Edmunds Answers

Answers

  • MrShift@Edmunds 06/15/09 12:50 pm PST

    If you are saying you are presently unemployed and living on $1250 a month, and also have credit card debt, I don't think any financial institution is going to lend you money; as you have already stated, your only real recourse here seems to be a dealer with a "mouse house", that is, his own private financing. Usually dealers who do this require a substantial down payment however. These guys may not be doing this out of the kindness of their hearts (or they might), so be very careful of the interest you are being charged on a mouse house finance.

    could someone possibly co-sign for you, who trusts you?

  • boomchek 06/15/09 2:41 pm PST

    Unfortunately in order to qualify for a car loan you have to have full time work and be making a certain minimum ($1800/month gross or $10/hour is the minimum our banks require).

    Your best bet is to find a co signer or save up for a good reliable used car. Or repair the car you finished paying off assuming you still have it.

  • ministerpaul08 07/20/09 9:36 pm PST

    Unfortunately the word "GOOD" and used car dealer does go well together. Without established credit it will be difficult to get a loan in the current credit market without a co-signer. And with a fixed income the banks will probably deny the loan or if they approve it the interest rates and huge down payment will put the car out of reach. You probably should save your money and try the car auction since they are cluttered with repos and off lease vehicle. You will probably find a great deal.

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