hey guys, if anyone knows about financing please i need your help. My sister is trying to get a car, a 3-series sedan and the vehicle costs about 23,000. The guy at the used car dealership said that with a co-signer, who she has, my dad. My dad has about 780+ credit score and he wants to put $5,000 down. The guy said with a 72 month payment plan it will be 12% interest rate. Doesnt that sound alittle too high? even with my dad co-signing for her. btw were in CA if that helps.
2007-11-19 14:46:11 · 6 answers · asked by ChildofBodom27 1 in Business & Finance ➔ Credit
the good thing is that it has no prepay penalty. The 72 months isnt the worry, its the 12% which doesnt sound right for someone with 780 credit score. shouldnt it be around like 7?
2007-11-19 14:56:12 · update #1
without judging your life choices-
12% is too high- go to your own bank and get your own financing
2007-11-19 14:54:36 · answer #1 · answered by jsied96 5 · 0⤊ 0⤋
That does sound kinda high to me! Do you have access to a credit union or a auto loan at your bank or your dads? A dealership often doesn't have the best alternatives for financing and a BMW should be a better source of collateral than that!
I know I would be really uncomfortable with this!
2007-11-19 14:55:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That dealer has to be out of his mine, on a uuusssseeeedddd car? No way no how, tell your dad to go someplace else. Your dad has A1 credit, so he should not have to put a down payment on the car. If he is going to put $5000.00 down, than it should be for a brand new car. I just purchased a 2008 Impala. Did not have to put any money down, and my credit is not perfect, and my notes are affordable. My car runs $30,000. So I know your dad could do better than that. Tell him to keep looking for the right deal. By the way, a brand new car is more like it if he's gong to put a $5000.00 down payment.
2007-11-19 16:07:03 · answer #3 · answered by tilishabingo 2 · 0⤊ 0⤋
Get a loan approval for $xxxxx number of dollars at your local bank. You can then "deal" with any dealer you find that has the Mazda Rx7s you want, in state or beyond. You won't be tempted to spend more money that your loan will be approved for. This will help you and not the dealer.
2016-05-24 06:53:10 · answer #4 · answered by ? 3 · 0⤊ 0⤋
72 months on a used car?!?!!?!?!?!?!?!?!?! You're kidding right?!?!!?!?!?!?
And 12% is horrible.
PLEASE PLEASE PLEASE tell her to buy a GOOD USED car for CASH!
Paying $23K for a used car and doing so over 6 years is just outrageous!
She needs to wise up. I can't believe your dad would help her in this terrible venture. Does he have a lot of debt?
2007-11-19 14:53:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
shop around. try different monthly payment plans.
2007-11-19 15:45:59 · answer #6 · answered by !!! 7 · 0⤊ 0⤋