Tips on Buying Cars: Buying or leasing, ford windstar, finance rates

Question
Thank you,

The problem is that my credit is bad.  What could I do?


-------------------------
Followup To
Question -
I have a Ford Windstar 1998 with about 50,000 miles and I owe about $10,000 on it.  I want to change it for a newer minivan.  I do not know if it is better to buy another one or lease it.  I went to couple of dealers in Florida.  They offer to get my minivan, pay its balance, and with about $2,000 extras in cash get me a new one for about $500 in a lease (it sounds like a bad business to me).  What do you think?  What is better lease or buying?  How could I make a good business (I do want a new minivan)

Thank you
Answer -
Hi Hector and thanks for the question.  Leasing is always more costly than financing since you do not own the vehicle at the end of the lease.  I know Ford and others are offering very attractive finance rates, as low as 0%, now and that should make purchasing even better.  I live in Florida also so am very familiar with the market.  If I can be of further assistance please let me know.  Bud

Answer
Than complicates things badly.  My suggestion would be go to your local bank or credit union and explain your situation in detail.  They may have a way to help you.  They may require a large down payment, or direct deposit of your pay check, or some other requirement but you should be able to get it done if you are honest with them and convince them you are serious about making payments in a timely manner.  Best of luck, Bud