Need financing on a car

Asked by Lisa Apr 02, 2019 at 05:53 PM

Question type: General

I want to know if I qualify for financing !

2 Answers

It depends honestly, no way I can tell you. Are you talking about new car or used car? Used cars have to be 10 years or newer to be financed. Chances are if it's a cheap car like $12000 or under and you have a job, (such as a new Mitsubishi Mirage base or some used car), someone out there is willing to finance you even if you have bad credit, although probably at some horrendous interest rate. But cash is a much better deal in many situations. You can likely buy a car for 10-20% of the original price and 60-70% of life left in the engine and transmission. Or buy a car for 5% of it's original price, and have 20% of the life left. But most of these cars will be 10-20 years old so are impossible to finance. Of course you also have to either know what you're looking for, or know a really reputable mechanic who can check out used cars for you. So maybe new cars are worth it for some people, because you know exactly what you're getting, and you can get it right away. Btw Toyota and Honda are some of the most reliable cars (by extension Lexus and Acura).

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