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re: Where can a young person get a car loan with poor credit in BR?
Posted on 1/26/21 at 12:31 am to fallguy_1978
Posted on 1/26/21 at 12:31 am to fallguy_1978
quote:
She has a $3500 down payment but I think her credit score is only about 600 and she only works part-time but has no debt and about a $1500/mo income. She's looking to purchase a 8-9k vehicle so she wants to borrow the remainder.
I don't know if I would be borrowing $5,000 to buy a car if I'm only making $18,000/yr. I don't care if it's a 2 percent interest rate.
0
Posted on 1/26/21 at 12:44 am to HarrisonTown
Same as the others said Credit Union. They may have restrictions on how old the car is. I got a boat loan from them and it couldn't be older then 10 years.
Posted on 1/26/21 at 7:03 am to fallguy_1978
IMO, the worst thing she can do is finance that much money, with her income, with the high as giraffe poonani interest rate. Get a reliable 3500 car (which are everywhere) and keep saving what her car payment would be and in a year she can be driving around in an 7k paid off car. Rinse and repeat.
If you buy a used car for 3500 and drive it for a year, theres a high chance you can sell it for close to the same especially if its a honda or toyota. Ive done it 10+ times.
If you buy a used car for 3500 and drive it for a year, theres a high chance you can sell it for close to the same especially if its a honda or toyota. Ive done it 10+ times.
This post was edited on 1/26/21 at 7:04 am
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