We have good credit, dare I say great credit. Even the Honda financing office we sat in this morning as we worked on the paperwork for a new CR-V said so. He called it "Tier One," saying that's the best there is.
We don't have a new car though, and are unlikely to have one anytime soon.
Despite the fact we have a decent downpayment (roughly 25% of what we would be financing)and we have such good credit, we still can't get an interest rate lower than 6%! This means our monthly payment would work out to be about $100 more than we planned on.
So its back to the drawing board...thanks lousy economy!
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Have you considered the pros and cons of a used car? I have a very hard time with the idea of paying interest over time on something that depreciates in value while I'm paying interest on it...
ReplyDeleteI'm a big believer in used cars - in fact, I've never owned a car with under 101,500 miles on it. I'm currently driving a 20-year old SAAB that cost me $1,100. It gets better mileage than most of the new cars I see advertised (the turbocharger helps with that, of course) and it's absolutely solid.
I realize that my decision wouldn't work for everyone, but I'm wondering if you might be better served by looking for a gently used Honda - they're out there, and with the amount you're willing to put down up front (what an odd combination of prepositions), you should be able to drive away happy.
Hi Michael, I am open to a used car, but my husband prefers to spend money on a new one. We may have to go that route eventually, but marriage is all about compromise so for now we will try to get a new one. Thanks for the thought though, appreciate it!
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