Everyone has an ideal vehicle in mind when they shop. It is rarely a stripped down gas miser. A Lincoln Navigator is more like it. If you need second chance auto financing, you will probably have to think your vehicle choice over a little more.
Sub-prime lenders tend to take a few more things into consideration than traditional banks. One of those things is the potential cost of ownership of a vehicle. They do not want to have to repossess your car. No profit in it.
While you might be able to afford the monthly payments on a Lincoln Navigator, can you afford the hondo each time you fill it up? Then you have to consider that you will be filling it up more often, to the tune of $500 a month for gas alone. Here are the average cost per mile driven for several vehicle types for you to ponder.
- Small sedan – 43.3 cents per mile or $6,496 per year
- Medium sedan – 56.2 cents per mile or $8,436 per year
- Minivan – 62.0 cents per mile or $9,301 per year
- Large sedan – 70.2 cents per mile or $10,530 per year
- 4WD SUV – 73.9 cents per mile or $11,085 per year
Those costs include gas, tires, insurance, and depreciation. Can you really afford the large SUV and do you think a second chance car loan lender is going to approve you for one?