QuestionQUESTION: Hey there
Yesterday, labor day, I ruined my car. I had a 2001 Ford taurus.
Long story short, it was storming and raining very heavily. My car got stuck into 5 feet of water. My engine and motor were completely ruined and the estimated cost of repairs exceed $2000.
The car itself I only paid $700 for.
so now I need to find a new vehicle.
I have very bad credit because of defaulted student loans. I already went to a bank to try and get an auto loan for only $1000 but was denied.
Can you please suggest a used car that I can buy for around $1000 to $2000
I am just going to save my money for the next month or 2 and pay for a car in cash since I can not get an auto loan
ANSWER: Hi KMJ,
What is the nearest larger city to where you live? Why do I ask? Because there isn't credit bad enough anymore that you could not get financing of some sort.
If you give me a city I can give a better idea of whats avaialble in your area.
It used to be not too many years ago that in order to get a car loan that you had to have a valid license and a source of income and insurance before even a 'buy here pay here' lot would finance you ...as I sit here today I can tell you that in the last 30 days I have arranged finance company/bank financing for people with sub 400 beacon scores who had no job...no license ...and no insurance. They did have to have a minimum of 300 down.
In the low dough show department I would lean towards newer domestic cars with lower miles or as low as possible. The car you just lost to the flood is one of those at that top of that list ... Chevy Malibu's, Pontiac Grand Am's, older Buicks are great cars. The other option is going to surprise you ... If it were me then I would look for the inevitable bargain in every US Market ...whats that? That is the under-appreciated and woefully under-priced luxury imports... check it out ...I went to the Little Rock section of craigslist and here is what I found ...all of these cars originally had an MSRP (Sticker Price new) of between 50K and 90K ready?
A 1995 740i w/ 128k miles ...car has cold AC, sunroof, CD player and stacker in the trunk, leather, integrated phone, this is the car that gave BMW the slogan "worlds greatest driving machine" and I promise you that once you drive it you will understand what I mean ...this car was originally between 65-75k new ...and you can buy it for way way under it's wholesale book value for only "$1,999.00 or best offer" (which means $1,500.00) and it will get better mileage than your taurus did and when this car clicks over 200K it will still have another 150K left in it
http://littlerock.craigslist.org/cto/4008163358.html
Want another one?:
How about a 1998 BMW 318i with a new engine with only 6,500 miles on it for $1,800.00
http://memphis.craigslist.org/cto/4043756595.html
OR
Look at this custom beauty for only $1,800.00! (which means $1,500.00)
http://memphis.craigslist.org/cto/3911510870.html
You can do the same thing with Mercedes Benz's ...Look for the early 90's vintage 190e's or 190d's like this one in memphis
http://memphis.craigslist.org/cto/4031617859.html
See what I mean? Ask as many follow ups as you like ...just make sure to return the survey they send you at the end and give me those perfect 10's after I earn them! ... shoot me back the city and I will send you some stores who will finance you on the spot!
alot of time
---------- FOLLOW-UP ----------
QUESTION: Hi,
thanks for taking the time to reply.
I did notice after I sent you the message I forgot to include my whereabouts. I live in Birmingham, AL.
I bought my ford for $700 in Anniston, AL back in 2011.
My credit score is 610. The reasons the bank did not give me an auto loan, as stated on the paper they printed out...
Not enough credit (I only have 10 items on my credit report, 7 of them are student loans 1 of which is defaulted, 1 is a paid hospital bill, 1 is an unpaid electric bill and 1 is a paid gas bill)
I haven't been in my employment long enough (I recently switched from a job I'd been at for 3 yrs to a new job I've only been at for 1 month)
Answer
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OHH NOOOO ...ALABAMA NOT ARKANSAS MY MISTAKE!
OK in Birmingham you have this dealer who says you are approved if you have $1,400.00 a month in income ...$500.00 down ... and a valid license.
http://bham.craigslist.org/ctd/3957082786.html
here is another one and look at the pictures I posted below ...
http://carloan-forbadcredit.com/
HERE IS SOME REALLY GOOD ADVICE!!! YOU WOULD BE FOOLISH NOT TO TAKE IT ... (IN OTHER WORDS ...THIS IS SOMETIMES GOOD ADVICE ...THIS IS ALL THE TIME GOOD ADVICE)
1. NO matter what they say to you and no matter how hard they try to humiliate you by showing you your credit bureau all highlighted with bright pink pen ... just know this 610 is about 100 pts higher than anyone working at that car lots credit score.
2. DONOT fill out ANY online credit applications ...NONE! trust my advice that if you have a small down payment of at least $300.00 (even if their ad says 500) and a steady source of income and a valid drivers license then you are APPROVED!!! at any of these places. ANY OF THEM! If you see a car you like go check it out and drive it THEN AFTER YOU HAVE DRIVEN IT AND NOT BEFORE and its a car you think you might like to buy ...then do a credit app and NOT BEFORE! The best way to buy the car is to negotiate from home...but thats hard to do with these types of dealers.
3. No matter what they say the price of the car is negotiable even at a subprime lot! you need to be very careful because they will tell you the price of a 2001 Ford Taurus is $5,995.00... then they will gring grind grind on you for as much money down as humanly possible ...if you go 1.00 over $300.00 I will fly out there and scold you! Why? Because money down = bigger profits...thats all! Since they are the bank in alot of cases they don't have to make sure that your loan and the value of the car match ... so while you know from experience that an 01 Taurus is only worth $500-$1,000 they will act like the price to you is $5,995.00 and will try to convince you that you lose your ability to negotitate because you have bad credit (and you really don't have terrible credit ...terrible credit starts with a 4 not a 6) Negotiate...
more info coming ...remember NO ONLINE CEDIT APPS!
