i have no good credit
2007-04-13 05:33:42 · 12 answers · asked by xmashi 3 in Cars & Transportation ➔ Buying & Selling
24% is very high, but not unheard of.
The question is, can you afford the payments and atleast 50% extra? Because if you pay off the car quickly by consistently paying extra each month, the interest is less of a factor.
But if you take 4 years to pay it off, you're paying almost double what the car cost, which is stupid. You could save the same amount of money for TWO years and pay for the car in cash.
2007-04-13 06:47:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Try this: (it worked for me) Go to a credit union, get shares worth two or three hundred bucks, then take out a loan on the car........you may want to shop around more, IF you can get credit at a credit union. I wouldn't buy anything from anyone who offers you a 24% interest loan. He's probably making money on the loan as well as on the car.
2007-04-13 06:01:28 · answer #2 · answered by immature_old_fool 2 · 0⤊ 1⤋
I'll offer you a hammer to hit yourself with too.. want that??
24% DUDE.. do the math that is a HORRIBLE rate - bad credit or not.
Buy yourself a cheap but reliable car, save the difference in a bank and then come back in 24 months with a larger down payment.
.
2007-04-13 05:40:30 · answer #3 · answered by ca_surveyor 7 · 2⤊ 0⤋
If your credit is already bad, you shouldn't risk taking it. 24% is craaaaaaaaap. You should just save up money and pay cash for a cheaper car. Build up your credit and in a few years you could take out a loan. Buying on credit is a bad habit to get into anyway.
2007-04-13 05:40:42 · answer #4 · answered by Lindsay M 5 · 1⤊ 1⤋
No, that is insane! Try to save some cash and purchase from a private party. At those interest rates, that car will take forever to get paid off, and will cost a fortune, far and beyond it's true value. You'll have signed a contract, and you'll be stuck, don't do it.
2007-04-13 06:52:18 · answer #5 · answered by fisherwoman 6 · 0⤊ 1⤋
Depends on how much the loan is for, and how soon you can pay it off. 24 is real high. You'd have to have a bancruptcy to get that.
2007-04-13 05:39:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That Real HIGH!
if you can make that payment, find out what the payment would be if you accept it.
Make a good judgment...
2007-04-13 21:05:59 · answer #7 · answered by Just me! 5 · 0⤊ 0⤋
If you can afford the payment yes most sub prime bank thats all they offer make your payments on time and rebuild your credit..............
2007-04-13 08:49:29 · answer #8 · answered by CJ 2 · 0⤊ 0⤋
24% and you Wonder if you should take it..tell him your not stupid you want a 35% interest rate? of course you shouldn't take it or even think about it, find a co-signer or simply save
2007-04-13 05:48:55 · answer #9 · answered by kustomflames@verizon.net 3 · 0⤊ 1⤋
sounds like jdbyrider find a small "B" lot and make arangements with the owner with a lot lower rate
2007-04-13 06:27:20 · answer #10 · answered by Anonymous · 0⤊ 1⤋