So I am asking this for a friend as I am been blessed to have been given my car and not had to buy. She's a college grad looking for a job, but lives in a small town. She really needs a car to be able to get a job as the offerings in her town are nill. She has very little to no credit-didn't have loans and only one cc, but I don't know what her score is because it would be rude to ask.
Anyway, if she were to purchase a used vehicle she'd need financing as she doesn't have any money to purchase it outright. She's in a really tough situation and based on my calculations could afford to make payments on a 60 mo. loan for an $8,000 car at most-that's with $500.00 down, not including tag, title, and reg, with $175/mo payments.
However, having never purchased I don't know if this is correct. I'm pretty sure she can't afford more than $500 down and $175/mo payments. A such, do you all have suggestions on what she might be able to afford. I'm thinking she'll have to get a much older car, say 2003. I'd hate for her to get anything older than that. I'd lover for whatever she gets to have $75000 miles or less on it. I'm worried that if she gets something older and more well used that she'll have to have so much maintenance work done on it that she'll end up increasing her costs tremendously. I think she's be much better off with a less expensive car and shorter lease terms (say $5000, so $6000 loan to include title, etc. for 36-42 months or so).
Any recs for good used cars? I think she'd do well with a Hyundai, Honda, or Subaru. I've herad Toyota suggested, but my mom had one that was awful and with all the recalls I just don't trust them. Thoughts?
Anyway, if she were to purchase a used vehicle she'd need financing as she doesn't have any money to purchase it outright. She's in a really tough situation and based on my calculations could afford to make payments on a 60 mo. loan for an $8,000 car at most-that's with $500.00 down, not including tag, title, and reg, with $175/mo payments.
However, having never purchased I don't know if this is correct. I'm pretty sure she can't afford more than $500 down and $175/mo payments. A such, do you all have suggestions on what she might be able to afford. I'm thinking she'll have to get a much older car, say 2003. I'd hate for her to get anything older than that. I'd lover for whatever she gets to have $75000 miles or less on it. I'm worried that if she gets something older and more well used that she'll have to have so much maintenance work done on it that she'll end up increasing her costs tremendously. I think she's be much better off with a less expensive car and shorter lease terms (say $5000, so $6000 loan to include title, etc. for 36-42 months or so).
Any recs for good used cars? I think she'd do well with a Hyundai, Honda, or Subaru. I've herad Toyota suggested, but my mom had one that was awful and with all the recalls I just don't trust them. Thoughts?