Hi all,
This is my first post, and I'm a little unsure as to where to start. First off, I really need a reliable car. Mine is 20 years old with close to 200K miles on it, and it is just not dependable anymore. I filed Ch 7 and was discharged in October 2005. I currently am not in collections for anything and have always paid my 2 credit cards on time (combined debt of $1200). I do have student loans that are currently in deferment because I do not make a huge income. I bring home about 1660 a month and I am single, living on my own in a very modest rental unit (415 a month).
I just finished grad school and have been working at my current full-time job for just over a year now. In december 2008, I tried at my bank to see if I could get approved for a small car loan (~8K). Was denied (unless I had a cosigner) because of my income and my student loans. What I don't get is that my student loans show up as payments being made on my credit report, however, I am in deferment currently, and can defer and/or forbear them for another 5 years if my income does not substantially increase. I tried to explain to the loan officer that I was not actually making those payments each month therefore, it frees up over $500 of income not obligated to any payments, but he didn't want to approve me without a cosigner. If nothing else, my mom said she will cosign for me, but I really want to do this on my own... Also, last I checked (in Dec) my credit score was 650 (I think with Experian).
Now, I realize that some people would say that I should pay my student loans first and credit cards, and I WILL pay them... but the student loans will be at least a 20 year venture (I have about 65K in federal student loans), but right now, I really need a dependable and safe car to get to work (I travel approximately 600 miles a month just for work). I figure if I could just get financed for something for 36 months, I could pay it off while my loans are still in deferment and then start paying on my loans.
Anyone have any thoughts on a decent loan company or dealership (like Carmax) that might be able to help me? My BK is not recent, I am paying other obligations on time, but my downfall is my meager income. I do NOT want a huge debt for a car - just $7-10K. Thoughts, experience, and suggestions are always appreciated.
Thank you.
This is my first post, and I'm a little unsure as to where to start. First off, I really need a reliable car. Mine is 20 years old with close to 200K miles on it, and it is just not dependable anymore. I filed Ch 7 and was discharged in October 2005. I currently am not in collections for anything and have always paid my 2 credit cards on time (combined debt of $1200). I do have student loans that are currently in deferment because I do not make a huge income. I bring home about 1660 a month and I am single, living on my own in a very modest rental unit (415 a month).
I just finished grad school and have been working at my current full-time job for just over a year now. In december 2008, I tried at my bank to see if I could get approved for a small car loan (~8K). Was denied (unless I had a cosigner) because of my income and my student loans. What I don't get is that my student loans show up as payments being made on my credit report, however, I am in deferment currently, and can defer and/or forbear them for another 5 years if my income does not substantially increase. I tried to explain to the loan officer that I was not actually making those payments each month therefore, it frees up over $500 of income not obligated to any payments, but he didn't want to approve me without a cosigner. If nothing else, my mom said she will cosign for me, but I really want to do this on my own... Also, last I checked (in Dec) my credit score was 650 (I think with Experian).
Now, I realize that some people would say that I should pay my student loans first and credit cards, and I WILL pay them... but the student loans will be at least a 20 year venture (I have about 65K in federal student loans), but right now, I really need a dependable and safe car to get to work (I travel approximately 600 miles a month just for work). I figure if I could just get financed for something for 36 months, I could pay it off while my loans are still in deferment and then start paying on my loans.
Anyone have any thoughts on a decent loan company or dealership (like Carmax) that might be able to help me? My BK is not recent, I am paying other obligations on time, but my downfall is my meager income. I do NOT want a huge debt for a car - just $7-10K. Thoughts, experience, and suggestions are always appreciated.
Thank you.
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