Long story short I worked my way up from being homeless to being able to purchase a car - which I crashed. I’m currently sleeping in the rental car but it’s $30 a day to use and while I can afford it — I certainly don’t want to pay for it.
I’m lookig to get a new car this Friday from a dealership. The reason I’ve been so late to do so is because I know nothing about car loans. I have to work 12 hour days often to survive, 7 days a week and I’d rather not deal wth all the intricacies that come with purchasing a car off of Craigslist. Second: I don’t have a home. If the car I private purchase fucks up, I’m not just out of a car — I’m out of a home.
My only fear is that I’m going to lock myself into a loan that fucks me over in the future because I’m desperate right now. For a first time car buyer with bad credit they’re charging me a 12.5% APR which seems steep.
My current plan is that I can purchase the car and continue sleeping in it as I work myself ahead a few months to have a good safety cushion. I’ll obtain a secured credit card, make all my payments on time and within a year I can refinance at a better rate.
My current income is about $24,000 gross yearly. My workplace offers overtime but I’m not sure how long that will last. I’m regularly doing overtime so if I had to calculate from where I’m at right now, I’d say I would be making $36,000 a year gross.
Does this sound like a good plan? Is there anything I’m missing? Thanks for reading if you’ve gotten this far!
Submitted February 21, 2018 at 11:32AM by Pincarroof http://ift.tt/2odkbh2
