Is it normal to have a 21% APR to buy a car?

According to KBB.com this car is worth anywhere from $8,000 to $11,000 depending on what model it is and what condition it is in.

Your payments don't add up or make sense. If you are paying $11,000 with $3,000 down that leaves $8000 to finance for 3 years at 21%. The payment on $8,000 for 3 years @ 21% is $301.40. In order to get a $350 per month payment @ 21% you would have to be financing $9290. Make sure there are not hidden fees, look at the contract before you sign anything.

Steps to protect yourself.

1) Check KBB.com and enter the info on the car to see what it's worth

2) Make sure your down payment is being applied to the purchase price and reducing the amount financed by $3000

3) Read the contract

If you are actually financing $8000 @ 21% for 3 years you will end up paying $13,850.42 for it. $8,000 financed for 3 years @21% will cost $10,850.42 and your $3000 down payment = $13,850.42. You will pay $2850.42 in finance charges. THe decision on what to do is yours and yours only, just go into it with all the facts.

21% is highway robbery. If you really don't need the car at this time, don't buy it. If you're employed at least 12/18 months and over 21, get a secured credit card from a bank. Make sure they belong to the credit bureau and use it for small items and pay the balance the following month. After 24 months of activity, your should be between 660/749 which is a good score.

It is more than likely true, because of your credit score. I am 23, and have 17% interest rate on a $14,000 car I bought last December. That's just the way it works. I went through a financing company called Credit Acceptance, because they are a loan company for automobiles that provide a second chance for people with no credit, or bad credit.

P.S. Applying for loans make your beacon score go down as well. I would be careful in where you apply for credit, because each company has to run a check and that costs you in the end. Trust me.

21 % is a very high interest rate. But since you mentioned you have bad credit, you may have to pay this much interest till your credit gets better. Its up to you, try all your options. Credit unions have really low interest loans, i have one for my car. My dad cosigned though and he has good credit. If anything try to find someone with good credit.. just think about it tho 21 % of 11K is 2,310. Thats alot of interest!!

21% is only normal for people with very poor credit. I got my last auto loan a 4.5% interest. By the time you pay off the car loan, the car will have cost you 19K.

It's a really high rate. But if you have no credit or bad credit, and no cosigner, it might be as good as you can get.

I wouldn't pay that rate of interest to buy anything. That is practically stealing your money.

people with bad credit pay a lot higher interest

$15,600.00 for a 3 year old car with 77K on it??? Are you crazy???