First car and loan at 20

[elixerin]

heya friends, going for my first car soon only cause i was able to find a pretty nice deal on a black 2015 Range Rover SC.. it's at 72k miles, 27k PP gonna finance 8.9% for 36/mo @ 3.575 via my preapproval from Chase(haven't shopped), I'm really excited and ready to jump, but ofcourse there's a lot im unaware of about the whole process and what i should be expecting/doing first. Is the deal ok or a rip? i love the car, have for years, clean fax, sparkly as heck and an amazing drive (they let me joyride on the highway ), im not really sure how to shop a loan without eating a bunch of inquiries so chase was first stop shop

Since im going for 91.5 Down should i be going for the longest term or shorter? what would be the wisest move with this type of car at its current point in its lifetime?

my main goal is to keep as much liquid, boost credit mix scores while also "losing" the least longterm thru financing

thanks all

[Anonymous]

Building credit score is meant to get you the best rate on large purchases like auto/mortgage.

Using an auto loan for that purpose is regressive.

My advice: You should finance it for the cheapest overall cost that you can afford.

After your loan is over you can easily open a credit builder loan or SSL or personal loan to get the points back.

Others here may have more well-informed advice.

[elixerin]

True, i wanted the loan not just for the mix but tbh it's probably what will push me over the edge on the purchase . Even 90% is a hit im not exactly looking forward to but i needed the mix eventually n the timing happened to be convenient

[Anonymous]

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@elixerin wrote:

2015 Range Rover SC.. it's at 72k miles,

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Everything else aside, are you prepared for possibly substantial repair expenses when the warranty expires.

Buying a new(er) car means a reasonable a warranty. Buying a cheaper car means, hopefully, being able to afford out-of-warranty repairs. Buying a large SUV for nearly $30k means you might have an expensive surprise before it's paid off. Do a google search to see how much an engine or transmission repair may be, before you buy any used car at that mileage.

I don't generally recommend leasing for most people. But, when it comes to a luxury car (which a Range Rover is), it makes more sense to me to lease than to potentially pay a huge amount in maintanance.

[elixerin]

thank you for the reply! we have another 15 thats at 132k miles but the pops took it across country before covid, from what i remember we didn't have many issues with the vehicle until about 105-110ish. Mostly just suspension issues, to top it off we didn't really maintain the car at all LOL (the last oil change was probably at like 20-30k mi.), every car is different for sure though and yeah im going in probably expecting issues after 25-30k miles. Im gonna be regularly maintaining it for sure something we didn't do with the previous one, hopefully that extends that "break point" a little more

Thanks for the insight