I'm trying to get a car. The guy called me and said I could get a used 2006 nissan sentra for 14500, but my interest rate would be 18.5%. I don't have the best credit (I don't have a score yet). Is the apr a good rate? why or why not?
2006-09-11 09:06:00 · 11 answers · asked by young_buck_gurl 2 in Cars & Transportation ➔ Buying & Selling
you will be paying out the azz for that car you are better off buying a brand new kia and working with that with that apr they are making alot of dollars off ur bad credit and not only that if u fail to make 1 payment they will swoop on ur car like a vulture at a mortuary
2006-09-11 09:12:00 · answer #1 · answered by glass_city_hustla 4 · 0⤊ 1⤋
Too much, my wife and me got a 10 per cent for a used 03 Mazda. And that because we didn't have perfect credit. They told us that if we paid everything on time next car we would have better interest rate.
Buy and used car for about 5000, and rebuild your credit.
Take into account that if you buy that new car you are paying a lot of money, have to have full insurance and the value of that car is going to be almost nothing in four years, and you end up owing more than it is valued. Buy a new car just if you have cash or good credit.
2006-09-11 12:28:44 · answer #2 · answered by wazup1971 6 · 0⤊ 0⤋
that's very high. Good credit rate on a used car today should be 7% - 9%.
If you're credit is bad and that is the best interest rate you can get, I would shop for a cheaper car or buy this car but, pay extra each month so that you pay off the car as soon as you can. Regular payments will improve your score and hopefully the next car won't cost you as much.
2006-09-11 09:16:58 · answer #3 · answered by KrautRocket 4 · 0⤊ 1⤋
With jobs going overseas all the time, why would you tie yourself down with payments and high interest. Don't follow the millions of fools whos lives are miserable making payments. I have a millionare friend that never buys new or on payments. Cars lose their value. Buy a $2500 car or truck and make payments on land or a home. Something that will make you money. Don't let a Dealer screw you into a car.
2006-09-11 09:50:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
APR merely potential annual share fee. imagine of it because the "employ" you pay for making use of someones money. and that i do not understand what your APR should be. it is going to be counted upon the cost of the motorized vehicle, how a lot you position down, which resources you with the quantity you're financing. what's your credit? the a lot less you fiscal, and the better your credit, the a lot less your APR will be. for sure in case you pay money there'll be 0 finance cost.
2016-10-16 00:10:18 · answer #5 · answered by sherie 4 · 0⤊ 0⤋
OMG...NO...Thats terrible. I just bought a new 2006 Honda and got it at 6 %. Shop around, talk to your bank or credit union, or car lot itself. And, yea, your credit score will effect your rate that you get... and also the amount of time of the loan.
2006-09-15 05:15:27 · answer #6 · answered by ~~ 7 · 0⤊ 0⤋
Thats a terribly high rate.
Most credit cards (from financial inst.) operate around that percentage.
Depending on your repayment term (lets assume 4 years here) 18.5% financing you'll end up paying about $28,000 for the car.
2006-09-11 09:13:21 · answer #7 · answered by p_rutherford2003 5 · 1⤊ 0⤋
That is a horrid rate. Can you get a parent or sibling to co-sign? Are you responsible enough to ask that favor?
I would maybe get a Sears card, make a small purchase and pay it on time. This would give your credit rating a good boost.
2006-09-11 09:13:44 · answer #8 · answered by reachdan 2 · 0⤊ 1⤋
Thats a ridiculous rate. Dont pay that!
2006-09-11 09:19:54 · answer #9 · answered by frigon_p 5 · 1⤊ 0⤋
its horrible
but if you have to rebuilt your credit and can afford it DO it
2006-09-11 09:46:53 · answer #10 · answered by Red Sawx ® 6 · 1⤊ 0⤋