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I'm not totally opposed to the Jeep. People freak out over a 17k car but then spend 60k on an education that has them paying that back for D E C A D E S and often times only has them commanding salaries up to 55k annually for the first 2-5 years after graduation.
It's a horrible deal but if it's his only option...
The only thing I'm confused about is the down payment. They're going to let him drive off the lot with $0 down and horrible credit? I'm guessing he's making SOME kind of money because no matter how shady the dealership, they're going to at least want to see his pay stubs. In situations like this they usually like to see at least $1,000 as down payment. If that's the case and he has it, it would make a lot more sense to just apply that to a cash car. I bought a 1995 grand Cherokee for $1800 and it lasted 7 years - no repairs more than $500.
He will probably default on the loan, have the car repossessed and be back where he started this time next year.
But it is not impossible for him to change his ways and buckle down. Change is not impossible. But he needs to make a 180 degree change MENTALLY in order to not end up on the streets. Maybe this will be the rock bottom he needs.
It's easy to laugh at someone and tell them a decision is stupid. But everyone has a plan until they get knocked in the mouth.
Might be better off with public transit or walk to work lifestyle if no little kids. Won't break the bank as bad because that used can is gonna need repairs and maintenance along the way so more costs. Might just rent Uhaul once to get place closer to work or on same bus line.
Currently, my friend don't have car and need to get one. and have bad credit, dealership offering him 22% interest rate for 6 years on a used car cost $17k.
After two years of payments on time can he refinanced for a cheaper interest and lower loan term (maybe 2-3 years).
Thanks,
It depends on the value of the vehicle in two years vs the amount of the loan balance. He may not be able to refi due to being what is know as upside down. That term means you owe more than the item you possess is worth.
Truthfully he's better off buying a used vehicle cash and babying that than to buy that truck. I have 12-16 year old vehicles and I drive them all the time without any problems. He's going to be taken to thee cleaners. Just have horrendous credit to get those rates. Hopefully it doesn't get repo'ed within that loan period if his credit is that bad.
Tell him to buy and old Honda Oddysey with cash money........buy a Chilton repair book....learn a trade (auto repair that is)...Every car will need work....EVERY CAR....my friend has a 2015, I believe, Chrysler 300 S and has a repair bill of $950 for an electric steering rack or pump...very nice car but NO.
It depends on the value of the vehicle in two years vs the amount of the loan balance. He may not be able to refi due to being what is know as upside down. That term means you owe more than the item you possess is worth.
Truthfully he's better off buying a used vehicle cash and babying that than to buy that truck. I have 12-16 year old vehicles and I drive them all the time without any problems. He's going to be taken to thee cleaners. Just have horrendous credit to get those rates. Hopefully it doesn't get repo'ed within that loan period if his credit is that bad.
^This. I was once in that position. Wanted a newer used car but I was coming off the bad marriage and they still considered my ex's and my credit together so the rate was 21%. I said NO and walked away. I bought a $1500 used car and drove it till it died while I paid off debt on time and developed an improved credit record. My current auto loan interest rate is 1.9%.
Hey guys, yes, that number is there of security purposes. However, I can help you guys on my end, you guys can shoot me a message at my personal number with a best time when I can call you or call the office and ask for me. (David Hdez) at 754-312-6171
Hello guys, I can help you with that problem by bypassing that problem with my tax preparer ID registered with the IRS and my software tools. You can best reach me at 754-312-6171 (ask for David Hernandez) or text me at 786-800-1633
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AGI help?
