Low income single mothers all over the US struggle to make ends meet and, ensure their children have everything they need to survive. However, some things are beyond survival but, a necessity nevertheless and, a car tops the list.
As a low income single mother it may seem impossible to afford a car. Your credit may be bad, your priorities may be different but the fact is with kids a car becomes a necessity rather than a luxury. It could be hard for you to finance a car, but with the right tactics it will not prove impossible.
Find a Local Lender
The best option for low income single mothers in need for a car loan is to opt for local lenders. Local lenders are the people/companies who will deal with you on a personal basis rather than as a case. They will listen to your story and, read between the lines. They will understand that you are going through a rough patch but, have a steady income. They will be the best option for you.
Use an On-line Calculator:
Whether local or national, lenders try to make as much money as possible out of every case and, your best option is to ensure that you know what documents you sign and, that there are no hidden fees. The best way to ensure you are not taken for a ride is doing your homework. Use an on-line calculator before you meet with lenders and, go equipped with numbers. In this way, you will know what payments you have to make to your lender, and get approximately the right rate.
Find a co-signer with a good credit score:
If you have friend or family you can depend on and, who have a good credit score, have them act as co-signers to your car loan. This will help decrease your monthly payments and, help you get a lower rate on the interest.
Make as big a down payment as you can afford:
It is extremely hard to make a substantial down payment being a low income single mother. However, if you can come up with this money, it will help you a lot in lowering your interest rate, and your monthly payments forecasted on the total loan.
Choosing the right car:
Last but not the least is to choose a car. Try to choose a new car. There are many car vendors in the market who offer certain offers on new cars, such as, rebate and cash back. This will also help you in lowering the price of the car. A used car may seem a good option but, maintenance and, insurance on used cars may be higher. A new car will be a better long term option and, if you choose a smaller car and/or local maker like Chevy or Ford you will get a better deal.
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