I think 5 or 6 year finance plans are dumb...

"Supreme Chancellor and Glorious Leader SaveTheIntegras" (jegoingout) 03/04/2016 at 12:32 • Filed to: Oppo halp

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Yet I’m looking into one for buying an EP3. Is it a horrible idea?

The details:

2004 Civic Si Hatch

74,xxx miles

OTD price $6,995

I would be putting at least 2500-3500 down. No intnetions of selling the car. I would much rather buy my next car out right but that limits my choices by a ton.

jjhats > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 12:36

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Dude....don’t finance a 12 year old car. Get your money together then buy. 7k isn’t that at off from the 3k you have now. Your gonna get killed on interest rates and then killed when it depreciates more. If you don't have 7k you shouldn't be buying a car.

SkyNet > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 12:37

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I would spend a little more and get the later version with 200hp.

MontegoMan562 is a Capri RS Owner > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 12:37

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going to own it for 5 years?

Slant6 > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 12:42

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Why not beater?

This is a really bad idea though.

JQJ213- Now With An Extra Cylinder! > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 12:45

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You aren’t going to get anywhere near decent financing for it.

We can barely get financing on our 08 C30 with under $50k miles

Virtually no one but a buy here pay here will touch that

MontegoMan562 is a Capri RS Owner > JQJ213- Now With An Extra Cylinder! 03/04/2016 at 12:56

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Nah, Credit Unions would do that. I asked mine about financing a 2002 yukon with 100k miles and they said sure here’s your nice 2.9% interest rate. lol (I didn’t do it btw)

spanfucker retire bitch > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 13:01

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60 month financing is as high as I’ll go, but I did that for a brand new car.

You want to do that for a 12 year old used vehicle with an OTD price of 7 grand?

Nope. Absolutely not.

Ash78, voting early and often > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 13:16

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I'm pretty liberal with financing, but would probably go no more than 36 months on this (ideally 24) and see if you can get a rate under 5%. Civics — especially Si — hold their values well, but you just have to prepare your cash flows for repairs and maintenance. Financing can ironically help you save up to pay cash on your next car, since it sounds like you don't have time to pay cash for this one.

Future next gen S2000 owner > jjhats 03/04/2016 at 13:24

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This. I don’t/won’t finance anything over 5 years old. Another way to think about it, you will be paying on a car that is 17 y.o. at the end of the loan.

Sam > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 13:40

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That is a terrible idea. Do you really want to end up paying a total of $10k-$15k+ for a car that will end up being almost 20 years old and worth less than $5k?

Klaus Schmoll > Supreme Chancellor and Glorious Leader SaveTheIntegras 03/04/2016 at 13:50

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How much do you hate money? This would be a great idea in MAD the game. It’s basically a reverse Monoploy where you have to loose money in a race to be first to be broke.

Supreme Chancellor and Glorious Leader SaveTheIntegras > Klaus Schmoll 03/04/2016 at 14:26

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i hate money

thebigbossyboss > jjhats 03/05/2016 at 11:09

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? My car was 3K. Get over it.