So I need a car, public transport is bad in my city I have no family/ friends to give me rides all the time, all options to not have a car are exhausted, I got a quote from navy fed they would approve me for 34,988 at 15% 798 a month I do have bad credit (620) but my income is stable and expenses are relatively low. I don’t have a car picked out just yet. But what’s the best way to play this? Would it be just to get a car in the 19-25k range ??
Answer: You should not buy a car in the $35k range! You will need to buy a car for about $10,000 (I know that isn’t much these days) and care for it and repair it as necessary!
Here is what our AI overlords tell you (hint: they got it right in the third point):
“
Set a Budget: Since your credit score is low, it would be prudent to aim for a lower loan amount to keep your monthly payments manageable and to reduce the total interest you’ll pay over the life of the loan. A car in the $19-25k range is a reasonable target.
Improve Your Credit Score: Even a small improvement in your credit score can lead to better loan terms. If possible, try to improve your score before purchasing. This might involve paying down existing debts, ensuring all bills are paid on time, and not taking on new credit.
Consider a Used Car: Used cars are generally less expensive than new ones, and they depreciate more slowly. Look for a reliable used car from a reputable dealer or through certified pre-owned programs, which often come with warranties.”
What do you think?
