is having an APR of 24% good while you dont have good credit to get a car
2007-02-11 06:55:21 · 11 answers · asked by olemisi 1 in Business & Finance ➔ Credit
In my opinion - going FURTHER into debt is not a good way to fix your credit score.
2007-02-11 07:04:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
taking a 24%APR on a car is not good. at the end of all u're payments you would have paid more than double for the car.
My husband and i bought a escalade for 21,000 with an 24%APR thinking that because we had bad credit it was a start. We are still paying this car off and at the end of the payments we will be paying 45,000 for the car
2007-02-11 07:42:56 · answer #2 · answered by ynra BTB 4-18-09 6 · 1⤊ 0⤋
No that is horrible! Try and go to a Credit Union. Usually you can open a savings account with $5 and that would make you a member. They can get you a much better interest rate. Car lots always give you a higher rate. When I got my car the car lot was going to give me a rate of 16% and the credit union give me a 6% rate. Make calls to different banks and credit unions. Don't finance thru a car lot.
2007-02-15 02:45:55 · answer #3 · answered by Shorty 2 · 0⤊ 0⤋
Having several cards DOES NOT hurt your score. {And a high credit limit does not necessarily mean a higher interest rate.} They will not reduce your interest rate because you have almost maxed out the card, meaning you could default, which is why they need to get as much money as they can from people in your risk class. {But it is B S that the government dictates it.} At $400/mo the card would be paid off in about 12 months. {You are NOT living paycheck to paycheck. You are / were living beyond your means and subsidizing your lifestyle [not saying it was lavish] with cc debt.} Obviously you need to find places to cut back. Cable TV? cheaper cell phone plan? Pack a lunch to work every day? Buy clothes at a thrift store? No more smoking, drinking, going out to eat, going out to movies,,,,etc. Or, get a loan somewhere else. Your parents? Against your car?
2016-05-23 21:59:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
NO WAY, that's a rip-off. I have a card that's 22% APR and I transferred my balance over to a card with a lower APR and 0% first year.
2007-02-12 02:04:10 · answer #5 · answered by RichMac82 6 · 0⤊ 0⤋
Even with bad credit, it seems a bit high. Tell the car dealer you're going to shop around. It's amazing what they can do when you walk out without buying something.
2007-02-11 07:04:06 · answer #6 · answered by crazydave 7 · 1⤊ 0⤋
way too high
try a credit union like Wescom
even their tier 5 credit is 13 percent
2007-02-11 08:39:36 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I think it's high. Shop around for different financing options, but this is really going to depend on just how bad your credit is.
2007-02-11 06:59:23 · answer #8 · answered by calliope320 4 · 0⤊ 0⤋
That rate is far too high for any secured loan. Regardless of your credit, you should be able to find better.
2007-02-11 07:00:07 · answer #9 · answered by Rob D 5 · 0⤊ 1⤋
WOW! That is a rip off! Try to find something better!
2007-02-11 06:59:37 · answer #10 · answered by feel/the/need/to/fly 4 · 0⤊ 0⤋