Lilllabettt Posted April 13, 2011 Share Posted April 13, 2011 I graduated in January, and I have a well-paying (35,000) job lined up for June (teaching elementary school) Unfortunately its 1,000 miles away, so no more bumming rides off my sister, friends, and parents. I need a car. I have my eye on a 2007 Hyundai Accent .. $7998 sticker price. I have $2000 for the down payment. The problem is, I don't have 'proof of income.' I currently work for an agency as an on-call nanny, making 150-300 a week. But they give me temp, all-cash jobs - no pay stub. One of the most embarrassing moments of my life: I went to the credit union, and the loan officer told me "we'd never get you approved." agggggggh. Seriously? Never? Even though I have a 765 credit score and a credit-worthy co-signer, if necessary? Yup. Apparently I need a car to start my job, but need to start my job to get a car. I know I can't be the only one in this situation - lots of people graduate school with this gap. And lo and behold I see a lot of car companies have programs for new graduates ... the problem is, they are all on brand-spanking new cars. I do NOT want a brand new car - because they are a huge financial loss and I'd be upside down on a loan almost immediately. And frankly I don't want to finance through a dealer either - they are caching. Credit unions and even the bank are much cheaper. So what do I do. Are these really my only options? I wish I knew more about how life works. Link to comment Share on other sites More sharing options...
Nihil Obstat Posted April 13, 2011 Share Posted April 13, 2011 (edited) Could you buy a $2000 piece-of-junk car instead? Edited April 13, 2011 by Nihil Obstat Link to comment Share on other sites More sharing options...
cmaD2006 Posted April 13, 2011 Share Posted April 13, 2011 [quote name='Lilllabettt' timestamp='1302716510' post='2228202'] I graduated in January, and I have a well-paying (35,000) job lined up for June (teaching elementary school) Unfortunately its 1,000 miles away, so no more bumming rides off my sister, friends, and parents. I need a car. I have my eye on a 2007 Hyundai Accent .. $7998 sticker price. I have $2000 for the down payment. The problem is, I don't have 'proof of income.' I currently work for an agency as an on-call nanny, making 150-300 a week. But they give me temp, all-cash jobs - no pay stub. One of the most embarrassing moments of my life: I went to the credit union, and the loan officer told me "we'd never get you approved." agggggggh. Seriously? Never? Even though I have a 765 credit score and a credit-worthy co-signer, if necessary? Yup. Apparently I need a car to start my job, but need to start my job to get a car. I know I can't be the only one in this situation - lots of people graduate school with this gap. And lo and behold I see a lot of car companies have programs for new graduates ... the problem is, they are all on brand-spanking new cars. I do NOT want a brand new car - because they are a huge financial loss and I'd be upside down on a loan almost immediately. And frankly I don't want to finance through a dealer either - they are caching. Credit unions and even the bank are much cheaper. So what do I do. Are these really my only options? I wish I knew more about how life works. [/quote] Well -- when I went to buy my car (barely used -- 2000 miles), I hadn't been employed in over 6 months. I presented a letter from the company that stated what my pay would be. That was enough. I financed through the dealer -- and got the lowest rate out there at the time. Link to comment Share on other sites More sharing options...
TeresaBenedicta Posted April 13, 2011 Share Posted April 13, 2011 I'll check with my dad-- he's a high-up in US Bank lending, in charge of the loan officers for car dealerships in Cali. He might know of a loop-hole or two. Link to comment Share on other sites More sharing options...
MIKolbe Posted April 13, 2011 Share Posted April 13, 2011 can you use public transportation to get to and from your new job for 3 months, and then buy the car? Link to comment Share on other sites More sharing options...
elizabeth09 Posted April 13, 2011 Share Posted April 13, 2011 I wish I have that much, but I have to pay for my own college and books Link to comment Share on other sites More sharing options...
Brother Adam Posted April 13, 2011 Share Posted April 13, 2011 You send me 60k, I'll send you 6k. Promise. Buy a $2,000 car. Link to comment Share on other sites More sharing options...
MIKolbe Posted April 13, 2011 Share Posted April 13, 2011 http://www.bestcarfinder.com/List.asp?zipcode=44101&RadiusMiles=75&Make=any&Price=0002&Year=1900&Order=Model&x=26&y=12 Link to comment Share on other sites More sharing options...
Lilllabettt Posted April 13, 2011 Author Share Posted April 13, 2011 (edited) Thanks TB!!! And everyone! I know for sure I'm not going to buy a $2,000 dollar car. My family has owned three $2000 dollar cars, bought for cash. Each one lasted about a year before it needed a major repair that was more than the car was worth. That was fine when we were all together, and could rely on each other for a quick ride to school or work. But nooo way this time. Me, single young woman, living alone, amongst cows and corn, 1000 miles from my nearest friend ... without a reliable car. Wondering every day if this is the morning I won't get to work. Nah. I'd rather pay the dealers 9% interest rate. Or brush the cobwebs outta my bike. p.s. rural Oklahoma. cows and corn - no public transit. Edited April 13, 2011 by Lilllabettt Link to comment Share on other sites More sharing options...
MIKolbe Posted April 13, 2011 Share Posted April 13, 2011 maybe the school you will be working for has a credit union...maybe try some inroads there???? Perhaps communicate your conundrum with a car, cows and corn; conceivably they may be able to assist or suggest some ideas as well...... Link to comment Share on other sites More sharing options...
Lilllabettt Posted April 13, 2011 Author Share Posted April 13, 2011 good idea Teachers get lotsa stuff, so I know someone somewhere will give me $6000. do you know [url="http://loftlovesteachers.com/"]Loft Loves Teachers[/url]? And teachers can [url="http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot"]buy a house for half price[/url]? Its the bennies fer teachin yer childrun 2 reed. Link to comment Share on other sites More sharing options...
Chamomile Posted April 13, 2011 Share Posted April 13, 2011 Is it too far to bike? Or what about a moped-type scooter thingie? I understand you want a reliable car, but maybe something like that could work in the meantime. [quote name='Lilllabettt' timestamp='1302716510' post='2228202'] One of the most embarrassing moments of my life: I went to the credit union, and the loan officer told me "we'd never get you approved." agggggggh. [/quote] Awww.... don't feel bad. It's just money. I got rejected for the Amazon credit card. I was only trying to get it so I could get the gift card that came with it Link to comment Share on other sites More sharing options...
MIKolbe Posted April 13, 2011 Share Posted April 13, 2011 I would think a letter from the school, while using the school's credit union could do something..... i mean, it's only a $6k loan for a car...you're not asking for a $3.5MM LC to finance inventory for your budding multi-national.... Link to comment Share on other sites More sharing options...
Blind Posted April 13, 2011 Share Posted April 13, 2011 Where is the school/job at? You can get a 2k car in FLA that will last you a long time. Get a saturn if you live up north or a honda if your moving to the south. Honda's are better and will last longer but Saturns dont rust so they still look like a newer car and not a piece of junk. Link to comment Share on other sites More sharing options...
elizabeth09 Posted April 13, 2011 Share Posted April 13, 2011 Can a bus from here treavel 1,000 miles? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now