Poor Credit Car Loans

Posted by admin on September 28th, 2009 at 12:00am

Question:
Poor credit car loans through credit union?
My credit score is currently really low due to me being late on my mortgage. I will be catching up on my mortgage in two weeks from now and I am waiting until late July to buy a vehicle. The previous time I applied for poor credit car loans, I was desperate since my car had just died for good and I did not have any money. The dealer informed me that he had found a bank to approve me for a loan, but I needed to put a thousand dollars down. The only issue was that I did not have a thousand dollars. Well when I make a purchase in July, I will be putting 1500 dollars down and I’m thinking about financing about $14 thousand. My monthly net income is 2500 dollars. Is it worth it for a person in my situation to apply through a credit union for poor credit car loans? This is not an issue of wanting a car. It’s an issue of not being able to maintain my job without a dependable car; pretty soon I will not be able to drive my really bad car anymore.

Answers:
Late July should be sufficient time for you to save a little more money and pay cash for a vehicle. If not, why would you wish to go into $14 thousand more debt right after recovering from tardy mortgage payments? If you are not able to pay cash for a car, get a dependable say $3000 to $7000 vehicle. You can still put in $1500 towards it and your monthly payments would be far less than they would be for a $14 thousand vehicle. This way you would be able to more closely concentrate on paying more towards your mortgage, and on schedule.
I hope this helps.

For many of us, a car is a requirement like food and water. Go on and try your luck at that credit union again. You can also check out this website. They have quite a lot of information regarding new and used cars, poor credit car loans, etc. They may be of help.

Under Cars and Bad Credit