Any chance of a car loan

[sillyviolet]

I am kind of stuck in a bind and wondering what my options are. The engine blew on my Ford Taurus and it is not worth getting the car repaired. I bought it from a buy here pay here place and it is paid off. I had two cars on my credit report back in 2007-2009. I made the monthly payments on them on time, but they were both included in my bankruptcy. The main problem is that I just moved and have only unemployment as my income. It is going to be difficult to get a job with no transportation in the area I live in. Any chance of financing? My credit scores are in the 500's, which stinks. I will have a sizeable down payment, but not sure how much. I just know it will be a few thousand dollars.

[sirrowan]

If your Taurus is sound other than the motor, you can get a new motor for it. Or a used motor with low miles. I checked into this, and where I live, I could have had a motor for $700 and they would charge me $700 to pull and replace the motor.

[CombatVet1329]

I am kind of stuck in a bind and wondering what my options are. The engine blew on my Ford Taurus and it is not worth getting the car repaired. I bought it from a buy here pay here place and it is paid off. I had two cars on my credit report back in 2007-2009. I made the monthly payments on them on time, but they were both included in my bankruptcy. The main problem is that I just moved and have only unemployment as my income. It is going to be difficult to get a job with no transportation in the area I live in. Any chance of financing? My credit scores are in the 500's, which stinks. I will have a sizeable down payment, but not sure how much. I just know it will be a few thousand dollars.

 

 

Before I reply, I have a question. Do you know if the other auto loans you had reported to the credit bureaus? I often find that BHPH (in house financing) either doesn't report to credit bureaus, or only some of them.

 

Next, what is your monthly income from unemployment? Some banks have a minimum income requirement of $1,500 but is usually $2,000.

 

Lastly, this process could probably be made easier if you have a co-signer. I almost always get stonewalled when I ask someone for a co-signer because most folks are apprehensive to have a sit down with their relatives, and most people think that their family members won't help them. If you have a parent, grandparent, spouse, or other family member that is willing to help you get back on your feet, I would offer to pay them a week before the payment is due in person, or promise to have the car payment automatically debited from a checking account.

[MarvBear]

I am kind of stuck in a bind and wondering what my options are. The engine blew on my Ford Taurus and it is not worth getting the car repaired. I bought it from a buy here pay here place and it is paid off. I had two cars on my credit report back in 2007-2009. I made the monthly payments on them on time, but they were both included in my bankruptcy. The main problem is that I just moved and have only unemployment as my income. It is going to be difficult to get a job with no transportation in the area I live in. Any chance of financing? My credit scores are in the 500's, which stinks. I will have a sizeable down payment, but not sure how much. I just know it will be a few thousand dollars.

 

 

If you are unemployed, there is no basis for repayment. Although there are lenders, that if you have a large enough of a down payment would approve with very onerous terms, and wouldn't care whether you are employed or not.

[rpina1]

There is always some place out there that will finance you.

 

I work at a "we finance anyone" type of place and the bank will finance unemployment.

 

However, the terms are horrible.

 

But anyway, yes it can be done.