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Is it normal to pay $4k more for an used car?
The car I qualified for is 11k, and I'm going to put down 3k. My monthly payments are going to be $350 a month for 3 years!
The car is a 2008 G6 Pontiac and it has 77,000 miles. I don't have enough credit and the only person who could co-sign for me has a bad credit!
So is this a fair price?!
Thank you!
1 Answer
- mccoybluesLv 710 years agoFavorite Answer
Something isn't right here.
If the car is priced at $11,000 and you put $3000 down then you have an $8000 balance.
If your payment is $350 a month for 36 months then you are paying $12,600 to borrow $8000.
That equals $4600 in interest.
In order to have an interest bill of $4600 your interest rate would have to be 32.5%
Charging 32.5% interest on a simple car loan is illegal. As low as interest rates are now you should be getting between 8% and 12% with bad credit.
Did you have a trade in?
Was that trade in paid off?
Either you are getting completely ripped off or the numbers you gave us are incorrect.