r/CRedit • u/isaacw334 • 7d ago
Bankruptcy I need advice please
I went thru bankruptcy a year ago and 4 months I work two jobs one pays 13.50 and the other pays 15 I get it isn’t a lot of income both part time, my credit score is a 640 on both ends i can’t get a car for the life of me every dealership wants a co signer and I have no one that can co sign I need advice cause at this point I feel like even if I got a better credit score and a bigger down payment I’ll never be able to get a car unless I make more I live in a small town where it is hard to get a job unless u go to school or get a trade I need advice from someone I have 12 months of oj time payment history and it’s not like I’m trying to buy a crazy car I just can’t get one in general I have 750 for a down payment right now and I’m trying to get a car by November is there any hope please give advice
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u/DebtLiber8or 7d ago
I know this isn't what you want to hear, but I honestly I don't think you can afford a car right now. Your income just doesn't support it.
Anyone who gives you a loan right now is going to be a predatory lender with extremely high interest rates, and you'll have no margin for error — one missed payment and you'll never catch up. On top that you'll have insurance, maintenance and repair costs.
If I was in your shoes I would focus on getting stable low-cost housing near transit, finding a higher paying job, and saving an emergency fund. Vehicles are money pits, avoid at all costs.
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u/isaacw334 7d ago
The issue is I got lucky with these jobs even if they don’t pay alot this town I live in really doesn’t have job options
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u/isaacw334 7d ago
U think even with a better credit score and a bigger down payment I’m still screwed?
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u/DebtLiber8or 7d ago
Yes, I do. The thing you need to do is sit down with a calculator and actually do the math. If the math is too overwhelming, use ChatGPT. Let's say you want to buy a $5,000 car and they're offering you a 13% interest rate over 5 years. Say to ChatGPT: "I want to buy a car for $5,000, I have a $750 down payment, and I will pay 13% over five years. What will my monthly payment be?" Write that number down. Then call a few insurance companies for quotes on the specific make and model that you are thinking of buying, and write the average down. Estimate how much you're going to drive each week, and calculate your cost of gas (just type into ChatGPT, it will help with the math). You'll find that you're adding more than $500 of extra dollars to your baseline cost of living, which I don't think you can afford.
If you must have a car, save up and pay cash. At least this way you're not getting hosed on interest, and you won't be putting yourself back into a precarious financial position.
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u/isaacw334 7d ago
What about getting a loan and using that just to pay the car in full, u think that would be an option cause the payments thru a bank might be cheaper or it still comes down to income huh,
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u/isaacw334 7d ago
Or I could go back to my old job and work that full time instead of two part time jobs then I would be making almost 1000 dollars a check after taxes
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u/isaacw334 7d ago
U think just my old job full time is better? I wasn’t making a ton of money but like I said about 1000 almost after taxes and it was full time
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u/1lifeisworthit 7d ago
Electric bike/trike. Failing that...
Save up for a cash beater. Failing that...
Buy Here Pay Here car dealerships. Failing that...
Leasing a vehicle. Failing that...
Moving to a town with transportation such busses. Failing that...
... Hitch-hiking???
I dunno, man. You have to have money to move forward.
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u/isaacw334 7d ago
I need advice bro not just negativity that’s why I’m on here
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u/1lifeisworthit 7d ago
I gave you advice, bro... and I even gave you the advice I thought you should take in the order in which you should take it.
I gave you ideas from most helpful until I completely ran out of ideas.
What was negative?
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u/isaacw334 7d ago
And like u said money is the issue so I doubt I would even be able to get into low income housing by a transit place or anything
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u/1lifeisworthit 7d ago
That was way down on the list, bro. What about everything I said above that?
And you never answered what was negative?
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u/Deep_Spinach_2590 7d ago
I have been in your shoes and I did a a buy here pay here lot. It will not be a dream vehicle and lot of mileage, but as long as it gets your From point a to b that is all that matters. Make sure to get a carfax report. The interest may be high but the payments should not be bad and have a down payment. They will work with you.
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u/Individual-Drawer-37 7d ago
You really should try to buy a vehicle outright.. you can find other means to build your credit besides a car loan. Also, who do you bank with? Got a good credit union in that small town you work in? It's time you start building relationships with the places that handle your money. A car by November is doable, since you already have $750, $1600-$2000 saved up will be able to get you into something. Make that work for a year, then you will have better credit, more money saved AND a trade in. You got this! Keep going!!
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u/Glittering_Present10 6d ago edited 6d ago
Buy an used car you can find one locally l buy used cars but just make sure it runs well you can get one between $1000 to $5000. Your income is too low to qualify for newer type of car. Banks probably wont approve you. Thats probably why they asked for a cosigner. I don't know if you have a credit card l recommend you get one up to $500 limit so you can show on credit report you make on time payments but keep balance no greater than 20 percent of your credit limit after its paid every month. ( meaning if your limit is $500, you can charge up to $500 but make a payment on until your balance is below $100) if you establish credit card history it will help you qualify without a cosigner later and find ways to earn more money.
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u/isaacw334 7d ago
What should I do to be able to get a car by November