Used Car Financing Question?
I want to finance a used car because I don't have all the money to buy a car outright. I tried to finance a car at a dealership and the car cost about $9000 after taxes,registration,etc. I had a cosigner(my stepmom) which lives in VA. They denied me because the car had more than 90k miles, stepmom lives in VA, and I just started my recent job I guess(thats what they told my father). They wanted $3600(I initially wanted to put down $2000) and then they could do it. The car I am looking at now is only $7000. I would put down about $2100 down payment. 1 has only 75k on it and the other has 97k I believe and they both are '97 Acura CL. Do you think I will get denied again on either car. Thanks to anyone who replies.
Public Comments
- Forget the 7000 car and get one for half that amount, maybe even the 2100 and owe nothing until you can build up your credit.
- Check the Kelly Blue Book Value and run the VIN # on Car Fax (do it yourself) not the dealer. Make sure the asking price is within reason.
- Auto finance is what I do for a living and the major problem I see is the age of the vehicles. I have 15 lenders and not one of them will do a 10 year old car.
