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Help! Need A Car Now!


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I paid off my old car loan last month, and today I got the letter stating contract is paid off along with the car title. My car loan was through credit acceptance and I was told that they report to the credit bureaus on the 14 of each month and that the new status may show up this month or next since it can take up to 30 days for the changes to show up. My question is this, how much time should I wait before trying to get another car loan. Right now my fico score is in the mid 500s. Unfortunately, since my car broke down I am spending $320 in cab fare a week to get back and forth to work because where I live and work are in two different cities. This does not include cab fare to get my kids back and forth to the doctor and school. Do I have any other options to quickly get myself into a car instead of financing the cab company.

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If you're paying that much a week, just go to a buyhere/pay here lot, drop $395-$500 on a down payment and pay the $55-$75 a week car payment until you get approved for a real car loan, then hand back the buy here/pay here car with no penalty.

Yeah, you're out the money, but it's still cheaper than cab fare and it'll take some pressure off of you. The buy here/pay here places don't report to the CRAs at all. Just make sure it's a genuine lot financing operation and not "special financing" that DOES report to the CRAs.

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You can even find places better than a buy here pay there lot. We have a lots in our city that sell cars for $895 or less. Or you can try some of the mechanic training schools. Sometimes you can either get your car fixed for a steal of a deal or they also sell cars that they have redone all the mechanics. They are pretty good cars, had one once and lasted a long time.

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Yes, buy here/pay here will rape you if you intend to actually finish paying off the car. If you're paying $300+ a week in cab fare, though, and just need a car temporarily until you can find another one/qualify for a loan, it's not really a bad deal since there's no penalty to returning the car once you're done with it or if it breaks down (other than being out the money you've already paid)

Around here, buy here/pay here has cars with down payments as low as $295 and weekly payments of $55. They're crap cars, BUT, it would save the OP quite a bit in cab fare and allow him/her some breathing room to look for a good car and shop around for financing.

That's a heck of a lot better than getting desperate enough to end up with "special financing" because you think that's all you can get and you REALLY need a car.

Of course, there's always the alternative of searching the classifieds for cheap beaters and scooping one up for $400-$800. I bought an 85 Dodge Aries for $400 outright that ran for 2 years with no maintenance but replacing the fuel pump. It looked like crap and ran like an old man with lung cancer, but dangit I got my $400 worth!

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Yes, buy here/pay here will rape you if you intend to actually finish paying off the car. If you're paying $300+ a week in cab fare, though, and just need a car temporarily until you can find another one/qualify for a loan, it's not really a bad deal since there's no penalty to returning the car once you're done with it or if it breaks down (other than being out the money you've already paid)

Around here, buy here/pay here has cars with down payments as low as $295 and weekly payments of $55. They're crap cars, BUT, it would save the OP quite a bit in cab fare and allow him/her some breathing room to look for a good car and shop around for financing.

That's a heck of a lot better than getting desperate enough to end up with "special financing" because you think that's all you can get and you REALLY need a car.

Of course, there's always the alternative of searching the classifieds for cheap beaters and scooping one up for $400-$800. I bought an 85 Dodge Aries for $400 outright that ran for 2 years with no maintenance but replacing the fuel pump. It looked like crap and ran like an old man with lung cancer, but dangit I got my $400 worth!

Those old K cars were worth their weight in gold (well, maybe their weight in tin). I had three of them, paid very little and ran them all up well over 150K. My best one was a '85 Lebaron. They all had that typical "Chrysler" rattle when you tried to accelerate and they weren't the most stylish cars, but they made a ****load of them back in the day so parts were never expensive and they ran and ran.

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Hehe, that Aries had 185,000 miles on it when I bought it. Two years and 20,000 miles later, the dang thing still ran, but it was starting to make me nervous. I finally scrapped it and bought a "newer" car (2000 Sonata) with right at 100k miles and I'll be damned if I haven't had to replace half a dozen things on this car. I should have kept the Aries!

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Hehe, that Aries had 185,000 miles on it when I bought it. Two years and 20,000 miles later, the dang thing still ran, but it was starting to make me nervous. I finally scrapped it and bought a "newer" car (2000 Sonata) with right at 100k miles and I'll be damned if I haven't had to replace half a dozen things on this car. I should have kept the Aries!

I still see those cars on the road. My last one, a 1987 Plymouth Reliant, I replaced with a Camry back in 1999. Like you, I should have kept the Plymouth. I got one of the few crappy Toyotas. It was nothing but trouble and cost a fortune to repair.

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  • 2 weeks later...
You have other options...buy here pay here will rape you. Not to mention the fact that you will end up with potentially another lemon. What debt do you currently have? What is your income like? How long have you been with your current job?

Sorry I'm just answering this it has been very busy. Anyway I was bringing home over $900+ biwkly but since I no longer have my own car no longer doing overtime so just bringing $742 biwkly. Credit Acceptance finally shows my car loan at $0 balance on credit report. I have a judgment on report and some chargeoffs that are set to come off in 2009 so have decided to not mess with them. Have 2 credit cards showing paid after chargeoff, and 1 active card in good standing. Also get $639 in survivor benefits for my 3 kids each month. Been at current job for 9 months.

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So, since no one has asked.. whats wrong with the car you currently have??? Is it unrepairable?

Car starts but knocks. Took it to Precision Tunes for tune-up and oil change when I went to pick it up was told that there was nothing they could do about knocking. Now mind you it was not doing this when I dropped it off as I had spend the entire morning driving around town registering my kids for school. An hour later driving to mom's house it shuts off on me so I just had it towed home where it has set every since. This was in late January.

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Yes, buy here/pay here will rape you if you intend to actually finish paying off the car. If you're paying $300+ a week in cab fare, though, and just need a car temporarily until you can find another one/qualify for a loan, it's not really a bad deal since there's no penalty to returning the car once you're done with it or if it breaks down (other than being out the money you've already paid)

Around here, buy here/pay here has cars with down payments as low as $295 and weekly payments of $55. They're crap cars, BUT, it would save the OP quite a bit in cab fare and allow him/her some breathing room to look for a good car and shop around for financing.

That's a heck of a lot better than getting desperate enough to end up with "special financing" because you think that's all you can get and you REALLY need a car.

Of course, there's always the alternative of searching the classifieds for cheap beaters and scooping one up for $400-$800. I bought an 85 Dodge Aries for $400 outright that ran for 2 years with no maintenance but replacing the fuel pump. It looked like crap and ran like an old man with lung cancer, but dangit I got my $400 worth!

I live in Little Rock, AR so I know that there is one buy here pay here dealership where I can put down between $300-$500 to just get something. I trying to be patient with only one month of school left plus there is the rebate coming soon. I really hate to be making payments for another car that I can't drive. Going to keep working on my credit and see what happens. Currently it has gone from 537 at the beginning of the month to 587 on myfico.

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I live near Little Rock as well, you should take a look at Malco Motors in benton, they have nice late model cars and they do the financing. I dont know what kind of interest they charge but it might be worth it to take a look.

http://www.malcomotors.com

Hey, how did things work out with that summons from Midland? Did you end up settling with them. I have a case pending with Asset. What court was listed on your summons? I am going to fight mine because their idea of validation was a joke.

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  • 9 months later...
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