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Looking for suggestions...

The last post in this topic was posted 2638 days ago. 

 

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Just totalled my Mazda CX-7 last week (went off road in snow and rolled it over)...

 

So now have a settlement of approx. $ 12,000 from insurance. Looking at a 2007 Ford Explorer Sport Trac w/110,000 miles (have an older Sport Trac and like them) but look to be about $ 2,000 short. Credit is crap (don't even want to pull scores), but mortgage and car payments always on time, just lots of lates on credit cars and high utilization.

 

So from what I've been told most banks won't finance a couple thousand dollars...so do I pay like 50% down and try to finance the rest (and use the rest of the cash to apply to higher interest CC debt that we have) ? Will a lender take me ? Best to work through dealer or otherwise ?

 

Thanks in advance...

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First choice buy something with the cash you have... Only some many will finance a vehicle with over 100k miles and your rate will suck so if you go that route put down what is needed to get it financed and then after the first payment just pay what ever you have towards the principle since your rate may be as much as your credit card rates. The only place that will get you financed is a dealer.

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That is what a salesperson suggested to me at another dealership actually...basically as long as there is no prepayment penalty pay off the loan ASAP correct ?

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Yes... I don't know your scores and you don't have to share but just with those miles your going to get hit with a high APR.. But you may do a lot better on a car with less miles. Your scores may not be great but you said you have paid your other auto loans on time so that usually really helps especially if you have no repos.

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With those miles you will have a hard time getting financed. Banks have an interest in the car remaining stable and reliable and cars with high miles might not be either.

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Thanks for the suggestions everyone...I did find a vehicle that would work out for us (and priced at $ 11,983).

 

Just waiting for the check to arrive! :)

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