buy here / pay here - but not too much, hopefully?
June 27, 2012 7:19 PM Subscribe
I need a reliable car that I can count on. I'm a person with pretty bad credit, but I have a steady income in a job I've had for a while. What are my options? I'm thinking hard about checking out a used car lot; what should I look for, loan- and car-wise?
posted by koeselitz to Travel & Transportation (28 answers total) 6 users marked this as a favorite
I have bad credit. As in: banks will not loan money to me, even small amounts. (I have checked recently.) I'm working on restoring my credit, but at the moment, I find my old, broken-down car has died pretty completely, and I need a new one as soon as I can find it.
I've narrowed down what I'm looking for. I'd prefer to get a truck. I'd like to pay around $2,000 to $3,000 for it; looking at Craigslist, at dealer and by-owner listings, it looks like I have some good options in that range. I can put up between $500 and $700 down on a car; the rest would have to be a loan.
I see a lot of these "your job is your credit" places, and some of them don't look too terrible. However, I hated the idea of getting another loan, so I went around to all the banks and credit unions in town to try to see if they'd loan me money for this. They would not.
Now that I've exhausted that possibility, I'm thinking my only real option is to try a "your job is your credit" used dealer, attempting to find one that isn't too skeevy and shopping the loan a bit to make sure I won't get completely screwed.
Can anyone offer any tips here? What should I look for in a loan - interest rate, repayment schedules, etc? Are there any warning signs I'll see at dealers that should scare me away?
Thanks in advance for help. I'll be around to answer questions and update.