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Help me get into a "new" (used) car
$125 Raised
1% of $14k goal
1 contributor
0 days left
Ended Jan 16, 2014
The Short Story:  I need help getting a car so I can keep my job and break the vicious cycle of an old car that just loves to devour every last dollar I have on repairs. Just need to get rid of my old car, which is costing me more than I make. More ...

The Short Story:  I need help getting a car so I can keep my job and break the vicious cycle of an old car that just loves to devour every last dollar I have on repairs.  I can't get a car loan due to ruined credit because of student loans.

The Long Story:

I graduated college with a degree in Business Management, Minor in Computer science while attending Monmouth University.  During my years in school, I took out a few student loans which I am currently in repayment.  Because the loans were Private loans, they cannot be consolidated nor will they reduce the interest or put them into deferment / forbearance if I was unemployed out of college.  When I graduated, I was greeted with a job market where I was not able to secure a job for several months, and when I finally did, I was making minimum wage.  This “underemployment” continued into my second job where I was making just over minimum wage, until I was laid off a few months later, It wasn't until almost 8 months later when I got a job as a Systems Administrator I began to finally barely make every other payment, bringing me from 90-120 days past due, to 60-90 days.  By this point, my credit had taken a huge hit.  Eventually, in March 2013 I got a job where I am making signifigantly more and I have since caught up and brought many of my balances from 90-120 days past due, to completely current.  I have spent the last 6 months getting everything caught up and I am finally able to pay the loan payments, and still have money left over.  However it feels I take one step forward and two giant leaps back.....

The car I currently have has become a money sink; By this I mean that every other month, I have been dumping anywhere from $200-300 into the car, just to keep it running so I can get to and from my job.  I have spent well over $4000 this year alone in repairs to my car, much of the work I’ve even done myself.  The problem I am encountering is that I am in a bit of a catch-22.  I have to keep putting any money I have left over after paying my loans into my car, leaving me unable to save that money to put towards a new car. 

Just a month ago, I replaced the “brake booster” which cost me close to $400 installed...  I figured I’d be fine for a while, until the other day when I began smelling a very strong burning smell, so I brought it into the shop to have it looked at, and like clockwork, the Lower Intake Manifold has deteriorated...  I was quoted close to $1500 for the repair, best case scenario, and I know that this is only the tip of the iceberg here...  

I've approached several banks, trying to secure a car loan, to break this vicious cycle of repairs for a car that is costing more than it's worth, but most have shot me down.  The ones that haven't, want extremely high interest rates upwards of 24%, some as high as 35%.  The biggest issue?  The monthly payment.

Between all the student loans, the additional monthly payment, that I've been quoted can range anywhere from $150-600/mo all depedndant on the down payment I make towards said car.

Now let me clarify, I'm not looking for a new car, I'm looking for a "new" USED car...  something to get me to and from work, something that is safe, reliable, and will allow me to continue working, so I can continue paying my loans, now that I am finally able to.  I'm talking a 2007 Honda, or even a 2005 PT Cruiser.. or something even older... just something with moderate mileage that hasn't been abused or run into the ground and will give me years of reliability.

I don't expect to reach the goal on here, but if you have a dollar to spare, or maybe two... or more... anything you feel to share to help me with a down payment even, would be greatly appreciated.

Thank You :)

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I will place a bumper sticker of your choice on my car. Please keep it clean / Friendly! the sticker will remain on the car until it's final mile, or until the sticker wears off, whichever comes first.
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