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Newbie - about a car - hope it goes here

The last post in this topic was posted 1516 days ago. 

 

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I am new and wanted to get advice. I am starting to repair my credit and will do a post about that later. I am in need of a car. A car dealer that is a Honda dealership in town and well known as a family dealership has a 2010 Honda Accord 2.4 Manual for $10,800. I have talked them down and approved for the load with $1500 down. My issue is the car fax shows one owner, shows car has been serviced every time it was suppose to and has 76K miles on it. But there was a accident in August 2014....but it seems to only have been a fender bender with no air bag delployment.

 

I am 40 and have never really bought a car on my own. The car has nice tires, very clean and nice on the inside, drives excellent. I just am nervous about THIS showing on the carfax even though the accident report shows no structure damage, just a minor dent to the bumper in the front. Should I let that deter me from buying the car? I did have it looked at and was there was no issues structure wise from the accident. I just wanted opinions here.

 

I know cars get wrecked and people buy them all the time. I just want to make sure so that I do not buy something and get in trouble with it. I was even shocked I got approved as my credit score is low 500 and I just started my job and just moved into a new apartment..... :warning:

 

Thanks and hope this makes some sense...lol

 

 

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Does the car come with any kind of warranty at all? You say you had it looked at already? Do you mean by a mechanic of your choosing? If so, that's really about the best thing you can do. Any time you buy a used car, you take a chance on the history that the seller presents. Having an independent mechanic look at it is the best step you can take to minimize your risks, and if it comes with any kind of warranty, you at least have some protection. Hondas obviously have a reputation for reliability. I've never owned a Honda, but I have to imagine 76k miles is just getting warmed up. And congratulations on the approval.

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I had a mechanic look at it and said it was good to go....And yes Honda's last forever...and it is a very nice car. I just was making sure it was ok to buy even with the accident showing. The mechanic said he could see no reason I should not buy the car everything looked great.

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Cars are a depreciating asset. Meaning clean car fax or not, the value will continue to decrease over time. Do you plan on trading it in a year or two from now or driving it until the wheels fall off? If it is the later, trade-in value should be of no concern. The only thing that is important is that you find value in the purchase and that you are not upside down on the loan. Check KBB, NADA and Edmunds to make sure you're getting a deal.

 

Since you are taking out a loan you will need to have comprehensive insurance on the vehicle and purchase gap to cover the difference. If you wreck it immediately you can just walk away without owing.

 

Good luck.

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No warranty but price compared to all those you named above is a Great deal with the price... I am in sales so I did haggle with them a good bit on it to get down to my liking. Full coverage is ready to go if I buy and I plan to go by this evening once off work. And I plan to drive for a year or two and then give to my daughter who will then be turning 18 and going to college. :)

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I was able to get 12% @ 36 months with $1500 down.....

If you still can, you need to negotiate this rate. What are your FICO scores like?

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I was able to get 12% @ 36 months with $1500 down.....

If you still can, you need to negotiate this rate. What are your FICO scores like?

 

+1

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I was able to get 12% @ 36 months with $1500 down.....

If you still can, you need to negotiate this rate. What are your FICO scores like?

+1
+2

 

If you can get a better rate yourself go in with that.

 

As a dealer wrench myself a Honda with 76k is just getting broken in.

A small fender bender is nothing to worry about it may have just been reported on carfax as the insurance claim was submitted. I know in PA a accident is only classified as reportable incident if a vehicle needs to be towed

 

In all honesty, a few dealers I worked at sold cars as is no warranty but also worked a deal with the customer in case of a sudden failure immediately after purchase. In fact I have one now car sold as is fan clutch took a dump within a week the dealer is eating the cost.

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I understand your credit score is low. Given that 12% may seem like a gift to you - BUT - I strongly encourage you to go to your nearest credit union and see if they would be willing to give you a better rate if you open a savings account with them ($25 minimum deposit).

 

12% is a humongous interest rate for a used car. Are you certain you can afford the payments? Do you have a few months of that car note set aside in case something tragic happens?

 

I realize that I'm more conservative than most folks - but I'd rather not have a car then get a car and have something happen later and they end up taking the car away from me and then leave me with a lot of work to do to repair the damage to my credit. I've had bad, stinky lousy credit before. And it's not fun.

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