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i need advice~!



i need advice~!

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harry potter
so I need to get a new car... not a BRAND new car, but one that doesn't suck as bad as my car. The problem is I have 0 credit history and my parents cannot co-sign cause their credit sucks right now... and I don't know what to do. I don't have enough cash to buy a car with all cash, so I'd need to finance... but because of the economy, banks are really tight on everything... so they are big sticklers with people with no credit history.

I know I could technically get another crappy car that would only cost me like $2,000, but that's pretty much what my car is right now. I'm trying to find a car that's somewhat newer and has decent miles... so yah.


does anyone have any advice on this or has gone through this? anyone know how to get good cars if they have no credit history?

sorry if it sounds like i'm rambling!
  • Check with the bank you currently have an account with or join a credit union (if you're not already a member). Credit unions tend to offer some decent financing options and your bank - depending on how long you've been with them - may be able to beat whatever the dealer can or will offer.

    ETA: Also, consider using your current car as a trade-in, if you can. Or sell it to a place like Carmax, so you can use that as part of your down payment along with whatever other cash you have.

    And the following links may have some good advice in them:

    Edited at 2010-05-15 02:03 am (UTC)
    • thanks for the advice! i'll check out a union and see what they say.

      I can't trade in my car because it's going to my brother lol.
  • I agree with what RSS advised. Also, if you're not a member of a local credit union, you can usually open an account for $5 or $10 to become a member and then apply for a loan.

    Have you tried getting financed through a dealer? I ask because my 20-year-old nephew who can't have very good credit because I know he has had a fairly large hospital bill outstanding for the past year and has been working just 2 part-time jobs lately just bought a new Mustang without a co-signer.

    Good luck. I hope you're able to find something that works out!
    • i tried one dealership, but they didn't take me. I'm trying to find dealerships now that do 1st time buyer programs. Hopefully that will work out.

      (he's lucky! i want a new mustang! D: )
  • i dont have much advice. BUT I FEEL YOUR PAIN!!!! i have zero credit and my parents have shitty credit. and my credit union (its IBM, and they suck anyway) wouldnt let me take out a loan either. luckily a family friend had a car they were trying to sell and were willing to take payments. but, its a piece of shit car. still, its a car. ask your friends if they know of anyone who has a car they are trying to sell. and maybe they will let you do a payment plan.

    also, i know some of my friends take out student loans to help get them through a tough time. NO idea on the legality of it. but if you cant get approved for a car loan, maybe you can get a student loan and pay for it that way???

    GOOD LUCK! also, the little bunny clip is adorable and expresses how i feel right now to a T, just under different circumstances. so it made me smile :P
  • Have you checked Craigslist? Be careful, though.
    • i've kinda just looked around, i haven't done any intense looking there. maybe i'll pop back on there and take a better look.
  • I apologise if this advice doesn't apply in the States, but can you secure the loan against the car you're going to buy? They might be a bit more lenient that way. Good luck!
    • mm... i'm not sure, actually! i know nothing about cars and loans. XD

      but thanks for the advice!
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