Low credit score BUT I NEED A CAR!

[Anonymous]

Hello everyone,

I am pretty new here but i have a dilemma. I recently resigned (aug 2014) from my stressful ob of 8 years because the entire time i was there there was no room for advancement becuase they said that a bachelors degree was required (so they say), so i had a plan to return back to school full time becuase I was only 12 credits away from my degree. So the money that was owed to me when i left that took care of rent, my youngest daughters catholic school tuition and  household bills up until Jan 2015. During that time my mother was allowing me use her 2013 Kia Sorrento and i paid her car lease payment of  $300 every month. Her lease was up last month and she had to return the car. So now I currently have no vehicle. i am in desperate need of one to take my kid to school, for me to go to school and i just started working a little part time job at a department store because my money ran out. 

My credit score is only abot 590ish. I claimed chapter 7 bankruptcy last year and it was discharged I believe in Sept 2014 and i dont have a co-signer. I do have 2 credit ccards with Capital One that I got last year and have on time payments and my utilization is about 30% on them. But i am in desparate need of a vehicle. Does anyone have any suggestions on where I should try to get an auto loan or should i try to increase my score first?

*** i have $1500 down payment to spare****

[jbsea]

I think that it may be hard to get a car with no income showing... that and your score is pretty low so i'm sure that they would want to verify income.  if you only need a car to make it till your done with classes (12 credits so about a year?) maybe just trying to find the best car you can with the money that you have might be best.  You should always be working on your credit.  Like never missing payments and never being late.  You never want to do anything that will set you back.  Good luck.

[TRC_WA]

The only auto loan you'll get in your current situation if you can get past the income issue is one with a ridiculously high (20% +) interest rate.  

Sorry the news isn't better...

[Anonymous]

It's ok but thank you for the advice!! 😊

[JustMe77]

Just pay $1500 cash for a car and work on your credit in the meantime. Sucks but that's probably the best option.

[Anonymous]

Yes you are right.

[Anonymous]

First congratulations on having the courage to finish your degree and bet on yourself for the future, I was 30 before I got mine and have since earned an MBA, without a degree I would be making less than 1/3 of what I make today.  I think you have a tough spot due to the lack of income, I assume you have student loans helping to pay for living expenses but rarely do they give you enough to pull off a car loan also which makes it a tough sell.  I would use your 1500 bucks and perhaps whatever else you can pull together to buy something that will get you buy till you get back to work.  

Best of luck

[Anonymous]

Yes, congrats on going for that degree!  I would just buy a car with what you have.  No point in paying ridiculously high interest on an auto loan.