Auto Financing Rules - Saab General Bulletin Board - Saabnet.com
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A friend at work needs a car. She has been looking at cars in the 12,000 range which is a little more than she really wants to spend right now. The problem is, the finance people at the dealers are saying they can't finance a car that is older than 2-3 years or one that has more than 50,000 miles which is pushing her up into that price range. Her credit history is very limited so the interest rate is outrageous.
Does this sound right or are the dealers just pushing her into a more expensive car? I though she should just go get an old civic/corolla for 5,000 that will last her a few years but she says she can't get that loan. Any thoughts? Seems like they would want to finance a cheaper car to avoid the higher risk of default. Instead it seems like they are looking at it from the other side and want a car that has some value in case it is repo'd. Doesn't seem logical.
posted by 208.8.97...
_______________________________________
Ken
Posts in this Thread:
- Auto Financing Rules, Ken
, Tue, 6 Jan 2004 13:36:04 <-- Viewing This Message- Re: Auto Financing Rules, Ken
, Wed, 7 Jan 2004 07:41:49 - Re: Auto Financing Rules, Yak, Tue, 6 Jan 2004 18:51:59
- Newer can be cheaper by the month......, Mike Lynch
, Tue, 6 Jan 2004 14:54:21 - Re: Auto Financing Rules, jp, Tue, 6 Jan 2004 14:10:37
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