Coli financial experts.... car question?

[DatNkkaCutty]

My sis is entertaining buying a 2015 vehicle (Infiniti qx60) for around 25K. They told her, her interest rate would be around 14% with the credit score she got, for 60+ months (the whole paying more, improving her score, and refinancing down the line, an option too).

By the time she pays that shyt off tho, I advised her that shyt will be 11+ years

and potentially a brick. She'd be better pressed to get a newer SUV, plus the interest would be lower, (with the vehicle being slightly newer in 5+ years). She was entertaining a newer Durango btw.


Am I giving her the correct info, or is it misinformation?

 

[beenz]

I stopped at 14% interest. That right there is a deal breaker alone. She paying credit card interest for a car.

Not only that, the car is damn near 7 years old. So she gonna pay a car note on a 12 year old car at the end?

 

[DatNkkaCutty]

I stopped at 14% interest. That right there is a deal breaker alone. She paying credit card interest for a car.

Not only that, the car is damn near 7 years old. So she gonna pay a car note on a 12 year old car at the end?

Which was my conclusion. But to be fair, her reasoning was...she'll just pay more on her payments, and refinance in a year or two, to lower her payments and pay the car off quicker.


I hit her wit the

 

[Kornball The Conqueror]

14%

 

[DatNkkaCutty]

14%

Score in the lower to mid 600s. Also to be fair, she makes great money. Poor financial decisions in the past.


She does operate a profitable business.

 

[blues_funk_reggae]

 

[Noriega]

Do not buy a dodge Jesus Christ

when will nikkas learn anything made from Fiat Chrysler is

 

[Cowboyz89]

No, just no.
14% is credit card payment territory.
If she hasnt been making good financial decisions already, theres no reason that she will suddenly do it now AFTER buying the car and then get it refinanced for a good rate.

She needs to fix her credit issues, and then buy a much cheaper car if she can get an interest rate of 4% or below.

Keep on her ass and tell her not to do this.

 

[DrunkenNovice]

The car has nothing to do with the interest rate

the rate is based on her credit worthiness and the amount she’s financing.

If she’s actively working on her credit she could bite the bullet for a 6 months to a year, and refinance.

but 14%

 

[DatNkkaCutty]

Do not buy a dodge Jesus Christ

when will nikkas learn anything made from Fiat Chrysler is

Why do goofys keep pushing this outdated narrative. I have relatives w/ newer model Dodges (Chargers, Durango's). No reported/major issues.

 

[BigMoneyGrip]

My sis is entertaining buying a 2015 vehicle (Infiniti qx60) for around 25K. They told her, her interest rate would be around 14% with the credit score she got, for 60+ months (the whole paying more, improving her score, and refinancing down the line, an option too).

By the time she pays that shyt off tho, I advised her that shyt will be 11+ years

and potentially a brick. She'd be better pressed to get a newer SUV, plus the interest would be lower, (with the vehicle being slightly newer in 5+ years). She was entertaining a newer Durango btw.


Am I giving her the correct info, or is it misinformation?

14%? Where she buying the car from? If she smart and I’m sure your a smart person you will tell her get a newer Infiniti 2017 and up.. Lenders will lower the interest rate even with the score she has because the car is newer and the mileage is less… Most of her cost is up front with the down payment but her monthly will not be as high

 

[Noriega]

Why do goofys keep pushing this outdated narrative. I have relatives w/ newer model Dodges (Chargers, Durango's). No reported/major issues.

You not getting to 150k without major issues. My parents had a 2016 Durango. Seats, Radio, interior trim were falling apart within 3 years. They had to replace alternators, master cylinders, calipers all under 100k.

ex had a Chrysler 200. Same shyt, electrical issues, interior falling apart, trans blew out at 95k

meanwhile most of that shyt is original on my nearly 15 year old acura

 

[beenz]

Which was my conclusion. But to be fair, her reasoning was...she'll just pay more on her payments, and refinance in a year or two, to lower her payments and pay the car off quicker.


I hit her wit the

Why would bank refinance a depreciating asset Like a ten year old car?

The reason real estate can get refinanced easily is cuz it essentially doesn't lose value. It appreciates.

 

[JordanwiththeWiz]

If that’s your sister. Do your dad or mom got good credit and will be willing to co-sign. I understand some people got bad credit or no credit but need transportation so they gotta bite that bullet. The only way a bank or credit union will give you a decent rate if you got bad credit or no credit if you willing put like 30% to 50% worth of the car down. Her best bet is to lease probably got to be a wack car but it is what it is. Save up for that down payment and shop around.

 

[DatNkkaCutty]

No, just no.
14% is credit card payment territory.
If she hasnt been making good financial decisions already, theres no reason that she will suddenly do it now AFTER buying the car and then get it refinanced for a good rate.

She needs to fix her credit issues, and then buy a much cheaper car if she can get an interest rate of 4% or below.

Keep on her ass and tell her not to do this.

The car has nothing to do with the interest rate

the rate is based on her credit worthiness and the amount she’s financing.

If she’s actively working on her credit she could bite the bullet for a 6 months to a year, and refinance.

but 14%

14%? Where she buying the car from? If she smart and I’m sure your a smart person you will tell her get a newer Infiniti 2017 and up.. Lenders will lower the interest rate even with the score she has because the car is newer and the mileage is less… Most of her cost is up front with the down payment but her monthly will not be as high

Appreciating the responses too. Will be crushing her...I mean sharing with her.