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Your answer would easily be answered by any car salesman. Cars lose the most value the first two years, so you should look at buying a two year old car. You'll still have two years left from the original warranty and if it is a certified pre-owned, than you'll get an additional two years of warranty.
Your answer would easily be answered by any car salesman. Cars lose the most value the first two years, so you should look at buying a two year old car. You'll still have two years left from the original warranty and if it is a certified pre-owned, than you'll get an additional two years of warranty.
That's what we typically do. But it might be easier for someone with less than perfect credit to get a new car loan. The interest rate might not be very good though.
If there is nothing wrong with the car you have, you don't need a new one. The fact that you are looking at a new car, let alone a $30,000 new car, and still paying on a 2006 car, is probably a small reason you got into the financial mess to begin with. I understand you lost your job and that is tough, but putting more money away, rather than in a car, may prevent that from happening again.
Yeah there's multiple contributing factors that led to my financial mess... the biggest being the layoff. Being out of work a year when I had 6 months of expenses in savings didn't help. Florida's ridiculously low UI payment ($275 or so max per week) didn't help either.
It's all in the past and the new job and cross country move have worked out well. I wanted more opinions and I appreciate it regarding the car. I basically have 2 options... A) buy a new vehicle B) invest the $1000-$1500 into this one for 100k maintenance (timing belt, etc) and keep it indefinitely..
Will go with option B. The job pays well and I'm saving half of my take home pay each month.
I see, but I'm not going into debt over it, I'm paying cash
Revolving credit does more for your credit score than installment credit. If credit building is your main concern you'd be better off getting a credit card for your monthly bills and paying it off monthly.
Also, you could buy a cheap, practical used car with low miles. Then you get multiples benefits like not taking the depreciation hit, and getting credit boosts over time and a newerish car.
Also, as a bit of quick info, on installment debt you want a minimum of 48 months of successful payments before you get maximum benefit to your credit score.
Last edited by AnonymouseX; 12-31-2012 at 11:00 PM..
likely you'll have to find fiancing at say a bank or credit union as last I knew the quot comnat deals are not beig made below 700 o nay of the three rating.Likely it will mean hgher interest even then.All you can do aplly and see.W Auto dealers have had to come up with alot of alternatives as mnay who never filed bankrupsy can't egt a loan with lower crdit. that is the meanig of those ads which have the diclaimers o deal of "well qualified buyers".
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funny?
I see, but I'm not going into debt over it, I'm paying cash
