hi well my situation is this my husband does not have good credit at all his score is 550 and he has 13 deliquent accounts. i know bad! but we have been trying to buy a truck and yesterday we did we are first time buyers and wanted to know if we got a good deal. We bought a canyon gmc 2007 (new) with a 4 cylinder gas tank and our price was 21,000 after 1,000 rebate after the dmv chrages and other stuff it came down to 22,000. but since his credit is really bad his interest rate was 16 % so it all came to the final price 33,000 dollars! what so you think was this good for his background and credit or bad!!! also we worked on paying 470 dollars a month!! wow but what do you think! i need experience advice please!
2007-05-12 06:53:14 · 2 answers · asked by *Loving my two boys* 3 in Cars & Transportation ➔ Buying & Selling
also i forgot it is a four door!
2007-05-12 06:54:22 · update #1
also we only got it for 700 dollars down payment!
2007-05-12 06:56:28 · update #2
no i did not finance at our own bank they did on theirs but how does that work could they be doing this on purpose!
2007-05-12 07:03:28 · update #3
Did you ask your bank for a car loan? Doubt your BANK would give you a rate that bad.
Ask local banks and credit unions. NEVER finance at a dealership unless there is no other avenue available.
There is also carfinance.com and lendingtree.com
EDIT: You think dealer is out there to save you money? Dealer is out there to MAKE MONEY OFF OF YOU! They get a cut (quarter or half a percent) of your loan as the middleman if you arrange loan through them!
Save the money, BUY A USED CAR!
2007-05-12 07:00:34 · answer #1 · answered by Kasey C 7 · 0⤊ 0⤋
So...you took your bad credit position....and made it worse. You say you're delinquent in 13 accounts already, and now you've added $470 a month more. You sure you're not my daughter ? She does things like that. The smart but boring thing to do would have been to save the $470 up for 3 months, and bought a used truck, paid off some of the delinquent accounts, and then thought about a new truck. Oh well.... live and learn.
2007-05-12 14:06:40 · answer #2 · answered by skwonripken 6 · 1⤊ 0⤋