Originally Posted by WhiteTite
Not to make you feel bad...but my 19YO daughter bought a certified used 2010 Focus last December, never had a job, has no income, zero credit, going to college, had me co-sign the loan and she got a 1.9% 48 month loan thru Ford Credit using my 02 Ranger as down payment...I was surprised too...
I don't feel bad. I didn't say we took it ;). 1.9% was on the table for us as well for our certified car but even with 3k down I didn't feel comfortable with the payments. I'd rather have a lower payment, be safe, and be able to pay extra (sometimes up to double) every month than have a substantially larger payment and possibly have trouble making it. I forget the exact numbers now, but even at the interest we're at, I'll still be ahead by paying $25 more on each payment and by paying every two weeks instead of every month. And if there's a month where we're a little lean, I can just pay that month at the normal, "lower" payment. I'm still fairly young, but I did learn what not to do, and what to do from my parents' and friends' mistakes with credit.