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High Mileage Financing

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stagefoursurvivor
Established Contributor

High Mileage Financing

As a loooooong time Volvo enthusiast/owner I'm considering an S60 AWD for a son in college. I'm not disturbed by 75-100K miles on a '08 or '11 MY and I have a private mechanic that I trust for any work/maintenance.

I might want to finance $6-10K if there's a great APR BUT, is that kind of mileage a problem for financing? Is mileage part of the equation in determining APR?

11/14/14 Total CL $1,100; 6/30/15 Total CL $180K
Message 1 of 8
7 REPLIES 7
reckedhim
Frequent Contributor

Re: High Mileage Financing

As long as the car has value, DCU should finance it.

Message 2 of 8
sccredit
Valued Contributor

Re: High Mileage Financing

Just keep it under 100k

Message 3 of 8
stagefoursurvivor
Established Contributor

Re: High Mileage Financing

DCU is out, turned down on a refi last month, Eq'04 651

11/14/14 Total CL $1,100; 6/30/15 Total CL $180K
Message 4 of 8
sccredit
Valued Contributor

Re: High Mileage Financing

Are you buying through a dealer?

 

Edit to add that the effect of mileage on APR is YMMV depending on the finance co.  

Message 5 of 8
stagefoursurvivor
Established Contributor

Re: High Mileage Financing

Probably a dealer but, I intend to have financing in place beforehand. Not going for the dealers "scattergun" approach with dozens of HPs. I know I can get ~2-3% but, wasn't sure about mileage issues. I haven't bought used in 30 years

11/14/14 Total CL $1,100; 6/30/15 Total CL $180K
Message 6 of 8
stagefoursurvivor
Established Contributor

Re: High Mileage Financing

Just got my DCU Eq04, happy it's now 684 but, since I was declined last month probably won't get approved now, despite passing their 675 threshhold. No telling what my Eq08 may be

11/14/14 Total CL $1,100; 6/30/15 Total CL $180K
Message 7 of 8
cartwrna
Valued Contributor

Re: High Mileage Financing

I'm not sure why they would have even denied you with a 651? I just had a few friends refinance with them with lower scores. Anything negative in your file? Thin file? I just refinanced 2 cars with them totaling a little over 50k, my score was a 676. 58 inquiries, 5 new accounts in January, and an unpaid $1200 collection from 2013. I also talked them into a 5k cc @ 11.5%
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 8 of 8
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