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New Member
Posts: 3
Registered: ‎04-29-2008
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Used Car Loan but with high miles.

Hi, I am a new member here but heres a quick introduction. I am 21 and am about to graduate. My credit score is around 620 right now which isnt that great but I think its okay for my age. I'm looking to buy a used car that will be in the 25k range but it has alil above 100k miles. I have a part time job, but I will be working full time in September in the accounting industry. Do you think it will be possible for me to get a loan? If so, where should I try because Capital One Auto did not approve. The only loans i have is student loan, and my CC will be all paid off this month. -Mike
Established Member
Posts: 45
Registered: ‎11-21-2007
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Re: Used Car Loan but with high miles.

Try low at first and you will be able in time to get a much better car for the same payment and rate
 
Hate to burst your bubble, but look in the 10-15K range first and move from there, to establish credit
 
Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
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Re: Used Car Loan but with high miles.

[ Edited ]
Yea i would definitely start low and build your way up...also you want to buy a car that cost 25k and has 100k miles....thats beyond me...especially when you could probably buy new at that price!
 
Just take your time a dont drown your self in debt! Like i have somewhat done!
 
I am only 21 and i have two open car loans( 1 co-signed), ATV loan, credit cards close to the limits.
 
I started low my first car i bought was 6950 which was not too long ago maybe two years ago!
 
And now i have to come up with $2000 for repairs for my car....ugh!  
 
Its really easy to get messed up...Dont get me wrong i have never been late on anything...but if something were to happen to me...my credit would go to hell! Because i have no money saved!
 
So just take it slow and think about alot of you decisions!


Message Edited by Schoolbuskid on 05-02-2008 06:09 AM
Regular Contributor
Posts: 195
Registered: ‎11-12-2007
0

Re: Used Car Loan but with high miles.

[ Edited ]
If you don't need a large car, I would suggest a 2-5 year old Honda Civic or Toyota Corolla.  If you need a bigger car, the Accord or the Camry are both good, if a little more expensive than their smaller brethren.
 
A Civic/Accord/Camry/Corolla will last you years and years and years if you look after it (my 1993 Camry has 220k miles on it)- they should keep running reliably long past when you've paid it off.
 
If you want to afford something in the 25k range, you can get a new Prius or Civic hybrid for about that- the Prius is bigger than it looks (can hold 3 adults+ weekend luggage for all 3, and an electric scooter), and both are quite good on gas.
 
25k for something with over 100k miles on it doesn't sound like that good of a deal...
 
Edited to add:  It can be hard to get financing for a car over a certain age or high miles.  We got a 2001 Yukon XL a few months ago (to pull the trailer), and it had 108k miles on it.  It was only $11800, but we had a hard time getting financing.  My bank couldn't do it at all, because of the age/mileage, and some of the other places we checked could do it, but at a much higher interest rate than you'd pay on a younger vehicle.  Because we were running out of time, we got it with dealer financing (11% interest, not great), and we're going to refinance it to USAA in the near future (let the tax refund credit card paydown hit our credit reports first, so we can get an even better rate).  We could have gotten a younger vehicle for a 5-7% rate, but we didn't want to spend 30 grand on the truck...
 
-MsMS


Message Edited by MsMS on 05-01-2008 11:42 AM
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