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18% Interest Rate?!!?
If a car was $10500, but the dealer dropped it down to $9775, do you think they would let me have it if I paid in cash $7500? The dealer was trying to give me an 18% interest rate because I am a first time buyer with almost no credit, ( I was willing to pay $5000 up front) and he said it was impossible for me to get a single digit interest rate.
Is it possible to NOT have a credit score? When I check it, it says I have a 'thin file' and don't have enought to generate a score. Shouldn't I be getting some kind of number?
This dealership is actually Automax, the largest dealership in this city where we have a lot of soldiers. I have heard many people say we should never buy a car in this city because of how they want to give the young soldiers "deals". I think I have to go to another city to get a car. **SIGH**
4 Answers
- BlahLv 51 decade agoFavorite Answer
save the money then buy it your are not tooo far away
DO NOT get SUCKER into that 18% rate
as the bank may force the FULL Bluebook Price of the car
(this is how the small dealerships make lot's of money)
dealerships + banks = you $#%%ed over with a 13,000 loan
with a 500$ payment
then they repo it when you do not pay
and you will never see that 7500 ever again
they are called stealerships because they pray on people like you
you will end up paying more then what they are selling it for even with that down payment
16,000* to 22,000* (After Interest Rate, Tax, license, Doc fees,Dealer fee,tags, smog, vehicle inspection if done in your state or country ) is payed
depending on the Terms of the loan
Source(s): Buy Here,Pay Here Car places do this they are scam artiest - Dan BLv 71 decade ago
$9775 @18% for 5 years will cost you $248 / mo and a total of $14,890. He's trying to get you an 18% interest rate not because you are a 1st time buyer with almost no credit, but because he sees you as a gullible sucker. Sure, he may drop the price down to $7500 IF you finance through him. He's got to make up his lost money on the sales price by charging you 21% interest instead.
You can get a 0% interest rate by paying CASH. That's the stuff made out of paper, not plastic.
Go to your bank or preferably your credit union and deposit your money into a account. Then borrow the money for a car. And do buy a car from that dealer. There's something about your posting that tells me that this is a junk car dealer.
- I_think$Lv 61 decade ago
They are all correct about scams and shams. FYI by his overall write-up I think Dan B made a typo and meant to say "do NOT buy a car from that dealer." Don't despair; keep looking for a fair and honest deal for a good car. P.S. Dealerships do not discount for "cash" because many people pay with cash they borrow from their bank, or parents. so "cash" is not a big incentive. Dealers only negotiate if they really want to sell you the car, and not lose your business to the other guy.
- Sharon TLv 71 decade ago
Talk to your banker or credit union about getting a loan. If you have $7500 in cash you should be able to get a loan for $2000, which should be enough to buy the car. If you can get it for less, more power to you!
