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We finally bought my husband a car (and a political soap box)

Yay!  We finally got the husband a car - its so cute and was dirt cheap so when he has it trashed out next week I won't feel sad and heartbroken.

We bought a car that has 100k miles on it.  WE PAID CASH FOR THE CAR (Tavia, Shansbride, bluekid) but I did check the financing options because we all know I would rather have low interest (or zero interest) debt than use my savings.  Anyhoo, the interest rate for a car with over 100k miles on it is - wait for it - 9%.  Yes, NINE PERCENT.  I nearly stroked out.  The financing manager at the dealership, recognizing my distress, said that rates on car with over 100k miles are astronomical regardless of one's credit rating.

So, I got to thinking...how the hell does someone with lower income buy a car?  It seems ridiculous to me that someone spending $10k on a car has to pay a rate of 9%, yet the woman in the room next to me is paying a rate of .9% while financing 100% of a $60k car.  Something about that just seems....wrong.

Yet another reason why I am Yes for a consumption tax rather than an income tax.

Re: We finally bought my husband a car (and a political soap box)

  • Cash for the car!! Yes! Way to go, stripes!!!! I'm all proud. :)
  • That is awesome that you were able to pay cash for the car.

    % rates are crazy no matter where you look for a car loan. Our bank was doing a special for liek 4.9% and C was looking into a truck and called to check. The stipulations for the loan was it had to be no more than 3 years old, you had to have perfect credit and it couldn't have more than like 10K miles on it. Need less to say we ended up getting the loan somewhere else for a little higher intrested rate.  

    Shop my ThirtyOne Site anytime 24/7 www.mythirtyone.com/116821
  • image tbvenable:

    That is awesome that you were able to pay cash for the car.

    % rates are crazy no matter where you look for a car loan. Our bank was doing a special for liek 4.9% and C was looking into a truck and called to check. The stipulations for the loan was it had to be no more than 3 years old, you had to have perfect credit and it couldn't have more than like 10K miles on it. Need less to say we ended up getting the loan somewhere else for a little higher intrested rate.  

    Did you do a person to person sale? Those rates are usually a little higher than dealer to person rates.

  • image stripesandspots:

    The financing manager at the dealership, recognizing my distress, said that rates on car with over 100k miles are astronomical regardless of one's credit rating.

    I had no idea rates went up with this mileage level. I bought my car a few years ago with 127k miles and paid 10.3% interest. I was just out of college, so I assumed that the high rate was due to my lack of credit history.

    The high interest rate was definitely a motivator for my to pay off the loan extra quickly, but I had enough disposable income to do so.

    image image
  • It make sense. The bank owns it and is taking on more of a risk with a high mileage car since the dependability of it is less than a brand new car with a 5 year warranty.

    Glad you all found a car!

  • image stripesandspots:

     WE PAID CASH FOR THE CAR 

    Woot woot!  Love it!  :) 

    And I like consumption tax better too I think!

    Lilypie Kids Birthday tickers Lilypie Kids Birthday tickers Lilypie Kids Birthday tickers
  • image stripesandspots:
    image tbvenable:

    That is awesome that you were able to pay cash for the car.

    % rates are crazy no matter where you look for a car loan. Our bank was doing a special for liek 4.9% and C was looking into a truck and called to check. The stipulations for the loan was it had to be no more than 3 years old, you had to have perfect credit and it couldn't have more than like 10K miles on it. Need less to say we ended up getting the loan somewhere else for a little higher intrested rate.  

    Did you do a person to person sale? Those rates are usually a little higher than dealer to person rates.

    Sorry, I just now seen this. It was a person to person sale.

    Shop my ThirtyOne Site anytime 24/7 www.mythirtyone.com/116821
  • image tbvenable:
    image stripesandspots:
    image tbvenable:

    That is awesome that you were able to pay cash for the car.

    % rates are crazy no matter where you look for a car loan. Our bank was doing a special for liek 4.9% and C was looking into a truck and called to check. The stipulations for the loan was it had to be no more than 3 years old, you had to have perfect credit and it couldn't have more than like 10K miles on it. Need less to say we ended up getting the loan somewhere else for a little higher intrested rate.  

    Did you do a person to person sale? Those rates are usually a little higher than dealer to person rates.

    Sorry, I just now seen this. It was a person to person sale.

    That explains the stroke-worthy rate - person to person sales result in a higher interest rate.

  • image stripesandspots:
    image tbvenable:
    image stripesandspots:
    image tbvenable:

    That is awesome that you were able to pay cash for the car.

    % rates are crazy no matter where you look for a car loan. Our bank was doing a special for liek 4.9% and C was looking into a truck and called to check. The stipulations for the loan was it had to be no more than 3 years old, you had to have perfect credit and it couldn't have more than like 10K miles on it. Need less to say we ended up getting the loan somewhere else for a little higher intrested rate.  

    Did you do a person to person sale? Those rates are usually a little higher than dealer to person rates.

    Sorry, I just now seen this. It was a person to person sale.

    That explains the stroke-worthy rate - person to person sales result in a higher interest rate.

    That is good to know. Thanks for the info.

    Shop my ThirtyOne Site anytime 24/7 www.mythirtyone.com/116821
  • A little off-topic, but I thought from the title of the post that you had bought a political soap box. haha. Just my moment for the evening!

     I see the risk involved, so I guess charging a higher rate makes sense. Congrats to you for paying cash. With the high interest rates, that was a really smart decision.

    image
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