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Buying a used car, no credit?
I went to carmax today a used car dealer. After looking at their lot I kept coming back to the 2011 Hyundai Elantra. It has 45k miles on it and 35/28 MPG. Cost $14,569 no accidents. We looked at what kinda loan I could get but I don't have enough credit history to get a good deal.
They could approve me with a loan of $13,256 at 12.25% for 5 years. That'd put me at $298.06 a month but I'd have to put $3,313.71 down up front. So after the five years it would put it at a total of $17k.
I've been looking around at other dealers, some new, some used but I couldn't get approved cause my credit history is very little but carmax actually at least approved me. Should I take this deal on the Elantra or is it just too outrageously over-priced?
5 Answers
- Anonymous7 years ago
It can be expensive to use someone else's money to buy a car. A good credit rating is earned over time. Under the circumstances, that's not a horrible deal, there are lots of people out there paying double that interest rate.
- ?Lv 77 years ago
Auto finance is what I do for a living and it depends on what your priorities are.
If your wanting a decent car and to build your credit at the same time the deal they offered you is not that bad actually. Most first time buyers pay a much higher rate of interest then they offered you.
If on the other hand you just want a decent car, take the $3,000.00 and buy one.
Your choice.
Good luck.
Source(s): Finance Manager for a car dealer for over 14-years. - Anonymous7 years ago
With no credit, you wont get a good deal anywhere.
Their car is going to cost you $14,600 plus taxes & fees and you will be upside down at least $3000 right away.
But you can get a decent car for $3000.
And when you do, start paying yourself that $300 a month and watch it grow.
Im a millionaire with great credit. I drive a 94 model I bought 8 years ago for $1900.
- Anonymous7 years ago
Hello, loan seeker, I am Mr. Fred Morgan from New Jersey here in USA, I wanna advise you those looking for loan to contact Henry Melvin Global Loan Firm cos they offer me loan of $50,000 without credit check and low interest rate of 4%, contact them with this email if you need loan henrymelvingloballoanfirm@gmail.com
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