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I need a car, and need some financial advice?

Posted by on Feb. 8, 2012 at 2:18 PM
  • 10 Replies

 I don't think I can get a loan because my credit is not the best right now. I SUCK at saving, so I am not even going to consider that option. My Dad can't help out right now because he just did a HUGE reno on his house.

How do some of you ladies get the bigger purchases when you are low on cash? Even if it's some kind of high risk loan etc...I don't know, I'm guessing lol!

Thanks for the help :)

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by on Feb. 8, 2012 at 2:18 PM
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Replies (1-10):
Gastromama2007
by on Feb. 8, 2012 at 2:19 PM
1 mom liked this
my personal rule is "if I can't buy it wish cash, I don't buy it"

I'm afraid of getting into money trouble. :(

sorry I'm no help here...good luck & I hope you get some good advice!
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xTattooedxMommy
by on Feb. 8, 2012 at 2:21 PM
Best thing to do IMO is just go to your bank and let them know your situation. They should be able to let you know your options or at the very least run your credit and let you know what you can do to improve it. We bank with a local credit union and they have been amazing on working with us to get rid of some of our debt. We don't have the best credit either so they help us figure out what are the best things to pay off first to help with credit the most! : ) GL mama
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StarryRain
by on Feb. 8, 2012 at 2:22 PM
Well, we never spend more than 7k on cars right now, and always buy used. So we save, and don't need loans when it comes to cars. If you can't save the money to buy the car you need, why do you think you will be able to pay off a loan? And if you aren't sure if you can pay a loan, you shouldn't take it out. Personally or from a financial institution. It's just bad news. I suggest shopping around, and finding a fairly priced vehicle that will do the job safely for a while, or finding some other means of transportation until you can pay in full for a vehicle.
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BumbleBiasMum
by on Feb. 8, 2012 at 2:24 PM

 Well, I have the money to save if I COULD save...but I always always end up spending it on something else because the money is just there. I can't save for my life. My bills however, I pay all the time, on time. So instead of saving and spending...I could use the money I would be trying to save, on the loan payment instead.

Quoting StarryRain:

Well, we never spend more than 7k on cars right now, and always buy used. So we save, and don't need loans when it comes to cars. If you can't save the money to buy the car you need, why do you think you will be able to pay off a loan? And if you aren't sure if you can pay a loan, you shouldn't take it out. Personally or from a financial institution. It's just bad news. I suggest shopping around, and finding a fairly priced vehicle that will do the job safely for a while, or finding some other means of transportation until you can pay in full for a vehicle.

 

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BumbleBiasMum
by on Feb. 8, 2012 at 2:25 PM

 I have an appointment with my bank on Monday, so I am hoping they can help me out too. :) Thanks for the advice, and good luck to you getting out of debt as well.

Quoting xTattooedxMommy:

Best thing to do IMO is just go to your bank and let them know your situation. They should be able to let you know your options or at the very least run your credit and let you know what you can do to improve it. We bank with a local credit union and they have been amazing on working with us to get rid of some of our debt. We don't have the best credit either so they help us figure out what are the best things to pay off first to help with credit the most! : ) GL mama

 

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JMKristy
by on Feb. 8, 2012 at 2:26 PM

Personally I save. We have great credit and do finance cars. But I get where your coming from still. Have you tried places like drivetime? I hear commercials for them ALL of the time on the radio, they claim they are nationwide, they finance everyone. It sounds like you tell them what you can afford, they tell you what they can sell you... I'm sure your going to pay a HUGE interest rate, but sometimes it's your only option. If your responsible with the payments, it can also help to raise your credit score. Or maybe try a credit union... they can also find ways to work with people in less than ideal credit situations... GL

cowboysgirl2810
by on Feb. 8, 2012 at 2:36 PM
Maybe when you talk to your bank, ask them about a "locked" savings one that you don't have a debit card for. So the only was you can touch it is going INTO the branch. That may help, since it wouldn't be nearly as convenient. KWIM? Or online, there is a high interest earning savings bank called ING. You can get a free account, link it to your normal bank and schedule transfers, like Automatic bill pay. Think of savings AS A BILL. ING is good too, because trnasfers, take like 2 days to clear, which limits your "impulse" buying.
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BumbleBiasMum
by on Feb. 8, 2012 at 2:41 PM

 I will look into that for sure. Thanks :)

Quoting JMKristy:

Personally I save. We have great credit and do finance cars. But I get where your coming from still. Have you tried places like drivetime? I hear commercials for them ALL of the time on the radio, they claim they are nationwide, they finance everyone. It sounds like you tell them what you can afford, they tell you what they can sell you... I'm sure your going to pay a HUGE interest rate, but sometimes it's your only option. If your responsible with the payments, it can also help to raise your credit score. Or maybe try a credit union... they can also find ways to work with people in less than ideal credit situations... GL

 

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NiCo86
by on Feb. 8, 2012 at 2:42 PM

We have a car dealership here in Alaska that does in house financing on used cars. They don't require credit, only a proven stable income of a certain amount and they will finance you up to so much. They are shorter term loans, like 2 or 3 years, and the vehicles are used ... but that is always an option. Not to mention that it would help your credit. But yeah, going to the bank and talking to them, getting your report run, and discussing how you can improve your credit is also a VERY good idea!

BumbleBiasMum
by on Feb. 8, 2012 at 2:42 PM

 That might be a pretty good option! I never thought about that! I will ask ym bank on Monday :) Thanks!

Quoting cowboysgirl2810:

Maybe when you talk to your bank, ask them about a "locked" savings one that you don't have a debit card for. So the only was you can touch it is going INTO the branch. That may help, since it wouldn't be nearly as convenient. KWIM? Or online, there is a high interest earning savings bank called ING. You can get a free account, link it to your normal bank and schedule transfers, like Automatic bill pay. Think of savings AS A BILL. ING is good too, because trnasfers, take like 2 days to clear, which limits your "impulse" buying.

 

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