Buying a Car on a Budget (Part 2)
Loyalty gets you nowhere with financial services.
Monday morning rolled around, which was the day we needed to return the Buick. It was time to make a decision and as I walked out my front door toward the car I knew I wanted it and I knew if I let myself I would want it to much.
I had made an appointment with our local Credit Union to talk about a loan. I chose the Credit Union because I had been banking with them for six years and had financed every car I've ever owned through them, and had never been late on a payment. In fact at the beginning of the month my husband and I paid off our truck loan with them. I was sure we were going to have no issues getting a loan once again. I was sadly mistaken.
Upon meeting with the loan officer we discovered that the bank we were so loyal to for so many years would only finance 85% of the cars value leaving us to come up with 15% down, on top of a 13.25% interest! Our payments would be $280 a month, with $1000.00 down. Which is totally confusing because we had just paid off a $10,400.00 loan with a 6% interest one year early! In order to pay for everything we would have to add on another personal note of $1000.00 with a $91/month payment added on to the $280 bringing our loan payment up in the $300 area! Well we couldn't afford that payment and still keep a roof over our head and food in our the mouths of our children.
Obviously we are stuck now, I'm without a vehicle and softball season is coming up. I'm unsure as to what my next move is, but there will be a next move! I don't give up when I want something...and I will find a bargain!
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