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The Explorer is to be avoided. It is a poor SUV to start with - and with that much mileage you will spend more to keep it running (maintenance and fuel).
I see no problem with financing a car without warranty as long as the car is a good one.
Apologies to the poster recommending the Stratus - but I would avoid ANY Chrysler corp automobile made in the last 10-20 years. The Stratus is a mediocre car - in the same range as a Cobalt. I would buy a Kia over a Stratus 10 times out of 10.
Other cars worth looking for:
Mazda Protege
Ford Focus
Hyundai Sonata
Mazda3
Mercury Milan (the twin of the Fusion)
Mazda6
Ford Mustang v6
I have to disagree with you here. I have bad credit myself, and a lot of it came from financing cars with no warranty. The best way to build credit is to get a credit card or two, and pay the balance off in full every month. I have two now, and I finally was able to get my score just over 600 (still really bad). Most likely, this person will either
a. Lose their job and get the car repossessed.
b. The car breaks down, they have no way to pay for it, get to work, etc, then it gets repossessed.
Either way, it is a bad financial decision.
Making a few credit card payments will not allow him to get the real important loans. Only big-ticket items like making car payments or house payments really build it up.
And it has to be paid on for at least a year.
His mother is offering to co-sign...that means unless she flakes out too, it won't get repo'ed. And if he can make payments on it for a year or so, and pay on time, she won't have to co-sign again.
Thanks everyone for the replies..I have wasted more than $4000 already buying older cars. I bought a 1994 Toyota Corolla from a private owner for $2500 that I "saved" that car lasted 2 months. The next car I bought was a 1997 Pontiac Bonneville for $1800 it lasted 6 months it broke down on me while I was headed to work. I don't want to deal with that anymore...so financing is my next choice and my mother supports it because I need to get back and forth to work. I know you guys are trying to help but buying an older car (with more than 120,000 miles) isn't going to work out!!!
You obviously bought cars that were not maintained. The 1994 Corolla is in fact and excellent car that will run almost forever (with proper maintenance). If you are really insisting on doing this, at least buy a BRAND NEW car with a warranty. I would go with the lowest base model of the Honda Fit or Nissan Versa. This is not normally advice I would give, but it is way better than taking a gamble on a financing a used car with no warranty.
Depends on how mechanically inclined the OP and the OP's "support staff" writ large are, if an older cheap car will work for them or not, also if they are in rust country or not.
In my experience once you get out into 15 year old and older cars, condition will be all over the place, by that I mean mechanical condition. When I bought my Scirocco, it came to me with NEW rings, bearings (engine did not need anything more than that) and a NEW clutch, new brake pads all round too. A Y2K car bought used probably is still on it's original clutch, which AIN'T new.
Anyone who has what to me are "reasonable" mechanical skills can get something from the 1980s, catch up any deferred maintenance, and have a good ride for about $3~5K. They will buy the car for less than that of course, but will put some more money into it replacing wear parts and tuning.
A lot of people are very shy of buying a car with "needs", but just like a house a car with well-defined, fixable needs like a bad muffler, needs tires needs brakes, that kind of stuff can frequently be bought for more than enough discount to get the needs tended to, particularly for someone who is no stranger to a wrench. The same way you can buy a house with bad curb appeal, dead lawn, needs paint or painted in colors that appeal to a limited set of buyers, for more than enough discount to allow you to fix all the issues and keep the (considerable) change.
You have to know cars and know what you are doing to pull this off though.
When a lender wants a co-signer, it's a sure sign that they are offering you a loan that they, in their professional and experienced opinion, don't think you have the income to pay off. And, you know what? - they are probably right.
Financing a reliable car is my only way..My brother told me to get it inspected before I sign anything and also read the contract fully (my mother who leases cars will be with me, so I won't get scammed)
Financing a reliable car is my only way..My brother told me to get it inspected before I sign anything and also read the contract fully (my mother who leases cars will be with me, so I won't get scammed)
Did you read my last post? I told you to buy a new car if you are insisting on financing. We are only trying to help you. I was a young dumb kid (not saying you are) that had to learn from my own mistakes. I would like to help others learn from my own mistakes, instead of repeating mine. I wish you the best of luck regardless.
The Explorer is to be avoided. It is a poor SUV to start with - and with that much mileage you will spend more to keep it running (maintenance and fuel).
I see no problem with financing a car without warranty as long as the car is a good one.
Apologies to the poster recommending the Stratus - but I would avoid ANY Chrysler corp automobile made in the last 10-20 years. The Stratus is a mediocre car - in the same range as a Cobalt. I would buy a Kia over a Stratus 10 times out of 10.
Other cars worth looking for:
Mazda Protege
Ford Focus
Hyundai Sonata
Mazda3
Mercury Milan (the twin of the Fusion)
Mazda6
Ford Mustang v6
Lol @ The Ford Mustang. I don't want to look that cool! Even though I'm a fan of Chrysler cars I'm definitely not a fan of the Stratus and Sebring. I may check out the Sonata!!! Thanks!!!
So what happend to the Corolla? Like LVD says, this is a good reliable car, generally.
Reliability does not come from being "new". It comes from the car not being abused and being maintained properly.
Financing a newer car is *not* the only way. If it's all you are willing to do, OK, fine, LVD and I will strike up some Wagner, maybe "Twilight of the Gods" for you to commit financial suicide to...
If you are a guy, you really need to "Cowboy Up" here. If not, then "Cowgirl up"!
Did you read my last post? I told you to buy a new car if you are insisting on financing. We are only trying to help you. I was a young dumb kid (not saying you are) that had to learn from my own mistakes. I would like to help others learn from my own mistakes, instead of repeating mine. I wish you the best of luck regardless.
We must of posted around the same time..Okay so buying a brand new car! What do you think would be a good price range if I want payments lower then $300? Not being rude but the two cars you listed aren't my cup of tea if you know what I mean.
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