My car is dead and it can not be repaired. It's 20 years old and it's also the 4th beater I have bought in two years. Over two years I have spent more than 20k on buying what I could afford and repair. i was never able to get a loan. Three years ago my husband died suddenly and we had no life insurance and I hadn't ever held a job in my life. He had always provided for his family and I stayed home with the kids. i had no credit, I had no job. I am now a single widow to four kids under the age of 12.
so for the last three years I've been working on my credit. It's not terrible, 660,701,704.
its all credit cards and a few of those affirm loans so I could get a mattress, and a new heating system and they offered 0% interest. I haven't had a late payment in two years. I have some soft and hard pulls because I needed those to open accounts to build my credit. My average account age is only 1 year 8 months and my oldest account is only 3 years. But I don't have any auto loan history or mortgages.
i had a job until this pandemic. I'm confident if the pandemic wasn't happening and I wasn't furloughed I would be approved for a car loan albeit maybe not the lowest apr rate.
how can I get an auto loan with no proof of income!? They won't take my unemployment or a letter from my employer saying I have a job when they re open on August 3rd.
I have no one that can co sign.
I have some savings now and would put down 3k and am looking at used cars I the 15-20k. I'm very comfortable with that payment, and I won't have to worry about repairing craigslist crap boxes. I really really really don't want to have to buy another crap box, I really want a reliable car to drive my kids around. One that I'm not afraid will fall apart if I drive it on the highway, one where I won't have to call in sick because it won't start again. One that I'm not embarrassed to pull into the school pick up line to pick my kids up, that's squeaking and hissing and rusted all over. Currently we haven't had to go too many places but I've been ubering and that is getting expensive.
I refuse to go to a buy here pay here place. I'm on the verge of doing it though but I know I will regret it. I know it's a bad idea, I know long term it will affect me financially.
I have very little debt 3k that I had to put on a credit card to replace my roof out of 26k that is available credit.
does anyone have any ideas on how to get a no income verification auto loan? I am too afraid to just go to the dealership and try even though two had told me ( they work with all different credit profiles) they have both mentioned a co signor which I don't have. I know sometimes they don't ask for verifications but where as my credit has no auto loans or mortgages on it I don't think that would apply to me and again I'm too nervous to try. I know another woman who had a similar situation and they let her take the car and then called back and said they needed a co signor or an additional 5k. She couldn't do either of those so she had to return the car and then she has pulls on her credit which made it go down.
my credit score is so important to me. I feel like it's a safety net for me because I don't have any family that can financially help me. Before it was this high I felt trapped and I couldn't do anything. I was drowning financially and I literally almost ended up on the streets. If something breaks in the house I can use it to help me fix it, I couldn't do that before so I am very hesitant to just let someone pull my credit if there is a chance it's going to negative effect my almost finally "good" score.
this is my first post here and I'm sorry it's so long. And please this is not a poor me post in any way, if anyone has any ideas on lead for a no income verification loan or insight into how I can get a car loan while furloughed I would be very grateful. Thanks!
