How To Buy A Car When You’re Broke And Your Credit Score Is Terrible
These days, everyone is living paycheck to paycheck, and in South Florida, the only way to get to your job and your gigs is with a car. The financially prudent thing to do is to drive your old car until it will no longer budge. Of course, you are probably already doing that, which is why you are living paycheck to paycheck instead of just watching the outstanding balances on your debts get bigger each month. The trouble is that no amount of frugality on your part can grant your car immortality, and you will eventually need a new car. Continuing to drive your old car until you filed for chapter 7 bankruptcy was the best decision you ever made; the fact that the car was already paid off was one less thing to fight about. Besides, the court could take one look at your old pile of rust and know that it would not be possible to resell it for an amount that would interest your creditors. Now, a year later, your trusty pile of rust is pining for the fjords, and your credit score is still abysmal. If you need a new car sooner than a Plantation credit repair lawyer can do their stuff, you have several options.
The Best Loans Available Are Not That Great
If you have a low credit score because of a bankruptcy filing, a financial setback, or a lack of credit history, it is still possible to get approved for loans, but their interest and fees will be much higher than if you had a better credit score. Some car dealerships advertise that they approve loans for borrowers with low credit scores. Before you buy a car from one of these dealers, you should compare prices from several, seeing how much the loan will cost you overall and how much the monthly payment will be. It can be a good temporary solution, because if you make payments consistently, your credit score will improve, and you may be able to refinance.
Pledging Your Relationship With a Family Member as Collateral
If you can get a family member to co-sign for a car loan with you, you can easily get a new car, but it might cost you your relationship with a parent, aunt, or uncle or your most financially successful sibling or cousin. Besides, good luck finding anyone these days who is so well off that they can afford to take over payments on your loan if you suffer another financial hardship.
Buy a Shady Clunker and Hope for the Best?
Desperate times call for desperate measures, so the best temporary solution might be to buy an old car that is well past its prime from an acquaintance or from Craigslist or Facebook Marketplace. These cars are the cheapest. This stopgap pile of rust does not have to last you very long, just until you are in a better position to apply for a car loan.
Work With a Debt Lawyer About Improving Your Credit Score
A South Florida debt lawyer can help you raise your credit score so you can get approved for a car loan. Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.