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Old 02-18-2010, 08:10 AM   #16
akboss
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Join Date: Jun 2009
Location: georgetown
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Re: Problem getting auto loan, please HELP. I make good salary.

We are selling our 1996 Toyota Camry for under $2K and it's a decent car. Do yourself a favour - if you make a decent salary, buy a $2K used car and gradually rebuild your credit and upgrade your cars. If you get something new now, you're going to be wasting your money on ridiculous interest, and if you get fired or replaced, you're owing somebody a whole lot of money that isn't likely to be very forgiving, and your credit is even further screwed.

Nothing in life is a sure thing other than death and taxes - you're in a tough spot, don't buy something you can't afford. Buy the cheapest car you can with cash, save your money, and slowly rebuild. Eventually you will be able to afford a new car at 0%, but this is a reward for being diligent with your money - instant gratification (in this case a new car) will hurt in the end.
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