03-25-2006, 05:23 AM
ZX3TUNR,Mar 24 2006, 01:13 PM Wrote:I was looking at going used how ever for some reason the bank wont give me a loan for $7000 used car but will give me a loan for $23,000 for a new car. I dont get how banks work at all. Also with used cars having a much higher interest rate the monthly payments still as much as a new car. Will s***!
[right][snapback]176782[/snapback][/right]
IT's the equity thing. You mess up on the payments and they reposses a new car they have a shot at getting some of their money back. With a used car? -pfft- fat chance they'll see anything.
That's why I was so freaked about possibly losing my right to drive, after spending $21K on my red rollerskate last April if I got $12K for it now I would consider myself lucky <_<
NefCanuck