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Thread: We really need a car. Help?

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    #1

    We really need a car. Help?

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    My car is getting pretty old and unreliable. We need something better before it completely stops working. Problem is, we are still really young and don't have credit because when we did pay for phones/insurance, our moms just took it out of our accounts. DH applied for a loan through USAA and got denied. Will a used car place give us a loan because DH is active duty? We do have someone we could ask to cosign, but I'd really rather not have to do that.
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    #2
    If you could get someone to co-sign that may be your best bet if you can keep up with it. Otherwise some places may have no credit check but you may have a much higher interest rate.
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    #3
    I would start putting the amount of a car payment into savings do that you can build up a down payment. Continue driving your car until it cannot be driven. If you have a sizeable down payment, you'll have better chances of getting a loan approval.
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    #4
    Chances are, even with a good down payment and some credit you'll still need a co signer. I'm dealing with the same thing right now. I have good credit and a decent down payment but because my credit is still considered "new" I need a co-signer. It's a giant pain in the ass. I hope you get your car!
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    #5
    If USAA won't give you a loan, you'll probably have a hard time finding somewhere that will. Since your money is directly deposited into your USAA account it's much easier for them to get the money from you than it would be for some third party.

    Your options here seem to be to save up until you can afford to pay cash for the car you want, build your credit until you qualify for a loan (USAA does have a secured credit card where they put a hold on a certain amount of money and it becomes your credit limit - it builds your credit and after a year of making payments the hold can be taken off and you may qualify for normal credit) or get a co-signer.

    Unfortunately, until you have credit of your own it will be difficult for you to qualify for a loan, especially if your income isn't very high.
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    #6
    Quote Originally Posted by Crystal View Post
    I would start putting the amount of a car payment into savings do that you can build up a down payment. Continue driving your car until it cannot be driven. If you have a sizeable down payment, you'll have better chances of getting a loan approval.
    This is what I would do
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    #7
    I would also put money aside, as much as you can each paycheck. Then I would talk to a local reputable mechanic. Ask around and people will give recommendations that you can check out. Some of them may have connections to get you a great used car.

    We have done this and have gotten great cars for $1500-$5000. This will allow you to save more money and to continue to build credit. It is always nice to be able to buy new or new used from a dealership but it is better if you can get something that will be reliable for the next 3-5 years at a fraction of the cost a dealer will ask.
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    #8
    USAA is pretty tough in the loan department. I would go with a local credit union. They are much more willing to work with people who are just starting out. Do not go with one of those buy here pay here places. They do not build credit. You need a real loan through a bank or credit union.
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    #9
    i bought my car when i was 19, therefor i had no credit and some other stuff under my name already. my mom had to cosign but she doesnt pay anything, i do the payments myself
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    #10
    A cosigner will be your best bet. DH is AD and the Subaru dealer said he needed a co-signer because of his credit - it was decent, but because he had an unpaid hospital bill (of only like $100, not like thousands of dollars) they wouldn't let him just sign on his own. For me, DH is my co-signer because I didn't really have any established credit.
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