ok credit financing

How can I get a newer Honda with a sunroof, navigation, lower miles, and a cd changer/sound system with ok/poor credit, no down payment, a trade in and good work history?

Reply to
michael e dziatkowicz
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Get a co-signer.

Reply to
Larry in AZ

Be willing to lease or buy at a price for either that's about $4,000.00 more than normal. Everybody involved in the transaction will need big bucks to "make it happen". bob

Reply to
N.E.Ohio Bob

I declared bankruptcy two years ago and no one will co-sign with me right now.

Reply to
michael e dziatkowicz

"michael e dziatkowicz" wrote in news: snipped-for-privacy@comcast.com:

Was there a divorce with children involved here? Or did you just use your credit cards to bite off more than you could chew? If the first, then I sympathize with you. If the second, then I don't.

There are plenty of companies that specialize in extending credit to poor risks, but this credit will be *very* expensive. A "credit counselling" outfit should be able to point you towards some of the less usurious ones. check your Yellow Pages.

Reply to
TeGGeR®

You had read all the replies. My advice is check out with any Credit Union in your area to find out the best rate on your dream car, then you compare them apple to apple, and choose the best one suits your wants, needs and your financial goals.

If your current car is still safe on the road, drivable, and no symptoms of breaking down on the road soon ... then keep driving that car, save your $$ (about 25% of your paychecks), 1 year from now.

Put all the saving $$ into your CD (long terms or short tems, google to get the best rate for CDs, the highest APY is Citibank) to maxmize your $$.

Then next year, use your CDs and your newer Honda (which you are going to buy next year) against your loan at the financial institutions (C.U or bank).

I am sure that the interest rate would be dropped below the rate offered at the dealership.

Please dont forget to pay your car payment on time to buil up your credit hostory and credit score again.

From now until the day you get your newer car next year, try to get a loan (of 1 or 2K, dependings on how much you can afford of the monthly payment, dont let the loan officer know that you are building up your credit, just simply write "personal use" on the purpose of the loan) at any financial institutions to build up your credit.

Dont use this $$, putting into your checking acct, then start paying the loan .... You should pay off the loan 1-2 months earlier than its maturity date ... .

All techniques I mentioned here, related to the loan, to get you a better credit history and its score .... to save you on the interest rate later on your new car, even your credit history later in your life .....

Of course, the last option, if you want your newer car so bad, then doing your homework via google .... the bad part of it is you might not get all the special functions you want.

All depends on what you have on your priority list, vehicle first or credit score first, as it is really hard to get a co-signer.

Good luck

michael e dziatkowicz wrote:

Reply to
Newhope via CarKB.com

the bad thing about a credit counselling company is that they will take your money and keep it and not let you spend it but I guess that is good in a way. I am getting better at not spending money foolishly. I am saving now. I did check at credit unions and banks but that was last summer so my credit should have improved some since then.

My car is in good shape but it is a 95 chrysler cirrus with close to 117,000 miles on it and i drive 80 miles to and from work everyday so that takes it toll on it plus right now I also drive another 60 miles 4 days a week to school but I graduate in May so that will end then. I do keep maintanance on it and my dad repairs cars so he helps me with it and I am picking up pointers from him when I have a chance.

I only make $1404 a month so I guess that kinda rules out alot of cars doesn't it. I want a car with navigation, a sound system ,cd changer, and satellite radio if possible. Plus hopefully within a year I will be getting married and moving out. I know this is alot of information to compute and I may sound stupid but my car is getting older and starting to rack up the miles now that's mainly why I am even looking at a newer car. thanks

Reply to
michael e dziatkowicz

At this stage (because of the limited income and the opportunities for DIY service) I strongly recommend you stick with the Chrysler a while. Don't worry about the miles, just pay attention to whether the car is crumbling - one failure after another quicker than you can fix them. I went a whole lot of years with little disposable income due to family medical bills (chronically ill child - getting a $200K hospital bill with my name at the top and the insurance only agreeing to pay $20K of it is an experience!) and rarely drove a car with only 117K miles on it. For a while I rented a clunker from my brother for $50 per month. I bought my last car, not counting my wife's Toyota, when it had 105K miles on it and that replaced a

1970 Volvo with 290K miles. I am 53 and have bought 3 new cars in my life: in 1970, 1984 and 2002. My current 1985 Volvo turned over 238K miles this week and I'll probably milk it another few years.

You are on the right path learning to maintain and repair your own cars. The last time I paid somebody else to do a brake job I was wearing bell bottoms. When a family vacation meant a week of camping on a $550 budget, I replaced a stripped timing belt beside a freeway one Sunday morning 400 miles from home. Without the experience of DIY at home I don't know what I would have done... no way could we have paid a mechanic for that.

Mike

Look at it this way. If you get a loan, with your credit history the rate will be shocking. If you pay $400 per month for the car (a very low estimate), $100 per month for insurance, $200 per month for gas (conservative estimate based on the info you gave), that is half your income. That's too much to pay for housing, let alone for a car. It will only get tighter - a LOT tighter - when you get married and move out. You will still be stuck with those hated payments. Drive a clunker for a while yet, pay your dues, and work your way out of the hole. You'll hate it but you'll be glad you did when you earn that newer car.

Mike

Reply to
Michael Pardee

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