When you need a car and have bad credit, you have very limited options. You can buy a car a lot that will finance your loan at exorbitant interest rates, or save and pay money for a car.
Unfortunately, it is not always practical to rely on public transportation, and there are parts of the country where you need your car to move. Additionally, if you work odd shifts, you may have a difficult time getting the buses to work.
Can you buy without a car?
The first option is to consider repairing your current car or finding a way to do without a car in a short period of time. If you are married or part of a couple, you may be able to come using one car in no time while saving for repairs.
If you do not have this luxury, you may need to see what you can do to get without a car until you save money. You may be able to partner with a colleague and chip in a little gas money to cover the inconvenience on the part of your colleague. You can also ask family members to help you with your ride in no time.
Can you do it with a cheap car in no time?
Another option is to buy a temporary car that can keep you occupied until you can clear your credit and save your payment for a better car. If you look closely, you should find an old car that runs the higher miles on it.
Many cars will last over 200,000 miles as long as you are ready to repair them. You can set aside money each month to cover repairs and which you can use to buy your next car when you decide to buy one. While looking for this type of car, you need to remember that you are looking at the engine, not the exterior of the car.
You are more likely to find this car through a private seller listing online or in ads. Car insurance can also be cheaper as the car is older.
Can you buy a car through a lot that puts it on bad credit?
Your last option is to buy a car through a lot that will finance your car. This should be your last option, as interest rates are usually unobtrusive.
However, if you really need a car to work, and you can fit the payment into your budget, you can choose to do so to help rebuild your loan.
You can work to clean up all your other credit problems and then refinance the loan as soon as you can. If you choose this option, you should buy the cheapest car you can because you will end up paying a lot more than the vehicle is worth at the high-interest rate associated with it.
Start planning to buy the next item easier
Since a car may be necessary, depending on your location, you should set up a sad fund for your car now. This means you will spend a little money each month to repair and use it to buy a car in the future.
If you still have your car payment, it may not be that much money, but if you don’t have your car payment, you can set aside the amount you paid to the car each month.
The money will go up faster and then it will pay you because you do not pay interest on the principle. If you have an older car that will need repairs, you should set aside money each month to cover the cost of your repairs.
Routine maintenance of your car will help it last longer and help you avoid some expensive repairs in the future.