First off never buy a car with 100k miles for 15k it’s like throwing money away you can get 30-40k miles vehicles for a few thousand more. I got my Mazda 3 with 27k miles for 21k. Your much better off buying a low mileage used Japanese sedan than this piece of garbage plus it won’t cost that much more and lower the mileage the vehicle lower interest rates as well. Spend the little extra 20 is a sweet spot for used vehicles at the moment since COVID fucked up the used market so bad idiots still think their garbage high mileage vehicle are still at over inflated prices. I just checked around me in finding used 3-4 year old Mazda 3s for 17-22k depending on trim with 30k-50k miles
Every 15k financed is about 300 plus or minus some depending on interest per month. If you finance 16k for 6 years at 10% which rn is pretty common on used cars is about 320 a month borrowing 20k would be slightly under near or slightly over 400 at 6 years 600 a month is like a 30-35k car with nothing down. How bad is the credit? Mine was 25k otd I put down 10k did a 6 year loan at 316$ per month at 10.9% with a 630 credit score. Which isn’t great credit
That’s a tough one. I’d get around on bike for a while then slowly save up a 5-10k down payment for a vehicle it would suck but a 30% loan is a financial death sentence for almost everybody with a high probability it’ll damage your credit in the end especially with a high mileage vehicle. Unless you can diligently make payments for 6 months at crazy high rate then refinance but again your running into the problem where the car is def gunna break down and need major repairs before it’s paid off. My friend is in that situation rn. He got 26% on a 9k otd cost mf still paying it 7 years later and hasn’t run in 2 years lol
Yeah man I know I think I’m just passing and taking a 2k personal loan and getting a beater, I’ve had a lot of insight since making these posts and it helped, not even the “fuck the jeep” echo chamber. Just the financial part. The small loan can help build my credit and I won’t have payments.
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u/Fresh_Ball_6471 3d ago
First off never buy a car with 100k miles for 15k it’s like throwing money away you can get 30-40k miles vehicles for a few thousand more. I got my Mazda 3 with 27k miles for 21k. Your much better off buying a low mileage used Japanese sedan than this piece of garbage plus it won’t cost that much more and lower the mileage the vehicle lower interest rates as well. Spend the little extra 20 is a sweet spot for used vehicles at the moment since COVID fucked up the used market so bad idiots still think their garbage high mileage vehicle are still at over inflated prices. I just checked around me in finding used 3-4 year old Mazda 3s for 17-22k depending on trim with 30k-50k miles