How can I finance a used car with poor credit and no down payment?

[Anonymous]

I have an old used car with 200k miles I had it for 10 years. My credit is poor like 550-600.
2 years ago I used my $1k I got from taxes as down payment for a new used car. I cudnt afford the $400 payment so my parents took over the car.
my car has an oil leak, and mechanic said we might need sell it and car is dead now. No longer can be fixed. I can’t get a new car , I don’t have $1k down payment, I’m living in car , and have to use all my money Oct for my studio. Won’t even have money for my bday Oct.

mom wants help by using her good credit get me a new car with low monthly payment, but it’ll be hard beg parents when we’ll go to the dealer? When we’ll get a new car? They love seeing me broke and control me. So I don’t want that. What can I do?
I’ve seen online used old cars for $4k, I can’t just pay Monthly and get a cheap car like that? Or they will also demand $1k or more to get the $4k car on my own?
I got a new part time job rn , but I might get a full time job and a studio that’s 5 min by job and beach. So this way I don’t spend gas any more. And barely drive the car.

Updates

4 d

I can’t buy a used cheap car as my parents will be Furious forcing me get a new car and pay $1k down payment and will call me stupid idiot. So I’m scared and hard make any choice on my own even tho I’m 28.
I was barely trying be independent by living alone in my car by job for 2 wks now in peace.

[HollyK21]

I feel like you’re not making the best financial choices. You already bought a car because this one was too old, then sold it because you thought it’d be cheaper to keep fixing up this old one. Now back to a new car? On top of wanting to move out? I’m not sure if that would work. For one, traditional dealerships usually won't finance a 4k car. To my knowledge, those sort of predatory lots where you buy and pay there will charge you a 30% interest rate (don’t quote me) and sell you a car that will likely break down immediately, leaving you with a loan you can't afford and no car.


If your parents sign for a car, they own the leverage, which to me isn’t great because you’re trying to get away from them. I envision them using that monthly payment to control and criticize you every single month. Plus, there is no such thing as a cheap new car payment right now. If your new studio is 5 mins from your job (did you get it by the way?) then you really don’t need a new car. So I guess the moral of what I’m saying is, maybe you should stop trying to buy a new car.


I’d say instead, Use 100% of your October money to secure a studio. A roof over your head should be your top priority. Walk, buy a cheap bike, or even get an electric scooter to get to work. You’ll save hundreds every month by skipping car payments, insurance, and gas.

Skipping the car right now is the best way to get your parents out of your business and build the independent life you want.

[Abbycado]

You likely can’t. Look for a super cheap used and pay cash, tho I doubt that’s a solution if you can’t afford a down payment.

Get someone to loan you money?

[Asker]

Have no family. Nothing. No way get money borrowed. Even a super cheap $4k used car might want $2k down payment that needs be money for my studio I can’t live in car til Dec

[Asker]

Hope the issue is small and can be fixed the mechanic still needs check the car

[Abbycado]

Not sure where you live. Have you considered an e-bike?

[jahaims]

You don't even have a full-time job. Sounds like you make horrible financial choices.

[Nikki1989]

That probably isn't going to happen.

[Mariogirl09]

Take the bus and save!

[Asker]

I don’t have a place to live. Where I will live and sleep with an e bike? My plan is get the studio that’s 5 min by the other job I might get. That way I won’t need drive my car ever again have issues

[Asker]

I’m praying for this

[Mariogirl09]

I didn't say e bike i said THE BUS

[Asker]

Ok mechcinic said issue is something small so I’m saved I will delete this question