Refinancing a high mileage car

[Dj4Money]

 There is a car I might want to buy. Recently discharged w/low FICO scores it seems my options are a bit limited.

 2015 Ford Focus ST (ST2), 116K = $11,277 

 I put around 3K on a car each month. It would have around 136K on it by the time I could get refi which in my experience is six months from purchase. 

 The mileage itself is not a concern. But I don't want to get stuck with a high interest loan. I know Capital One, Road Loans, Westlake and others will do refi of high mileage vehicles. But I only know of Road Loans to take cars higher than 125K. 

 Do other options exist? 

[LakeLife]

I'll be completely honest with you, I'd stay away from the ST in your situation and look for a nice car with lower miles sans turbo.  I understand why you want one (I own a 2016 Focust ST and love it) but you have to think more practical for the time being.  If you're a Ford guy a Focus SE or Fiesta SE with low miles can be had for 7 to 8k right now.  I just did a quick search in my area and found a 2013 Focus SE for $8795 with 36k miles and a 2013 Fiesta SE for $5981 with 54k miles. 

My advice would be to get something similar and pay it off early and then trade it in on a nice low mileage ST after your credit has recovered.  

[Anonymous]

I LOVE a turbo engine, but you are talking the precise mileage range that most are going to need replacing. Might not be the best time to buy something that will have likely have a $3k repair on the horizon so soon in your ownership.

I've seen turbos go @ under 100k miles and I've seen them last 200k. (They say the average lifespan is 100k-150k.)

I just had to replace mine at 122,000 to the tune of $2600. I found a reputable independent shop that would guarantee the work. . dealer wanted $3200.

[LakeLife]

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@Anonymous wrote:

I LOVE a turbo engine, but you are talking the precise mileage range that most are going to need replacing. Might not be the best time to buy something that will have likely have a $3k repair on the horizon so soon in your ownership.

I've seen turbos go @ under 100k miles and I've seen them last 200k. (They say the average lifespan is 100k-150k.)

I just had to replace mine at 122,000 to the tune of $2600. I found a reputable independent shop that would guarantee the work. . dealer wanted $3200.

---

 Very good point as well.  Bad credit scores + high interest loan + major repair = disaster for someone trying to repair their credit.  

[Dj4Money]

<mod snip - KiB>

 What is this? -

 

  I bought this brand new 2016 ST2 from Perry Ford in Santa Barbara, CA. Ran 13.1@103 on the stock turbo. Ran 12.9@111 spinning the slicks and the stock cluch with GTX 3071 at 22 psi.  I also used it for Uber, Lyft and Postmates, my Uber rating actually WENT UP after I bought the car from 4.8 to 4.9. 90K on it, no issues.

 Over 70 drag strip passes all on slicks except one, NO ISSUES. 

 I don't have a problem with the mileage. Getting stuck with a 18% or higher loan is what I don't want. Get a Fiesta SE? <mod snip - KiB>

[Dj4Money]

 The stock turbo never made it to 40K on my Neon SRT-4 = Stage 3R 

 The stock turbo made it to 42K on my ST = GTX 3071 Gen II 

 Both cars STOCK BLOCK, STOCK INTERNALS

 SRT-4 ran 11's, Focus ST ran 12's still working on the tune only 22 psi. 

[LakeLife]

Sounds like you know a lot more than us, so I wish you the best of luck with your ST.

[Dj4Money]

 I had forgotten about Nerd Wallet until I saw the ad watching Friday Night College Football.

 <mod snip - KiB>

 The vehicle in question has 116K on it, it's a 2015 Focus ST2. Since I work using my car miles are going to get put on it. Here are the places you can try to refinance your car with over 120K on the clock.

 IFS 10 years/150,000 miles, Min FICO 500

 ReFiJet 10 years/200,000 miles, Min FICO 580

 Consumers Credit Union No Limits, Min FICO 640

 I burned Capital One so that is out of the question but for others they also have no mileage limits.

 There is no risk in buying this car, I know these cars very well. 

[Anonymous]

Pretty sure those guys were looking purely from a financial standpoint. If your scores are less than optimal and repairs have to be paid for, on a car that is the type to need repairs by the nature of its intended use, they’re trying to look out for your well-being in that you may not have access to the funds or credit to repair the car, which is needed for your job. Without knowing specifics of your situation, they were hedging bets and being conservative.

When you get hostile is when people stop offering any advice and when others who mean well decide not to bother. Unlike car forums (which I’m well familiar with), this forum isn’t a free-for-all and the insults aren’t welcome. Please keep it cordial per the ToS.

[Remedios]

@Dj4Money  You got some really good advice here. It's not what you wanted to hear, but that doesn't make it any less true. 

With that said, you're not going to get a different answer because it's truly ridiculous idea and I'd hate for anyone else to waste time helping you while you hurl insults back at them, simply for helping.