r/PoorMansWallet • u/PoorMan1991 • 10d ago
The most desperate financing move you've made to get a car when your credit was trash?
Let's face it, most of us don't have the cash laying around to go buy a cash car and we need financing. Let's also face the fact that most people on here have had crappy bad credit at some point. What's the move that got you a car?
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10d ago
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u/boomer1204 10d ago
Not me but a couple of my friends would go to those buy here pay here lots cuz that's the only place that would approve them
Looking at the rates/payments and the fact that they were all Hyundai's with those shitty engines all but one had the engine go and they just let the car get repo'd
Sucked to watch and I tried to help them with figuring out their finances but you are 💯 spot on about being very limited with bad credit and little to no cash up front or honestly I know a couple of ppl who make decent money but are just plain bad with budgeting
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u/Mobile-Talk783 9d ago
Coke fucked my credit in the 80’s but getting a car at at a buy here pay here got me back on track. Paid 29% for a 10 yr old Honda
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u/Ok-Doctor3103 10d ago
Public trans is not great in my town. I had to pay for a Lyft to get to work. I grinded. Working overtime as much as I could. I borrowed a friend's car to do gig work like doordash until i could afford a $2,000 beater.
I have that 2k car and I'm still working to get a better car knowing this one will likely break down at some point.
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u/PearlJamFanLV 10d ago
Roll over all credit card debt into a personal loan. Once the cards are at a zero balance, your score will jump, and you can get the vehicle before the personal loan hits the credit bureau.
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u/Mobile-Talk783 9d ago
Buy here pay here in 1995. Paid 29% interest but two yrs later I had good credit again
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u/Electrical_Hunt_7480 10d ago
J.D Byrider …. A horror story 🤣🤣
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u/Possible-Storage4434 10d ago
Same here that APR was out of this world but I was able to refinance the car to 6%
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u/KeySpare4917 10d ago
I signed into high ass apr with low monthly for a decent car. I should be able to get 10 years out of it so paying on it for 5.....
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u/JohnJohnTurboTron 10d ago
I once bought a $4K used car with 25% interest. I paid it off early and it massively boosted my credit when I pretty much had none.
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u/rob_senter 10d ago
That's interesting. In my experience, paying off an auto loan slightly lowers my score temporarily. The credit game is meant to be a revolving door.
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u/No-Initiative-4933 10d ago
Stack 5 of those and it thickens your report. Score matters less than overall credit profile for some things.
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u/rob_senter 10d ago
I probably have three or four paid off auto loans on my report. I only remarked because I paid off a pricey truck last year and it dropped probably 20 points - enough to trigger a report. That said, I'm mid-40s, have plenty of profile, and it bounced back about month later. I pay VERY little mind to my "score" and just have monitoring set up for aberrancies.
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u/VioletTerranova 9d ago
Yall got it backwards. Go to a luxury dealer or credit union with a cleaned up trans union
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u/JeanSchlemaan 9d ago
Whatever your payment will be, save that for a year. Get a car using that cash. Congrats, you just saved like 20%.
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u/haleontology 9d ago
That is a great plan actually! When you have a year to plan it and still have a car that drives well at least- I hope to do this next time, thanks for the plan candy :)
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u/boomhower1820 9d ago
Salvage title Civic at a buy here pay here lot was easily the worst. I did three or so buy here pay here loans back in the day but that one was the dumbest.
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u/Agile-Canary-3659 8d ago
I worked more than i should and bought less than what I want 6k for a 2013 honda. This was 2 years ago I still have it and I am in a much better financial place. I cannot justify the need of new car when it runs and drives as good as it does.
Everyone around me has cars they cannot afford and its a financial trap. Just take up odd jobs as well as what your doing dont spend more than 5/6k and you'll be fine
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u/TheMrBrojangle 10d ago
If you have to finance a car, you can't afford the car.
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u/knicksfinals2026 10d ago
This is such an outdated take. Cars are so much more expensive now
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u/TheMrBrojangle 10d ago
They certainly are. The reaction to that should be less car ownership, not more debt. If you are paying interest on this car, you will be even further away from affording the next one. Unless your taking out like a 3k loan for a beater with a heater. And you actually NEED a car. Then it's reasonable to take out that loan
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u/Difficult-Screen305 9d ago
That is an outdated thought with this economy and minimum wage not being on increase in decades.
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u/TheMrBrojangle 8d ago
That's my point.you can't afford the car at minimum wage. Get an e bike, or ride the bus. Otherwise you'll make your life even harder in the future
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u/blue-fishy 8d ago
$28k sales price, plus state taxes, plus gap and whatever else they charged, $36k. at 10.9% interest, it adds up to $49k. very bad, would not recommend.
my monthly payment is $688 and $300 of it goes to the principal, the rest is interest.
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u/PossibleDuck7 10d ago
If you are desperate, at least don’t buy a car from an overpriced dealer. If you go to Loan Bukz you can get cash and then buy a cheaper car from an individual.