I'm buying a car is it too much...?

Question

I been looking for a car but I dont have good credit.... I kinda mess it up when I was young so know I'm trying to fix my credit. Well I got approve at this small car lot where they help you... They have this car its a 2006 GrandPrix Poniac the motor is a 6 and it has 51,000 miles its 15,900 but with finace it will be probably 17,000.... Is it too much?

Answer 1

Since i'm not the one selling you this car, I have no problem answering this one, only joking. First if it's a plain grand prix it's almost 2,000 over book with the miles, grand prix gt it's almost 1,500 over book, but if it's a Grand prix GTP, then buy it, since they are the fastest, most expensive and the most expensive to fix and drive. It sounds like you are in a buy here pay here lot. I do BHPH and trust mean we all know why you are there, so we have no problem charging the max in interest. some states allow you to charge 25% or more depending on the state.  I don't rape customers that have credit problems, since nobody is perfect. But a large percentage of dealers do, because they no you are there because you have to be. Shopping around at other BHPH places isn't much better, because we know unless you are a total dimwit, nobody pays high interest because they want to. Before you get invovled with any BHPH take you time and think. There are a couple of things to consider: do they report to the credit bureau, reporting isn't free, so the dealer may say he does when he really doesn't. You may end up with great credit only at that place. You will have to carry full insurance for the term of the loan, no matter what. And does the car have a warranty and who is it with, if it's a warranty serviced b y the dealer himself, that means you can only bring the car there. If it's a 50/50 warranty, then you will pay 50% of what it costs to repair your car. So i can almost assure you the dealer will raise the price high enough to cover his 50%. So there is a lot to consider whether a farely new car is worth what it will cost overall. Good Luck

Answer 2

The retail on NADA is only 11,000...I'd keep looking.  Also, make sure your interest rate isn't too high, you don't want to end up paying $65,000 for a car that's only $15,000.

Answer 3

Go to kbb.com and get an estimate of what the car is worth. Then compare that prices to the price the car lot is giving you

Answer 4

That sounds like a fairly sound deal on the car. Provided it's in good mechanical condition. Take it for a test drive and see if there is anything left on the warranty (probably not). It's a long process building your credit back up, glad to see you doing the mature thing. Make sure they toss in a full tank of gas....LOL.

Answer 5

Yes it is. consider that the car is going to be worth less than 10,000 six months from now. You are loosing too much. I would do more research from individual owners nothing over 6000 dollars. Try to get a loan for that, it is goin to be a lot easier for you to pay it off faster.

Answer 6

There are less expensive ways to fix your credit.

This method is the type to s***w yourself even more, like in your past, so change your way of doing things.

Answer 7

compare it with the kelly blue book. also see if maybe u can get a car loan from your bank with a lower interest rate. Good luck!

Answer 8

If you go to msn autos you can get the Kelley bluebook cost of the car, and find out if it seems accurate :)

And I agree, you should buy a smaller, fuel efficient car... You could almost buy a brand new smaller vehicle for the same price!  Honda and Toyota hold their value, so if you sell it later down the road, you'll get more money for it as well.

Good Luck!

Answer 9

It is a typical dealer price, why don't you get a smaller more fuel efficient low maintainence car? It might save you a lot of time and money in the future. Don't just look at the looks of the car. look beyond that.