ok i have a friend who was trying to buy a Honda Accord which cost $15,000, and was getting the high interest of 10% so he would be paying around $390.00 a month for 5 years, o yea with a down payment of $4,000. What do u think?
2006-06-28 09:58:41 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
its not that he has bad credit cuz his other car he got 7% interest and for some reason this dealer is giving him 10%. are they just trying to get more money or what?
2006-06-28 10:16:14 · update #1
every 10,000 you finance will give you a payment of roughly 210-220 per month on a 5 year note.
They are adding stuff
Used rates are going up, but check with your bank first
2006-06-28 10:40:41 · answer #1 · answered by stratplayer1967 5 · 0⤊ 0⤋
I think that is a sucker deal. Total of payments and down payment is $27,400. This means the total cost of financing is $12,400. That's way over 10%. It's closer to 35%.
2006-06-28 17:04:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sounds like bad credit to me. With that much down and on a used car, it could only be bad credit score.
2006-06-28 17:00:57 · answer #3 · answered by someDumbAmerican 4 · 0⤊ 0⤋
if you got bad credit well shame on you but i had a loan for 20000 forget what the intrest rate was but i was paying 371 a month thel her to shop around
2006-06-28 17:00:40 · answer #4 · answered by ilikecheezeburgers 3 · 0⤊ 0⤋
I think your friend should shop for a cheaper car and not go into debt. You can check on the car value at www.kbb.com
2006-06-28 17:01:21 · answer #5 · answered by snvffy 7 · 0⤊ 0⤋
it a good deal for that price.
2006-06-28 17:01:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋