I need a new vehicle for me and my family but my credit is still a little shaky and I need advice.Please Help?

Question

Here is my life in a nutshell. I am a 20 year old single mother who works nights and practically makes minimum wage. I live with my unforgiving parents who unfortunately will not help me raise my son which is understandable (as long as they give us shelter right).My son is a year old and is blind and partially deaf. I take him on several doctors appointments during the course of a month which is why I need a vehicle. I am looking for something new and reliable but with only 2 years of credit history and a short employment (almost a year) and c**p salary (plus my sons social security money) I am really not sure I can get a car but I need one more than anyone. I make about $1426 a month counting my sons social and I was looking for something like the Ford Edge or a Nissan Murano. I live in the Dallas/Ft. Worth area.

Im extremely scared about my credit. I have scores of TU 626-EQ641-EX-561. I really dont know how to talk to a salesman since this is my first car and I didnt want to talk to them about my son because I dont want to get personal but a majority of the money I recieve is social security and the only reason I am purchasing this vehicle is to take my son to his appointments. I need help on buying a car. Please Help.

Answer 1

hello - good luck to you, sounds like its not easy.  personally when i have friends or clients in similar situations i encourage them to buy a used car, there are so many coming in off leases these days and they are great and cost considerably less than a new car.   the reality is you cannot really afford a new car, as I don't think you can count your cons SSI as income.  if you spend a little time and find a good used car you will be better off in the long run (I say this as I drive my well maintained 1991 maxima which i bought used about 10 years ago).  perhaps if you ask your parents for a loan for a used car they will help you, and you can pay them back instead of a bank - keeping interest and money in the family.  Make it clear you would do monthly payments of XX and that you would give them interest on the money, perhaps 5% given the current markets is reasonable.  might be worth a try.  good luck        

Answer 2

Do you have a friend who knows about cars and getting car loans that can help you out?  You might also want to talk to someone at your bank and other banks about getting pre-approval for an auto loan.  You may also need to think about a used car instead of new.  The last several vehicles we have bought were 'program' vehicles, formerly leased vehicles that are only a couple years old and in good shape, yet much cheaper than a new vehicle.

I'm also not sure that you can count your son's SSI money for income towards a vehicle as that is supposed to go for his care, so you will also need to check that out.