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Posted in Auto Loans
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Question By
ufos8mycow

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Used Car Loan Advise Please
I need a car around the 1st of January. I have $500 for a down payment.

According to CK my TU score is 611 (Was 644 two weeks ago) & my EQ is 618. I have a dental bill in collections for $1,600 and a Verizon bill in collections for $497. Working on both now but won't have them paid off before I apply.

I have three accounts in good standing. Open Sky Secured Visa (two months - never late & paid off monthly $200 limit) Fingerhut (Never late and in 2nd month) & Walmart card that's two weeks old with a $500 limit.

I've also got an IRS lien for $5,500 but that will be gone before I apply.

I have been working for my Union for 18 years. I make around $26/hr but only brought home $15k this year. That will go up to around $30 this coming year.

The cars I'm looking at are around the $4k-6k range. What am I looking at? Should I even try for a loan?

Thanks!

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Your goal needs to be avoiding debt. Any interest paid is wasted money. Get your debts paid, and wait till you have cash to pay for your vehicle. Please read the articles here and other sites to further your education.

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