Car Loan + Car Choice ~ HELP!

[Rookje]

I recently was recruited to a fortune 500 company in SoCal and must relocate. I have 2 weeks until I have to leave. I'm 22. My problem is that I have no car of my own, I've been sharing a car bought by my parents with my siblings. I'd like to buy a car myself, because if I took the car I use now it would screw over my siblings, and we're a below middle-class family. My salary/budget would allow me to pay $200-300 car payments no problem (I have no student loans or any debt). I also have no credit/FICO score, I've used debit my whole life and was stupid to listen to some family members who tell me to avoid credit (when I should of been establishing credit, gah). I recently joined a credit union, but they need pay stubs and I've only worked freelance (no paycheck) before. I haven't called the credit union to discuss if I could get a loan or not, I'm going to today. I'm nervous If I have to co-sign, idk what to do because my parents have bad credit history.

I should be excited that I got this unbelivable job, but this car problem is killing me. Any suggestions?

Oh, and I was thinking about some CPO Mazda3 or Honda Civic, maybe a Jetta. Speed isn't a priority for me, I just need something to get to work and get around the city. Something economic, I want a Sedan. Do you think I should try to get a new car or a used car? Or a CPO? I heard car dealerships are dying and maybe would give me a better deal?

Thanks!

[Dboy23]

My opinion? Get you a Toyota Corolla, they might cost a bit more than some other cars but trust me they're engines were supposed to outlast 95% of other cars, also it gets great gas mileage, don't get a brand new one though get a used one, maybe an 01' with decent milage for $6,000-$7,000, also look for a used car dealer that can finance it for you.

[Ray paulsen]

Reading your post I wish I could wave a magic wand to solve your problem, but here are the harsh facts.
Even with a good co- signer you dont qualify having title in your name, having bad credit is same as having no credit, even if you saved up a few bucks your only choice will be a buy here pay here type dealer, " interest rates will outlast your investment " if you take that route its 90% the vehicle will end up being scrap and you will still owe thousands, dont fall into this trap like thousand of other consumers.

Here are 2 suggestions
start building your credit with a secure credit card and if you follow the steps insde 2 years you may qualify for some type of loan without high interest or a co - signer, study this web page how to get the ball rolling http://www.usedcartips.org/CREDI.html

As for getting wheels till such time you have established - buy the least expensive your pocket book can afford. $ 1000 to $ 1500. ???

While its buyers beware its possible to get valid value, the Internet or Auto trader is not the places to look for vehicles in this price range.
Shop you local community newspaper along with supermarket billboards you may just get lucky someone just having posted a vehicle in excellent condition that's no longer needed.
Buying from a dealer in this price range the odds are against you, you must have patience and when you find a car that you think fits the bill make sure you navigate to the Test Drive on the website and study how not to end up with a lemon.

[originalKyotE]

I am in the same situation. only difference is I just turned 18. right now I had to settle for an very old honda. it has its problems but it gets me where I have to go. I would say do what you can, but credit wise here is what I have learned through some bisiness classes, get a small credit card. Spend half of it a month or what you can. and pay only half that off. for example your limit is 120. you spend sixty of it. pay no more than 40 off. next month buy 20 dollers woth stuff and pay 20 back. that way you always have 20 left. that is how a friend of mine got his up. I am going to try it and hope he is right. I would look into this if I where you seeing as you are in a position that it needs to be quick. I would also recomend talking to a banker or someone of the sort.