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jokerfriend6 t1_j6n9rd7 wrote

Reply to comment by Traditional_Link_555 in How Bad Of a Financial Decision Would it be for my partner to buy a car? by Traditional_Link_555

Consider acquiring a used car with cash. Your partner has bad credit, if they get a car on credit their interest rates will be close to 23% and you will likely be bailing them out.

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Traditional_Link_555 OP t1_j6na3dd wrote

This may be something to consider. Would a leased vehicle still come with the same issue of very high interest rates?

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jokerfriend6 t1_j6nayv4 wrote

For them yes. What is your partner doing to improve her credit? I hate to say it but some people never learn about money and finances and it is beyond them. In such cases, a lot of times it is cheaper in the long run to buy them something simple and let them have it, vs financing. Never give them money directly.

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Traditional_Link_555 OP t1_j6nbecj wrote

I totally agree, although they are currently working on paying off existing debt & being more mindful with finances. They have paid off one credit card, and the last large bit of debt they have is student loans and a few thousand dollars in medical debt. Their credit has climbed significantly in the last 6-12 months, so there is definitely progress being made.

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jokerfriend6 t1_j6nbwoi wrote

Well keep on paying off debt to become free. I would see if I could borrow a car from a family member until the debt is paid off, or get a car from one who is looking to upgrade.

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