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Should I finance a car that's only $3,500?
I want to buy a car from my neighbor, but I don't have more than $100 to give him right now. The price is $3,500. Should I get a loan to buy this car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unfortunately, lenders typically won’t consider an
auto loan
for this amount. It’s too high risk and too little money to be made off the deal. If you want the cash for the vehicle, you might be able to get a signature loan for that amount at a credit union, but your interest rate will be in the double digits.
Your best plan of action is to borrow the money from a relative and pay them back. Or you could ask the neighbor if he’ll accept installments each month.
Hopefully, one of these works out for your needs. Good luck!
Don’t forget that when you buy a new (to you) vehicle, you will need to pay for car insurance, too. While it is an extra expense, it doesn’t have to be super expensive. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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