OpalCat Posted April 29, 2005 Report Share Posted April 29, 2005 I need a new car really bad. I am recently separated and my husband got the car, and I got the gas-guzzling van with brake problems and broken A/C. I can't afford to fix it and with gas prices what they are, I can't afford to drive it much either. I really can't sell it until I get some of the repairs done, too.Anyway, so I want to get a car, like a $2000 one. I figured that getting a loan would do good things to my credit... my score is around 590 right now I think? I have 5 bad things on my CR but none of them have a balance... they're all either paid off, settled, etc. I'm just starting the process of trying to get rid of themAnyway, I am probably getting $4000 in about a month from a legal settlement. I could wait and get a car then, but by the end of May driving around with no A/C in Atlanta is gonna be sucking mightily. What I was considering was trying to get a used place that does their own financing to give me a loan, then when I get the money in a month, either pay it off (that won't look good on credit though, right?) or put the money into a special bank account and just set up auto payments from that account and not touch the money. What do you think?Also, how good or bad are my chances at getting the loan in the first place? Advice? Link to comment Share on other sites More sharing options...
Xanathos Posted April 29, 2005 Report Share Posted April 29, 2005 Anytime you get an auto loan, you'll want to make payments on it for AT LEAST 6-9 months. Any less than that and it doesn't do you a bit of good. Problem with your suggestion is that by going to a place like JD Byrider or one of those other "buy here pay here" "we run our own paper" places is that they typically put something in the contract that if you pay the loan off too fast, you get tacked with an early repayment fee....they don't like it when ppl short the amount of time they spend on the 28% interest loan..If you've got money coming in...honestly I think your best bet might be to just suffer for a month...you're gonna get creamed for the privilege of having A/C for an extra month otherwise.You can always buy a little portable A/C thing to put on your dash or spend 30 bucks on one of those horseshoe cooling units from the Sharper Image or something to help cope. Or if you've got a tiny bit of extra cash laying around, you can probably go rent an economy car from Avis or something for $150 a week for a few weeks....though that last option might be worse than getting hosed at a BHPH lot (supposing you find a car on one that'll last longer than a month) Link to comment Share on other sites More sharing options...
OpalCat Posted April 29, 2005 Author Report Share Posted April 29, 2005 I don't think you understand. I don't just want to get a new car, I want to get a car loan so that I can pay off a loan and have that on my credit as a positive thing.And I don't even have enough cash to rent a movie at Blockbuster or buy anything more than store brand groceries, so renting a car is absolutely out of the question. Link to comment Share on other sites More sharing options...
OpalCat Posted April 29, 2005 Author Report Share Posted April 29, 2005 Oh, the irony here? The $4000 I'm getting in a month? It's from one of the Big 3 CRAs. Not for anything related to credit, but for intellectual property theft against me by them. Link to comment Share on other sites More sharing options...
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