Can I get a good, cheap used certified vehicle with my background?
I would like to get a used car for under 9,000 and put 1,000 down. I don’t mind lots of mileage on the car. Just need something! Would pay it off for 60 months and owe about 133-150 per month. Is it do-able with this?:
– 26 yr. old male
– 507 credit score
– Income (before taxes and everything) is $ 35,000
– Employed with my position since September 2006.
– Repo in Nov. 05′ but paid off and listed as ok on my credit report. Still down in my score from it but starting to slowly rise.
-Credit report had two credit cards that are now currently paid. Score is still down from it though and slowly rising.
-I have collateral but it’s small. 401k of under 800 bucks and an IRA of just under 250 bucks. Remember, I’m 26 and just getting started in the world.
What kind of car is a possibility if I don’t put a down payment on it? What is a possibility if I DO put some sort of down payment on it. I only need something to get me around for shopping and other things a few times a week.
In addition, how high do you suspect the interest rate would be?