Today, I missed out on the chance of buying a great used car because my loan wasn't approved. Why wasn't it approved? Because the vehicle has +100k miles on it. I wish they would've told me that when I applied for the loan. FML
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By
RichardPencil
| 27
Isn’t that your job?
When I’ve seen interest rates posted on used car loans, they are classified by mileage.
Let the buyer be aware.
When I’ve seen interest rates posted on used car loans, they are classified by mileage.
Let the buyer be aware.
By
bl3ur0z3
| 16
They don't know you won't qualify for that car until you apply.
By
RebeccaMcQ
| 13
Great used car? 100k? df
Reply
chyiochan
| 28
100k miles is like 2/5ths the lifespan of a Toyota engine. Our old Scion XB was at 198k miles and had zero issues, even got hit in the front in an accident and ran flawlessly for the 6 more years we had it. Had to trade in because family grew, but I'd love to have it back. ;__;
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baristalbc
| 18
Exactly!
By
rockninja
| 21
ah damn. but they look at the miles when giving out loans?
Reply
Tumaco1963
| 17
Yes, mileage factors into wear & tear. Loans are granted based on the value of the car. The value of the car decreases as mileage increases.
By
zoelog
| 10
you wish who would have told you? it's up to you to ask. also didn't you drive the car? you can see the mileage right there. ydi. big time
By
jbuckets_404
| 38
Wait, what? Why would you NOT want to know the mileage of a used car ASAP? For multiple reasons.
That doesn't make (common) sense ... (or approved loan dollars either apparently in this case).
That doesn't make (common) sense ... (or approved loan dollars either apparently in this case).
By
jac_1964_au
| 22
You dodged a expensive bullet
When I’ve seen interest rates posted on used car loans, they are classified by mileage.
Let the buyer be aware.