Coli financial experts.... car question?

[chineebai]

I would rather get an older lexus rx or a Toyota that has a good maintenance history. Then I would try to get a car loan from a credit union like penfed and once approved for a loan you can shop around with dealers for competitive rates.

 

[Splash]

14%? 5 years? Sorry but that shyt is straight up stupid. She will certaintly regret it by year 2 if not before then.

 

[L&HH]

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.

So why not hold off on the car for the next 6 months and get her credit up instead which will help her for the rest of her life? Does she still have debts she needs to pay off?

 

[levitate]

This would be an absolutely horrible financial decision no matter how you look at it.

Frankly, these financing terms should be illegal because they prey upon the financially illiterate.

My first question is…does she currently have a car? If so her focus should be on using that car until it disintegrates while working on her saving, paying down debt, and increasing her basic financial literacy.

 

[levitate]

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

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

My first car was a new Dodge and it was absolute trash. Don’t even have the time to list out all of the issues that popped up.

fukk Chrysler/Dodge/Jeep

 

[No..Money..Mo..Problems]

Never take out a loan that has more than 6% interest rate

 

[Solano707]

this is not true. I'll finance with whomever gives me the best deal. last time I bought a car in 2017, I came in with financing from my credit union at like 4.5% and the dealership one-upped them and gave me 3%, so obviously I took the dealer financing.

I think its best to have options and then choose what works best for you fiscally.

Yep, agreed. Obviously go with the lower interest if possible, but thsts how dealers get their money for the most part... Financing through their company

 

[jesc07]

With car prices being up there is no guarantee she will be able to refinance later if the prices of cars drop a little bit. Now is not the time to be buying a car especially at a 14% interest rate.

 

[NoMorePie]

All this shyt for a fukking infinity badge

Tell her to buy a civic and stop trying to live a lavish lifestyle

 

[BeeCityRoller]

If she makes good money like you say, why doesn't she have enough to put 25-40% down and talking about financing for 60+ months? Or is this all an attempt to pressure you into cosigning

 

[east]

so mb u said otherwise and i didn't notice but it sounds like she's planning on copping from one of those buy here pay here places? although a nissan dealership wouldn't surprise me, they're a predatory financing company disguised as an automaker lmao. has she tried getting an offer from a local credit union or smth?

about the long loan period, nissan's been pressuring their dealers to give all customers 72-84 month loans at subprime percentages so if she went to one i wouldn't be too worried about that, she'll probably get a better offer somewhere else

 

[Aprogressivone]

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?

If her mind is made up it is made up. If not, talk her out of this ASAP!!!!. She needs to forget any luxury brand period right now. She needs just needs a safe point A to B vehicle if she has credit so bad that they are giving her a 14% interest rate. She will be upside down on that car so fast and really bad. She needs to be looking at stuff like a Kia Soul or something in that price range used. She also should go to a credit union first and get approval. Then she can walk into any dealership with financing already at hand. They can't play 4 squares game with her there then. They might even beat her financing rate if she comes with financing already approved.

Car Dealer Negotiation Trick: The 4 Square Method

 

[Sonic Boom of the South]

14%
60 months
2015 Infiniti

 

[beenz]

Yep, agreed. Obviously go with the lower interest if possible, but thsts how dealers get their money for the most part... Financing through their company

yeah, in the day and age of being able to compare car prices on the internet with ease, they are now relying on financing and extended warranties to make their profits.

 

[Pseudonym]

With a interest rate at 14% for 60 months she’d be better off saving to buy a 10k cash car.