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How can I get financed for a car with impossibly bad credit?

Hello ladies, I have been a SAHM for two years, and DH is a police officer..we both have HORRIBLE credit, but our car blew up this weekend, and we need another, ASAP. I have $500 to put down...but cannot afford a high payment. We are separated temporarily, and he is providing for us and himself, and it is stretched REALLY thin. I am currently trying to find a job..and this is making it extremely difficult. PLEASE HELP.

Answer Question

Asked by Anonymous at 10:06 AM on Apr. 12, 2010 in Money & Work

Answers (4)
  • Buy a 500 car,,, it probably wont last for long, but the only other alternative is to go to one of those we finance anyone kind of places,,,,,I hope you and him work it out!

    Answer by kimigogo at 10:32 AM on Apr. 12, 2010

  • Go to a dealer. They really need business now. You'll get a loan. It will have high interest though. Give it a try.

    Answer by mompam at 10:58 AM on Apr. 12, 2010

  • Don't buy what you can't afford. I suspect that you can't afford insurance for a new car; with a "beater", you only need liability. Get a car that you can pay cash for; get another when you have more cash.


    Answer by rkoloms at 5:47 AM on Apr. 14, 2010

  • I agree you should use the $500 for a putt putt until you've saved up for a better one due to the fact the high interest you pay for a newer one if you were to get a loan would be a rip off you would pay for the car 4 times before it was paid off because of the high interest I would make do with the money that you do have GL

    Answer by chica679 at 2:23 PM on Apr. 14, 2010

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