No credit, bad credit buying car?
Okay… This is an educational guess type Q.
I need a car, I have no credit, my mom has poor credit. We all pay cash.
I was looking at preowned and used… They were around the same price as new.
I feel in love with the 2015 ford fusion se.
Asking piece 23,987.00 After rebates its 18,957.00
My father gets a 15% discount since he works for Union Pasific.
-2,843.55
And college student discount
-500
Now… $15,613.45
And my down payment of 3,500
12,113.45
And the dealer said i may qualify for the "first time buyer" discound too, not sure how much that is.
So, i mean
Would the interest rates be at 15%? With bad credit at 596$ a month?
How does this work
Could a dealership (any) use my income as "credit" replacement? I make 11$ an hour and work fulltime?
Yes i know i should ask the dealer for all of this, and that a new car isn't a good idea since i have no credit and my moms suck -not using my dads since hes still paying iff dome stuff from previous company he owned that ended up going under- but can anyone help on how much IRate might me? Or if a used car at 8,000-10,000 be a best bet?! Ugh.
Take the deal to a dealer and ask for a quotation
Get a used car and rebuild your credit.
You can't afford that price. Get an old car for under 5k and MAKE THE PAYMENTS. Build your credit. Borrowing this much will make your credit worse when it's repoed
If you make just over minimum wage, it's not realistic for you to buy a brand new car. Unless you live at home and don't have to pay rent or buy food. You would be better off going on craigslist and getting a beater, than buying more car than you can afford.
What the dealer says he can get you and what he actually does get you are two completely different things.
Take his 'deal' and 6 weeks down the line you'll be back on here saying you've bought and registered a car and now the dealer is clawing the car back because the finance fell through.
What you must do is either fall in love with a 2005 car or knock at least one of the dollar digits off the asking price.
If you have bad or no credit, buying a car you can't afford with goodness knows how many hidden costs is not the way to improve your score.
Have you considered that occasionally you may have to put some gas in the tank or stump up for emergency repairs? Even an emergency tow it could cost you 200 -300
Cash means CASH, no payments.
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