that was the hardest part.
Today, I was coming home from work and I found a 2000 jeep grand cherokee for $4300, 165k miles. High miles, but from edmunds reviews... very reliable. Maybe not as much as the 2004 Frontier I was going to get from that sleazy dealer, but reliable and I can pay cash. sweeet!
As long as the carfax checks out and it runs well, I'm going to go with that and save up for a truck in like a year. hopefully, resell the laredo for a few grand. No auto loan means no postitive credit from a loan paid in full though. I'll spend the next year working on my credt (i assume a secured credit card is the best way to go).
Thanks everyone for your help talking myself out of a dumb situation.