Your car is on its last leg and you need to get a newer one. The only issue you’re having is your credit sucks. You’ve been trying to take the proper steps to improve it, but these things take time and you don’t have much left. Perhaps you tried applying for a car loan but were rejected time and time again. Whatever the case, you need a reliable means of transportation. Here are a few solutions
Buy Here Pay Here
There are car dealerships that will work with you despite your bad credit. They have contracts known as buy here pay here. The idea is that you would choose a car, provide a down payment, and then sign a contract agreeing to repay the loan within a short amount of time. Though it must be paid off a lot faster than a traditional car loan, it still gives you access to a reliable vehicle without having to worry about your credit. If you need a down payment, there are alternative loans for bad credit you could get for a few hundred bucks to help you out.
If you’re in need of a used car but are being turned down by dealerships because of your credit you might be better off trying to purchase a vehicle through online classifieds. Car owners looking to sell their vehicles will advertise. You can browse those advertisements to find a car that suits your needs and budget and then contact the seller to make an offer. Be sure that you test drive the vehicle, and perhaps have a mechanic or someone who’s knowledgeable about cars to come with you to inspect everything.
Bad Credit Auto Loans
There are car loans designed for those with bad credit, however, it’s going to be expensive in the long run. These loans are often packed with fees, high interest rates, and other stipulations that will make the overall cost of the car a lot more once the loan has been paid in full. However, if you’re in need of transportation and can’t seem to catch a break from other loan providers, this may be your only option.
Wait and Save
You may not like the idea of not having a car of your own you can jump into and go whenever you’d like, but sometimes the best thing to do is wait it out. Find out what public transportation is available that you can use, carpool with a coworker, ask another parent to drop your kids off and do errands on the weekends with a family member or friend until you’re able to get your own car again. In the meantime, cut way back on your monthly expenses and continue to put aside any money you would have spent on the car such as gas, maintenance, and insurance.
You need reliable transportation to make a living and provide for your family. However, when you have bad credit, it can be hard to gain access to what you need right away. If you don’t have the funds upfront to buy a new car on your own, the suggestions above can help. It may take some time, but one of these solutions is the key to your new ride.