Overhaulin'

Im a 21 year exotic dancer, should I try to finance a car or buy one with cash? Help?

Hi Im 21 years old. Im in college full time & I dance at a club on the weekends to support myself. I am currently in a financial bind. I need a car because my other one broke down on me. I have $3000 that I saved up. Im not trying to go out & get a fancy luxury high priced car, just something nice & dependable under $10,000 would be fine for me. Im really interested in buying a Mazda3 for under 10k. Ive found a few good ones for $8000...should I save up some more & just buy the car with cash or try to get financed at a dealership. Im so confused because I keep getting turned down at dealerships because I have no credit & Im a dancer with no co-signer. I dont have anyone close enough to me to co-sign for me. I need a car now & financing would be best but no one will approve me even with $3000 down payment. Ugh Im so frustrated & Im losing hope on this car. What should I do?

Public Comments

1. If you have the cash to buy it outright, put that money into an account (& some extra to cover the total repayment of loan + interest). Set up automatic payments to come out of that account. It'll pay the car & show an active, up to date loan on your credit. If you pay cash, you obviously won't have to deal with the interest, & you can usually get a little better deal by paying cash. But if you really want to improve your credit, then a loan's an option.
2. actually mr.jason who thinks he is a know-it-all. just bc she is a dancer doesn't mean that she has to be a stripper (she could or could not be) there is a dance club were i live and they have dancers there who do NOT strip, they are fully clothed, yes maybe wearing a belly shirt or shorts, but they cannot show there breast or butt. so just bc ur a dancer doesn't mean ur a stripper. honestly my husband used to do mechanic work at a dealership and all that and knows GOBS about cars and all that stuff. seriously the best way to do it is CASH. some dealerships can promise you the moon and the stars but you may never get it. cash is best bc you pay for it up front and no longer have to deal with them. i know it may be alot of money at the moment bc i see ur in college and plus right now are hard times, but cash is the best way to go my dear. hope that helps
3. I think you should save up more for a big down payment for a new car with a reasonable monthly payment. I think they will finance you if your down payment is big enough. That way you'll have a dependable car for the rest of your schooling. Get out of the stripper life after that.Work at a restaurant where you make good tips or anywhere else. Never give up your self respect.
4. Go into porn and u can buy a Ferrari.
5. keep dancin do what you do and be what you wanna be. Ya only live once do it right, or how ya wanna do it and dont let anyone change it.. Second, look at Toyota's they are great cars. They run well and long, and they have cheap easy maintenance. If you dont like them then shop around they are always reliable.. Dont go through a dealership if your low on cash, they are expensive. Find a car through craigslist, local newspaper, friends, or mechanics... also a large percentage of our nation is in debt with car financing or leasing..(DONT LEASE A CAR EVER) and only finance when your really steady and are prepared. Third, when you find a car you like (dont get one that you dont like because its a big investment although it may not seem like it..kinda like a gettin a house). After youve found one you like go to any car shop and ask a mechanic to come check out a car youve found and maybe wanna buy and most likely he will do it for a twenty or for free in hope of future service... (very important to get it looked at!) Finally when youve had the car checked out and the TITLE IS CLEAN then buy the car. and start driven!! -Havin a mechanic look at it is really important and dont skip this step. Also make a list of things that are in need of repair if there are any.. and find out what it would cost to have them fixed (timing belts, radiator, tires, brakes, wires, spark plugs, exhaust, engine compression, etc..) Ive always used these to negotiate a significantly lower price. -You can get good cars for $3000. and they dont have to be old ugly ones either.. good luck with it!
6. The problem isn't "what" you're doing for a living, it's that your income isn't stable (not your fault, just the nature of the business) and you cannot prove income such as tips. So, couple that with your age and not having credit... lenders aren't going to touch you right now. The credit crunch has pretty much shut down loans that are deemed "risky" by lenders. If you must finance, make sure you try your local bank or credit union as well. If you show consistent deposits, your bank may allow the loan if you agree to have them debit the payment each month. However, it's always at the discretion of the lender. The merits of just paying cash are many (car's yours, titled to you, no loan, etc...), but I would indeed save up more and grab something in the $6-7K range. If you do need to go ahead and get a car in the $3K range, make sure you spend $100 or so and have a mechanic check it over thoroughly. Keep it maintained, then sell it in a year or so when you've saved up another $3K. OR... if you can go ahead and save up for a few more months... walk in with a larger down payment. You are more likely to get approved for a $8K loan with $6K down. Don't try for a larger loan just because you have more cash, though... keep it within reach so that you can build credit.
7. We dont care what u do.
8. Your best option is to buy a 3000 dollar car. You need a cosigner to finance a car.